Following a successful initial public offering (IPO), Waaree Energies shares debuted on the BSE at Rs 2,550, a 69.7 per cent premium over its issue price of Rs 1,503. The initial public offering (IPO) received bids totaling Rs 2.41 lakh crore and was subscribed for 76 times. The funds will support business goals including the building of a 6 GW manufacturing plant in Odisha.
The IPO had a resoundingly favourable response, with bids reaching Rs 2.41 lakh crore and 97.34 lakh applications, the largest of any IPO in the history of the Indian primary market. Analysts believe the stock may eventually pay off for investors due to the company’s strong fundamentals, leadership in the solar energy sector, and enormous customer base.
Waaree Energies is the largest manufacturer of solar PV modules in India, with a total installed capacity of 12 GW. In fiscal 2024, the company’s operating income ranked second among all domestic solar PV module manufacturers in India. The company is expanding its operations by constructing a 3 GW manufacturing facility in the United States. The company’s profit after tax increased to Rs 1,274 crore in FY24, while its operational revenue climbed 69 per cent year over year to Rs 11,398 crore.
