The initial public offering (IPO) of Waaree Energies Limited opens in the Indian primary market today. Bidding for this public issue begins at 10:00 AM and will remain open until October 23, 2024. This means investors can bid from Monday to Wednesday. The company has set the IPO price range between Rs 1427 and Rs 1503 per equity share. The book-build issue includes both fresh shares and an offer for sale (OFS), aiming to raise Rs 4,321.44 crore in total, with Rs 3,600 crore from fresh shares and Rs 721.44 crore through the OFS route.

Grey Market Premium (GMP)

Ahead of the IPO opening, Waaree Energies shares are showing strong interest in the grey market, trading at a premium of Rs 1,473.

Subscription Status

By 2:24 PM on the first day of bidding, the public issue had been subscribed 2.20 times, with the retail portion subscribed 2.37 times and the Non-Institutional Investors (NII) segment filled 4.79 times.

Key Details

1. GMP: Shares are trading at a Rs 1,473 premium in the grey market.
2. Subscription Dates: Open from Monday to Wednesday.
3. Price Band: Rs 1427 to Rs 1503 per equity share.
4. IPO Size: Rs 4,321.44 crore, combining fresh shares and OFS.
5. Lot Size: Bidders can apply in lots, with one lot comprising nine shares.
6. Allotment Date: Likely to be October 24, 2024.
7. Registrar: Link Intime India Private Limited.
8. Lead Managers: Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.
9. Listing: Expected to list on BSE and NSE on October 28, 2024.

Should You Apply?

Expert Opinions:

• Mahesh M Ojha, AVP — Research at Hensex Securities: "Waaree Energies is India's largest solar PV module manufacturer, with a pan-India franchisee network. The company is well-positioned to benefit from the growth in solar energy both in India and globally. With advanced manufacturing facilities, a significant order book, and a diversified customer base, we recommend subscribing for both listing gains and long-term investment."

• Anshul Jain, Head of Research at Lakshmishree Investment and Securities: "Waaree's leadership position enables competitive pricing and a diverse customer base. Its strong export revenue and presence in key markets like the USA, along with operational efficiency and global reach, make it a compelling investment. We assign a 'subscribe' rating."

Other analysts from Canara Bank Securities, Monarch Networth Capital, and Swastika Investmart have also recommended subscribing to the IPO.

Conclusion

The Waaree Energies IPO presents a strong investment opportunity, backed by positive expert reviews, robust market demand, and significant growth potential in the solar energy sector. Investors looking for both short-term listing gains and long-term investment might find this IPO appealing.

Disclaimer: The views and recommendations in this analysis are those of individual analysts or broking companies, not Mint. Investors are strongly advised to consult certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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