Waaree Energies shares to list on exchanges today. Here's what GMP indicates
Waaree Energies will debut on the exchanges today. Ahead of the listing, the company's shares are trading with a GMP of Rs 1225 in the grey market.
Considering the upper price band of Rs 1503, the stock is expected to list at 81% premium over the issue price.
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.
Analysts said given the company's strong fundamentals, leadership in the solar energy sector, and the overwhelming subscription numbers, the stock could reward investors even in the long term.
«For those who receive an allotment, holding the stock for the long term could be a good strategy, considering Waaree Energies’ growth potential in the renewable energy space. However, investors with a short-term view may consider booking partial profits on listing day, especially if the stock sees a significant surge,» said Shivani Nyati, Head of Wealth, Swastika Investmart.
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