The company’s market valuation stood at ₹67,866.35 crore. Photo: Linkedin.com

Shares of solar panel maker Waaree Energies Ltd on Monday (October 28, 2024) listed with a premium of nearly 70% against the issue price of ₹1,503.

The stock made its market debut at ₹2,550, reflecting a jump of 69.66% from the issue price on the BSE. It further surged 72.98% to ₹2,600. At 11.00 a.m., the share was trading at ₹2,465

At the NSE, the stock listed at ₹2,500, surging 66.33%.

The company’s market valuation stood at ₹67,866.35 crore.

The initial public offer of Waaree Energies Ltd garnered 76.34 times subscription on the last day of share sale on Wednesday, helped by strong participation from institutional buyers.

The ₹4,321.44-crore initial share sale had a price band of ₹1,427 to ₹1,503 per share.

The IPO was a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an Offer-for-Sale (OFS) of 48 lakh equity shares worth ₹721.44 crore, at the upper end of the price band, by a promoter and existing shareholders.

Proceeds from the fresh issue will be used for setting up the 6 GW (gigawatt) of the Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.