Amidst a broader market sell-off, Waaree Energies saw its gray market premium (GMP) fall from Rs 1,500-1,550 to Rs 1,200-1,250, reflecting a correction in unofficial markets. The company’s shares will go on sale for the first time on October 28.

Despite the GMP drop, Waaree’s Rs 4,321 crore IPO attracted huge interest and closed with a total of 76 times subscription. While institutional investors subscribed 208 times, non-institutional investors followed closely with a subscription rate of 62 times.

One of the factors driving this strong investor interest is the outstanding performance of its listed subsidiary Waaree Renewable Technologies Ltd., which is up over 59,000% on the BSE in the last five years.

“The market correction has certainly impacted GMP, but investor interest remains strong,” said Shivani Nyati, Head of Assets at Swastika Investmart. “We are focused on delivering on our strategic objectives, including new manufacturing capabilities in line with growing demand.” for solar energy solutions.”

Proceeds from the IPO will fund Waaree’s expansion plans, including setting up of a 6 GW manufacturing facility in Odisha for manufacturing ingots, wafers, solar cells and PV modules as well as for general corporate purposes.

Waaree, India’s largest solar PV module manufacturer, has a strong position in the industry with an installed capacity of 12 GW as of June 2024. In FY24, Waaree reported a 69% year-on-year increase in revenue to R11.398 billion, while profit after tax more than doubled to R1.274 billion.

To enhance its global footprint, Waaree is also building a 3 GW manufacturing facility in the United States, aimed at meeting the growing global demand for solar energy.

Investors can check the IPO allotment status by selecting “Waaree Energies” from the drop-down menu on the BSE website and entering their application or PAN number. Link Intime India’s website also offers the option to verify allotment by selecting Waaree Energies IPO and entering PAN details.

Lead bookrunners for the issue include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial, SBI Capital, Intensive Fiscal Services and ITI Capital.