Waaree Energies IPO GMP Drops; Key Points for Investors to Watch - All You Have To Know

Waaree Energies was one of the most eagerly awaited IPOs in the solar sector, and its Grey Market Premium dipped recently in the wake of a market correction. It traded at Rs 1,500-1,550 earlier, but has since slid to Rs 1,200-1,250. The IPO, however, did draw quite some interest, and it was closed with an overall subscription rate of 76 times.

A major driver behind this strong investor demand is the spectacular record of Waaree Energies' subsidiary, Waaree Renewable Technologies Ltd., which has risen by over 59,000% on the BSE in the last five years. It also is an indication that talks of growth highlight Waaree Energies' strength in solar PV module manufacturing and the fact that it is India's largest player in this area. Currently, as of June 2024, it boasts 12 GW of installed capacity.

With the market correction, investor interest has been good; however, the company has been focused on capacity expansion to comply with rising demand for solar energy solutions. The Waaree group will use the proceeds from the fresh issue for a new 6 GW facility at Odisha, that of ingots, wafers, solar cells, and modules, in line with international as well as domestic solar demands.

Besides expanding domestically, Waaree Energies is establishing a 3 GW manufacturing plant in the United States to strengthen its international footprint and meet the country's growing requirement for clean energy solutions.

The allotment status can be checked through the BSE website by choosing "Waaree Energies" from the dropdown and mentioning the application number or PAN no. Link Intime India's website also verifies the allotment status.

This robust IPO, led by Axis Capital, IIFL Securities, Jefferies India, and more, is the step for Waaree Energies towards dominating the solar field, both domestically and internationally. Investors should inform themselves as shares of Waaree hit the market on October 28, a day that will determine the future course of investment in solar energy for India.

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