Waaree Energies Share Price & IPO Listing Highlights October 28, 2024: Ends at a 56% Premium Post-Listing
In a remarkable debut today, Waaree Energies, one of India’s leading solar module manufacturers, has made waves with a strong IPO listing on both the NSE and BSE. The company's shares opened at a significant premium of 66-70% above the issue price, demonstrating high investor confidence in India’s renewable energy sector.
Key Listing Details
Issue Price: ₹1,503 per share
Listing Price:
- NSE: ₹2,500
- BSE: ₹2,550
Opening Premium: Around 70%
Closing Price: Ended at ₹2,345 on NSE, reflecting a 56% premium over the IPO price.
The strong debut saw shares initially soaring to a high of ₹2,624.40 before a decline as the day progressed. Despite this, Waaree Energies' stock price still closed significantly higher than its IPO price, ending at a notable 56% premium on the listing day.
IPO Demand and Subscription Levels
Waaree’s IPO garnered considerable interest across investor categories, with a total subscription of 76.4 times. Institutional investors led the way, showcasing an enormous appetite for Waaree's shares, driven by the company’s robust business fundamentals and promising growth potential. The IPO received close to 97.3 lakh applications, marking it as one of the most heavily subscribed public issues in India to date.
Investors’ Reactions and Analysts' Recommendations
The stock’s strong performance aligns well with India’s growing renewable energy sector, fueled by favorable government incentives like the Production-Linked Incentive (PLI) scheme. Analysts from Mehta Equities and Swastika Investmart Ltd. suggest that Waaree’s strong order book and market positioning make it an attractive long-term investment. However, they advise profit-booking for those who entered at IPO levels, especially if the stock hits a target range of ₹2,750-2,800. For long-term investors, a “Hold” recommendation is advised, with potential for fresh accumulation if the stock dips to the ₹2,200-2,300 range.
Financial Performance and Market Outlook
Waaree Energies is not only India's largest manufacturer of solar photovoltaic (PV) modules but also benefits from the government’s renewable energy goals. The company reported impressive financial growth, with a recent quarterly profit exceeding ₹4 billion on a revenue of ₹34.1 billion. With the Indian renewable sector requiring an estimated $2.2 trillion in investments by 2050, Waaree’s prospects align well with long-term national goals in sustainable energy.
Conclusion: A Promising Start for Waaree Energies
Waaree Energies' IPO listing has reaffirmed investors’ optimism toward renewable energy stocks in India. This debut marks a strong start for the company and a positive signal for the renewable energy sector. Investors who missed out on the IPO may consider opportunities to invest at adjusted price points, particularly as Waaree looks to expand and strengthen its position as a leader in solar technology.
For both retail and institutional investors, Waaree Energies stands as a valuable addition to portfolios focused on growth within the renewable energy landscape.
Reference from :- https://www.thehindubusinessline.com/markets/stock-markets/waaree-energies-share-price-waaree-energies-ipo-listing-price-28-oct-2024/article68805261.ece