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Unlisted shares of Waaree Energies Ltd are trading Rs 1,566 higher in the grey market, signalling a 104.6 per cent listing gain from the public issue.
Waaree Energies IPO Listing Date.
Waaree Energies IPO Listing Date: The share allotment of the Waaree Energies IPO has been finalised. Investors must have received the debit messages from the banks. However, those yet to receive the shares debited message from the bank are expected to get it soon. They can also check the IPO allotment status on the BSE and NSE websites as well as on registrar Link Intime’s portal. Those who have not been allotted an IPO will soon have their money released.
According to market observers, the grey market premium of the Waaree Energies IPO currently stands at 104.6 per cent, which indicates this much gain for investors on the listing day on Monday, October 28.
The euphoria in the unlisted shares of Waaree Energies, followed by Premiere Energies’s stellar listing recently, shows the blockbuster performance of the new energy companies in the primary market.
The Waaree Energies IPO received a whopping 79.44 times subscription between October 21 and October 23. It received overall bids for 1,60,91,61,741 shares as against 2,02,56,207 shares on offer, a 79.44 times total subscription. Its retail quota has been subscribed by 11.27 times so far, while its non-institutional investor (NII) category received a 65.25 times subscription. So far, the QIB quota has received a 215.03 times subscription.
The shares of Waaree Energies are scheduled to be listed on both BSE and NSE on October 28.
The allotment status can be checked online on the websites of BSE and NSE, as well as on the registrar Link Intime India’s portal.
Waaree Energies IPO: How to Check Allotment Status?
Once the IPO allotment is finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Waaree Energies Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Link Intime India Pvt Ltd’s portal — https://linkintime.co.in/initial_offer/public-issues.html and check the Waaree Energies IPO allotment status.
Waaree Energies IPO: GMP Today
According to market observers, unlisted shares of Waaree Energies Ltd are trading Rs 1,566 higher in the grey market than its issue price. The Rs 1,566 grey market premium or GMP means the grey market is expecting a 104.6 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The price band of the Rs 4,321.44-crore IPO was fixed at Rs 1,427 to Rs 1,503 per share for the public issue.
Waaree Energies IPO: More Details
The IPO is a combination of a fresh issue of equity shares aggregating to Rs 3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares worth Rs 721.44 crore, at the upper end of the price band, by a promoter and existing shareholders. This translates into the total issue size of Rs 4,321.44 crore.
The price band of the IPO is Rs 1,427-Rs 1,503. The minimum lot size for the IPO is 9 shares. So, retails investors need to apply with a minimum investment amount of Rs 13,527. The minimum lot size investment for small NII is 15 lots (135 shares), amounting to Rs 2,02,905, and for big NII, it is 74 lots (666 shares), amounting to Rs 10,00,998.
Moreover, shares valued Rs 65 crore have been reserved for the employees of the solar panel maker.
Under the OFS, promoter Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Private Ltd are offloading shares.
Proceeds from the fresh issue will be used for setting up the 6 GW of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.
The company’s market valuation has been pegged at over Rs 4,300 crore post-issue at the upper end of the price band.
Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.
It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.
