Waaree Energies IPO Allotment Finalized: A Strong Market Response
The Waaree Energies IPO has garnered significant attention in the market, with its share allotment finalized today. Following an impressive response from investors, the shares are set to list at a robust premium of 90% in the unlisted market, a slight decrease from the earlier anticipated premium of 104%. This strong performance underscores the growing interest in renewable energy and the potential of Waaree Energies as a key player in the solar sector.
Allotment Process and Status Check
Investors can expect to receive debit messages from their banks regarding the allotment, which is conducted on a lottery basis. The entire process is overseen by the registrar to ensure transparency and fairness. For those eager to check their allotment status, there are two primary methods: through the Bombay Stock Exchange (BSE) or via the registrar’s website.
Checking Allotment Status on BSE:
- Visit the BSE Website: Navigate to BSE’s official allotment status page.
- Select the Issue Name: From the drop-down menu, choose Waaree Energies.
- Enter Application Details: Input either your application number or PAN number to view your allotment status.
Checking Allotment Status via Link Intime India:
- Visit Link Intime India: Go to Link Intime’s IPO page.
- Select Waaree Energies IPO: Locate and select the Waaree Energies IPO from the list.
- Enter PAN Details: Provide your PAN information and click search to find your allotment status.
Subscription Details and Market Response
The Waaree Energies IPO, valued at Rs 4,321 crore, witnessed an overwhelming response, attracting bids worth an astonishing Rs 2.41 lakh crore. The overall subscription rate reached an impressive 76 times by the close of the bidding period. Notably, the institutional category saw a staggering 208 times subscription, while the non-institutional investors’ portion was subscribed 62 times. This level of interest reflects the market’s confidence in Waaree Energies and its growth prospects.
Utilization of IPO Proceeds
The funds raised from the IPO are earmarked for several key initiatives. Waaree Energies plans to establish a 6 gigawatt (GW) manufacturing facility in Odisha, focusing on the production of ingots, wafers, solar cells, and photovoltaic (PV) modules. Additionally, the company intends to allocate some of the funds for general corporate purposes, further strengthening its operational capabilities.
Company Overview and Growth Trajectory
Waaree Energies stands as the largest manufacturer of solar PV modules in India, boasting the highest aggregate installed capacity of 12 GW as of June 2024. The company has demonstrated remarkable growth, recording a 69% year-on-year increase in revenue from operations, reaching Rs 11,398 crore for FY24. Furthermore, its profit after tax more than doubled to Rs 1,274 crore, showcasing its robust financial health.
In a bid to expand its global footprint, Waaree Energies is also establishing a 3 GW manufacturing facility in the United States. This strategic move not only diversifies its operational capabilities but also positions the company to tap into the growing demand for solar energy solutions in international markets.
Conclusion
The Waaree Energies IPO has not only attracted significant investor interest but also highlights the increasing focus on renewable energy in India. With a strong subscription response and ambitious plans for expansion, Waaree Energies is poised for substantial growth in the coming years. As investors await their allotment details, the market watches closely to see how this leading solar manufacturer will leverage its newfound capital to drive innovation and sustainability in the energy sector.
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