Waaree Energies Share Price & IPO Listing Highlights October 28, 2024: Waaree Energies stock ends at 56% premium post-listing

Shares of Waaree Energies closed 6.20% lower on the NSE at ₹2,345. On the BSE, the stock plummeted 8.20% at ₹2,341 on its listing day. They were listed at 66-70% premium against the issue price of ₹1,503.

Shares of Waaree Energies dipped 7.40% on the NSE to ₹2,315.10 as at 3 pm. 

On the BSE, the stock plummeted 9.22% to ₹2,315.

Shares declined 7.29% on the BSE, trading at ₹2,365 as at 2.44 pm.

Waaree Energies (Waaree) made a power-packed listing today with the shares making a more-than-decent debut at ₹2,550, a 69.7 per cent premium over its IPO issue price of ₹1,503. While it has given up some of the gains in further trading, at the time of publishing this article it was trading at ₹2,375 which still represents a solid 58 per cent increase over the IPO price.

bl Research Bureau reports

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Sell quantity out-numbered buy

Despite the ongoing subdued market mood, Waaree Energies received the strongest subscription response from all sets of investors and also debuted slightly below our expectations. Pre listing, we had recommended profit booking if Waaree lists at double of its issue price which was the street expectations. With listing at Rs 2550, we believe the stock can deliver healthy returns post listing as well.

We believe the long term investor demand would continue at the counter on the back of sector demand and expansion plans, with an opportunity to play at the largest manufacturer of solar PV modules in India, bolstered by favourable government policies and few incentive (PLI) schemes. Hence, we recommend long term investors to “HOLD” while short term investors can look for a target anywhere between Rs 2750-2800 to book profits. Fresh accumulation can be attempted anywhere between Rs 2200-2300 if the opportunity arises due to market scenario and profits booking attempts.

Waaree Energies stock declined 4.88% on the NSE to trade at ₹2,378 as at 1.05 pm.

Waaree Energies stock traded at ₹2,427.80 on the NSE, lower by 2.89% as at 12.07 pm. 

On the BSE, the stock traded at ₹2,429.50, lower by 4.73%, after listing at ₹2,550.

Shares of Waaree Energies traded at ₹2,493.55 on the NSE as at 11.38 am.

Shares retreated in early trading, declining nearly 4 per cent to ₹2,400.55 on NSE and 5.73 per cent to ₹2,404 on BSE as of 10:46 AM IST.

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Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.Its portfolio of solar energy products consists of multi-crystalline modules, monocrystalline modules and TopCon modules.

The company has a strong focus on growth and expansion. It has demonstrated remarkable financial growth. The company has a diversified base of global and Indian customers with a strong order book.

Overall, Waaree Energies Limited made a strong listing of 2509, 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.

Today’s high: 2,624.40

Today’s low: 2,300

Symbol: WAAREEENER 

Series: Equity “B Group” 

BSE Code: 544277 

ISIN: INE377N01017 

Face Value: Rs 10/- 

Issued Price: Rs 1503/- per share

Shares of Waaree Energies Ltd. jumped nearly 75% early on debut after a $514 million initial public offering by India’s largest solar-panel maker, bringing back optimism for the market after the nation’s biggest IPO disappointed investors last week.

The stock climbed to as high as 2,624.40 rupees in early trading Monday, from its issue price of 1,503 rupees. 

Mumbai-based Waaree had seen strong interest for its deal, with the issue getting subscribed by more 70 times. The debut comes on the back of a world-beating rally in India’s renewable-energy stocks this year. 

The firm’s gain stands in contrast to Hyundai Motor India’s IPO that culminated in a first-day decline last week. The $3.3 billion IPO, the nation’s largest ever, drew poor interest from retail investors — a break from the frenzy seen in some recent IPOs, particularly smaller issues.

Waaree’s retail portion of the IPO was subscribed nearly 11 times, according to exchange data, underscoring the appetite for new listings in India remains strong. The appeal of India’s renewable sector, where stocks have rallied this year, is also drawing investors. 

Waaree sells products such as solar modules and inverters. It posted a profit of more than 4 billion rupees ($47.7 million) on revenue from operations of 34.1 billion rupees for the three months ended June, according to its red-herring prospectus. Its shares attracted investments from prominent Wall Street names, including Goldman Sachs Group Inc., BlackRock Inc., and Morgan Stanley. 

The company’s business prospects align with Prime Minister Narendra Modi’s goal to boost renewable-energy production by more than twofold from current levels. The sector may need investments of $2.2 trillion by 2050, according to Bloomberg Intelligence estimates.

Indian IPOs have raised $13.1 billion so far this year, more than the annual volumes in the past two years, according to data compiled by Bloomberg. Listings in the nation this year have on average generated a nearly 27% first-day gain. Among IPOs between $500 million and $1 billion, the gain was about 66%.

(Adds share-price performance in the first paragraph, context in seventh paragraph)

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Shares of Waaree Energies are listed at ₹2,550 on the BSE against the issue price of ₹1,503, a premium of 69.66%. On the NSE, the stock listed at ₹2,500.

Waaree Energies stock is to be listed on the NSE at ₹2,500 and on the BSE at ₹2,550.

Shares of Waaree Energies will be listed at the exchanges on Monday. The company has fixed the IPO price at ₹1,503, and at the upper end of the price band, ₹1,427-1,503. The IPO generated a strong response from all categories of investors, especially institutional investors, who subscribed 76.4 times. 

“Our Company has filed the listing application with the NSE and BSE on October 25, 2024. Our company has received the listing and trading approval from BSE and NSE and the trading will commence on October 28, 2024,” it said in a release to the exchanges.

Read the full report by KS Badri Narayanan of businessline here