Following massive growth, Waaree Energies IPO received 97.34 lakh applications — the highest for any IPO in the history of India’s primary market till date.
The previous record was held by Bajaj Housing Finance, whose IPO received around 90 lakh applications and Tata Technologies, which garnered 73 lakh applications.
The Rs 4,321 crore IPO received an overwhelming response from investors with bids worth Rs 2.41 lakh crore received. The overall number of purchases reached 76 times, driven by 208 times purchases in the institutional category and 62 times purchases from the non-institutional investor portion.
The company’s shares also have strong demand on the gray market, as reflected by the current GMP being almost 97% above the issue price. The IPO was priced at Rs 1,503 at the upper end.
Analysts are optimistic about Waaree Energies’ growth story, given that Waaree Energies is a market leader in PV module manufacturing with ambitious global expansion plans.
The company proposes to use the funds raised from the IPO for key initiatives, including building a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells and PV modules in Odisha, as well as supporting general corporate purposes.Waaree Energies is a PV module manufacturer India’s largest solar company with the largest aggregate installed capacity of 12 GW, as of June 2024. For Fiscal Year 2024, the company has the second best operating revenues among all domestic solar PV module manufacturers in India. is also expanding its footprint by building a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.
For FY24, the company’s operating revenue jumped 69% year-on-year to Rs 11,398 crore, while profit after tax more than doubled to Rs 1,274 crore.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial, SBI Capital, Intensive Fiscal Services and ITI Capital are the main managers working on this issue.
