New Delhi : Waaree Energies Ltd's solar panel manufacturer shares debuted on Monday with a 70 percent premium compared to the Rs 1,503 issue price. The stock was introduced to the market at Rs 2,550, showing a 69.66 pc increase from the initial price on the BSE. It increased by 72.98 percent to reach Rs 2,600. On the NSE, the share price surged by 66.33 percent, reaching Rs 2,500. The company's market capitalization was at Rs 67,866.35 crore.
On the final day of the stock sale, Waaree Energies Ltd's IPO received a subscription of 76.34 times, largely due to the strong involvement of institutional investors. The initial public offering (IPO) of Rs 4,321.44 crore was priced within the range of Rs 1,427 to Rs 1,503 per share. The initial public offering included a new issuance of equity shares totaling Rs 3,600 crore and a sale of 48 lakh equity shares valued at Rs 721.44 crore at the higher end of the price range, by a promoter and current shareholders.
The money raised from the new offering will go towards establishing a manufacturing facility in Odisha for producing 6 GW of Ingot Wafer, Solar Cell, and Solar PV modules. Additionally, some of the funds will be allocated for general company needs. As of June 30, 2023, Waaree Energies, a leading company in India's solar energy sector, specializes in manufacturing PV modules and has a total installed capacity of 12 GW. It has five manufacturing facilities, each with one factory, situated in Surat, Tumb, Nandigram, and Chikhli in Gujarat, and the IndoSolar Facility in Noida, Uttar Pradesh.
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