Waaree Energies IPO: A Solar Surge in Share Market

Waaree Energies Ltd's IPO saw a 8.78-time subscription on its second day. Offering 18.51 million shares for 2.11 million available, the sale aims to raise Rs 4,321.44 crore. Funds to support a new solar manufacturing facility in Odisha and general purposes. Concludes on October 23.

Waaree Energies Ltd's initial public offering (IPO) captured significant investor interest, achieving an 8.78-time oversubscription by the second day. The IPO aims to amass Rs 4,321.44 crore, drawing bids for over 18.51 million shares compared to the 2.11 million available, according to NSE data.

The offering has seen diverse interest, with non-institutional investors oversubscribing by 24.30 times and retail investors by 6.36 times. Institutional buyers also participated, with a subscription level of 1.73 times. This robust investor response follows the firm's mobilization of Rs 1,277 crore from anchor investors.

The IPO, with a price band of Rs 1,427 to Rs 1,503 per share, consists of a fresh equity issue of Rs 3,600 crore and an Offer-For-Sale (OFS) of 48 lakh shares totaling Rs 721.44 crore. Proceeds are dedicated towards establishing a 6 GW solar manufacturing facility in Odisha and other corporate needs.