In recent news, the Waaree Energies IPO has officially opened for subscription on October 21, 2024, marking a significant event in the Indian stock market. Priced between ₹1,427 and ₹1,503 per equity share, this initial public offering (IPO) seeks to raise an impressive ₹4,321.44 crore. The capital structure consists of ₹3,600 crore from new shares and ₹721.44 crore from an offer for sale (OFS). Investors will have until October 23, 2024 to subscribe, making it crucial for potential investors to assess their options wisely.
Current Waaree Energies IPO GMP
As of today, the Waaree Energies IPO GMP stands at an impressive ₹1,473 in the grey market, indicating strong demand and investor optimism. This premium reflects anticipated post-listing performance, suggesting that shares may list at a substantial premium compared to the issue price, which could bode well for investor confidence.
Subscription Statistics
As of 10:33 AM on the opening day, the IPO has been subscribed 0.35 times, with the retail portion filled at 0.33 times and the non-institutional investor segment at 0.88 times. This early subscription reflects a moderate interest level as investors weigh the potential of Waaree Energies in the rapidly expanding solar energy sector.
Investment Insights and Analyst Ratings
Experts largely endorse a ‘subscribe’ rating for the Waaree Energies IPO, largely due to its stature as India’s largest manufacturer of solar PV modules. Mahesh M. Ojha, AVP of Research at Hensex Securities, highlighted the company’s position to capitalize on opportunities in the solar energy industry, both in India and abroad. He pointed out that Waaree’s advanced manufacturing facilities, coupled with global accreditations and a robust order book, continue to attract a diverse clientele.
Moreover, Waaree Energies boasts healthy financial indicators, such as total borrowings of ₹317.32 crore in FY2024 and an appealing debt-to-equity ratio of 0.08x. These metrics enhance its allure as a long-term investment, both for initial listing gains and sustained growth. Anshul Jain, Head of Research at Lakshmishree Investment and Securities, echoed this sentiment, acknowledging Waaree’s capability to maintain competitive pricing while building a broad customer base. However, he also pointed out potential risks related to exports and currency fluctuations, emphasizing the importance of operational efficiency in navigating these challenges.
Key Takeaways
The Waaree Energies IPO presents an attractive opportunity for investors looking to engage with the burgeoning solar energy market in India. The positive grey market sentiments reflected in the GMP today, coupled with favorable analyst recommendations, make this IPO appealing for long-term investors or those aiming for listing gains. The allotment date for shares is estimated to fall on October 24, 2024, with expected listings on both BSE and NSE by October 28, 2024.
Disclaimer:
The views expressed in this article belong to individual analysts or brokerage firms and do not represent the views of Mint or any other financial institution. It is strongly advised that investors seek guidance from certified professionals before making investment decisions, as market conditions evolve rapidly and individual situations may vary.