Waaree Energies IPO day 1: GMP, price, subscription status, review, other details. Apply or not?

Waaree Energies IPO: The initial public offering (IPO) of Waaree Energies Limited will hit the Indian primary market today. Bidding for the public issue will begin at 10:00 AM during Monday dealings. The public offer will remain open until 23rd October 2024. This means Waaree Energies IPO will remain open from Monday to Wednesday. The company has fixed Waaree Energies IPO price at ₹1427 to ₹1503 per equity share. The book build issue is a mix of fresh shares and offers for sale (OFS). The company aims to raise ₹4,321.44 crore from this book build issue, out of which ₹3,600 crore is aimed through the issuance of fresh shares. The rest, ₹721.44 crore, is reserved for the OFS route.

Meanwhile, ahead of the issue opening, the grey market is showcasing highly bullish sentiments regarding Waaree Energies IPO. According to stock market observers, shares of the company are available at a premium of ₹1,473 in the grey market today.

Waaree Energies IPO subscription status

After the end of bidding on day one, the public issue had been subscribed 3.32 times, the retail portion of the book build issue had been booked 3.17 times, and the NII segment had been filled 8.09 times. The QIB segment was filled 0.08 times.

Waaree Energies IPO details

1] Waaree Energies IPO GMP: According to market observers, shares of the company are available at a premium of ₹1,473 in the grey market today.

2] Waaree Energies IPO subscription date: The public issue will remain open from Monday to Wednesday.

3] Waaree Energies IPO price: The company has fixed price band of the public issue at ₹1427 to ₹1503 per equity share.

4] Waaree Energies IPO size: The company aims to raise ₹4,321.44 crore from this book-build issue, which will mix fresh shares and OFS.

5] Waaree Energies IPO lot size: A bidder can apply in lots, and one lot of the book build issue comprises nine company shares.

6] Waaree Energies IPO allotment date: The most likely date for share allocation is Thursday, October 24th, 2024.

7] Waaree Energies IPO registrar: Link Intime India Private Limited has been appointed official registrar of the book build issue.

8] Waaree Energies IPO lead managers: Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital have been appointed lead managers of the public offer.

9] Waaree Energies IPO listing: The book build issue is proposed for listing on the BSE and the NSE. In the wake of the 'T+3' listing rule, the public issue is expected to hit Dalal Street on 28th October 2024.

Waaree Energies IPO: apply or not?

10] Waaree Energies IPO review: Giving a 'subscribe' tag to the book build issue, Mahesh M Ojha, AVP — Research at Hensex Securities, said, "Waaree Energies is the largest manufacturer of solar PV modules in India with a pan-India franchisee network and well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally. The company has advanced manufacturing facilities with global accreditations, and it holds a large order book with a diversified base of global and Indian customers."

"The company has a healthy balance sheet with total borrowings at ₹317.32 Cr in FY2024 with debt/ equity ratio at 0.08 x and interest coverage ratio at 22.17 x. We recommend a 'SUBSCRIBE' to the issue for Listing Gains and Long Term Investment perspective," Mahesh M Ojha said.

Assigning a 'subscribe' tag to the public issue, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, "The company's leadership position enables it to offer competitive pricing, attracting a wide and diverse customer base both in India and abroad. Waaree's export revenue, which accounted for 58% of FY24 sales, highlights its growing presence in key markets like the USA. Although export risk and currency fluctuations could pose challenges, Waaree's strong operational efficiency and global reach position it well for future growth. With solid fundamentals and market leadership, Waaree Energies' IPO presents a compelling investment opportunity."

Canara Bank Securities, Monarch Networth Capital, and Swastika Investmart have also assigned the public issue a 'subscribe' tag.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.