India’s leading solar panel manufacturer, Waaree Energies Limited’s initial public offering (IPO), received total bids for 4.76 crore shares against 2.11 crore shares on offer, marking a 2.26 times subscription on its first day of bidding on October 21, 2024.

The Non-Institutional Investors (NII) category led the subscription, with the portion reserved for NIIs bidding 4.91 times. Within this, small NIIs (bid amount ₹2-10 lakh) showed strong interest, with a 6.24-time subscription.

Retail investors bid 2.42 times their allocated portion, most opting for cut-off price bids. The employee portion was subscribed 1.15 times.

However, the Qualified Institutional Buyers (QIBs) segment saw a muted response, with only 0.05 times subscription. Foreign Institutional Investors (FIIs) bid for 1.38 lakh shares, while domestic financial institutions participated with just 2,142 shares. QIBs generally bid aggressively during the IPO’s closing hours.

The IPO will remain open for subscription until October 23, 2024. The company has set aside 58.37 lakh shares for QIBs, 44.35 lakh for NIIs, and 1.03 crore for retail investors. A separate portion of 4.55 lakh shares has been reserved for employees.