Stock market today: Thanks to a one-way rally in Waaree Energies share price since its stock market debut last week, the company’s market capitalisation has crossed the coveted ₹1 lakh crore mark.
Waaree Energies share price rallied 7.63 per cent on the BSE to hit a fresh all-time high of ₹3,740.75 per share on Wednesday, November 5, thus driving the company’s market cap past ₹1 lakh crore. As of noon, Waree Energies’ market cap stood at ₹1.03 lakh crore on the BSE.
Waaree Energies debuted on the stock exchanges on Monday, October 28, at ₹2,550 apiece, a premium of 69.66 per cent over its initial public offer (IPO) price of ₹1503.
Since then the shares have been caught in a one-way trajectory, rallying 47 per cent over the listing price and 148.86 per cent over the IPO price. As a result, those who were allocated shares in the IPO are now sitting on multibagger returns on their investment.
Ware Energies stock has closed in the green in all the sessions since its listing, suggesting strong demand for the renewable energy company. This rally is more significant as it comes amid a correction in the broader market.
Waaree Energies IPO too had garnered a strong response from investors. The issue, which ran between October 21 and October 23, closed with a solid 79.44 times bids. The company raised ₹4,321.44 crore and was priced in the range of ₹1,427-1,503 per share.
The retail investor segment was subscribed 11.27 times, while the non-institutional investors (NII) category saw a subscription of 65.25 times. Meanwhile, the qualified institutional buyers (QIB) quota received bids 215.03 times the offered amount.
Waaree Energies has India's largest aggregate installed capacity of 12 GW with plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat.
To strengthen its global presence, Waaree is establishing a 3 GW manufacturing facility in the United States to cater to the growing global demand for solar energy.
For Fiscal Year 2024, the company achieved the second-highest operating income among all domestic solar PV module manufacturers in India. Waaree reported a 69% year-on-year increase in revenue to ₹11,398 crore, while its profit after tax more than doubled to ₹1,274 crore.
