Investors cheer IPO announcement from Waaree Energies as GMP hints at multibagger gains
Waaree Energies are in high demand in the grey market as the company announced its price band for its Rs 432 crore IPO. The issue opens for subscription on October 21 and investors can bid till October 23.
The current GMP is around Rs 1350, which indicates a premium of nearly 90% over the issue price. The IPO is priced in the range of Rs 1427-1503 apiece. Most analysts expect a multibagger listing for the company if the current demand sustains.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The company proposes to use the funds raised from the IPO for key initiatives, including establishing a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as supporting general corporate purposes.
Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 2024. For Fiscal 2024, the company had the second best operating income among all the domestic solar PV module manufacturers in India.
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