Waaree Energies Share Price Update: Post-IPO Performance Analysis
Waaree Energies made a notable debut on the stock market with shares listing at a substantial premium on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Initially priced at ₹1,503, the stock opened at ₹2,500 on the NSE and ₹2,550 on the BSE, marking a significant premium of 66.3% and 69.6%, respectively.
By 01:00 pm, shares experienced a decline; on the NSE, they were down by 5% at ₹2,374.9, while on the BSE, they fell by 6.7% to ₹2,377.5. This fluctuation followed an earlier peak and drop, with shares at a high of ₹2,624.4 and a low of ₹2,300. Despite the volatility, the stock remains above the initial issue price, offering initial investors a noteworthy gain from the IPO listing.
The IPO received remarkable interest, indicated by a subscription rate of 76.34 times, with the highest demand from qualified institutional buyers. The company raised ₹4,321.44 crore, with ₹3,600 crore from fresh shares and the remainder through an offer-for-sale.
The funds raised will be directed towards establishing a 6GW manufacturing facility for ingot wafers, solar cells, and PV modules, alongside general corporate purposes. Financially, Waaree Energies showcased robust growth, with a reported compound annual growth rate of over 58% in revenue and 152% in profit between FY22 and FY24.
The trading session saw a traded volume of 170.35 lakh shares, with a total market capitalization initially at ₹70,529.4 crore, later settling at ₹68,370.53 crore as the shares fluctuated throughout the day. Overall, Waaree Energies’ IPO performance reflects strong market interest and potential for future growth in the solar energy sector.
Original Story https://upstox.com/news/market-news/ipo/waaree-energies-ipo-listing-live-shares-list-premium-share-price-nse-bse-date-key-details-buy-or-not-october-28-2024/article-124979/
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Publish Date: 2024-10-28 13:28:00
