Waaree Energies IPO to double investors wealth? Here is what we know

Waaree Energies’ IPO has attracted significant attention from investors ahead of its scheduled listing on October 28, following the anticipated finalisation of share allotment today.
The IPO, which concluded on October 23, garnered immense investor interest, with a remarkable 97.34 lakh applications. The offering’s total size stood at Rs 4,321.44 crore, including a fresh issue of Rs 3,600 crore and an offer for sale (OFS) of up to 48 lakh equity shares.
With the latest grey market premium (GMP) suggesting a sharp increase, Waaree Energies’ IPO is expected to deliver substantial returns to investors.
As of Thursday afternoon, the GMP was recorded at Rs 1,550, indicating a potential 103% premium over the issue price of Rs 1,503 per share. If this trend holds, Waaree Energies could see its shares debut at approximately Rs 3,053 on the stock exchanges.
Krishna Patwari, Founder and Managing Director of Wealth Wisdom India Pvt. Ltd., commented, “Current GMP suggests a listing price of above Rs 3,000 per share.”
He further noted, “Waaree Energies’ IPO has set a new benchmark, receiving a record-breaking 97.34 lakh applications for its Rs 4,321 crore issue, excluding anchor investors,” underscoring the overwhelming demand for the public issue.
Patwari also highlighted that the IPO has surpassed the records previously set by major IPOs like Bajaj Housing, Tata Technologies, and LIC. He added that the allotment was finalised on October 24, and the listing on October 28 is expected to see continued strong interest from investors.
The IPO saw substantial oversubscription, reaching 76.34 times the offered shares. Qualified Institutional Buyers (QIBs) led the demand, subscribing to their portion 208.63 times. Non-Institutional Investors (NIIs) subscribed 62.49 times, while retail investors and employees subscribed 10.79 times and 5.17 times, respectively.
Established in 1990, Waaree Energies is one of India’s prominent manufacturers of solar photovoltaic (PV) modules, with a production capacity of 12 GW. The company’s product range includes multicrystalline, monocrystalline, and TopCon modules.
Analysts have expressed optimism about the company’s prospects, pointing to its strong financial performance, the rising demand for solar power, and its dominant market position. However, some concerns have been raised regarding the company’s dependence on Chinese raw materials, its limited supplier base, and potential policy changes that could impact operations.
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