Waaree Energies shares drop 10% post listing
Waaree Energies dropped nearly 10% to Rs 2,294.5 on the BSE after their strong debut on the exchanges on Monday. The stock debuted at Rs 2,550 on the BSE, reflecting a premium of Rs 1,047 or 69.7% over the IPO price of Rs 1503.
«Waaree Energies Limited made a strong listing, reflecting investor confidence in the company's growth potential and financial stability. Investors may consider booking part profit here, and those who want to hold it for the long term may keep a stoploss of 2000,» said Shivani Nyati, Head of Wealth at Swastika Investmart.
Waaree Energies shares made a strong debut on the exchanges, however, this was below expectations for an 81% premium ahead of the listing.
The Rs 4321 crore IPO received an overwhelming response from investors by receiving bids worth Rs 2.41 lakh crore. The overall subscription stood at 76 times at close, driven by 208 times subscription in institutional category and 62 times subscription in non-institutional investors' portion.
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.
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