Waaree Energies is witnessing strong demand for its Rs 4,321.44 crore initial public offering (IPO) on October 23, with subscriptions approaching 12 times during the day. This strong response follows Hyundai Motor India’s recent record-breaking IPO.
IPO subscriptions show strong interest, especially with significant increases in non-institutional and retail participation.
The price band for the IPO is set between Rs 1,427 and Rs 1,503 per share. Proceeds from the new issue will primarily fund a new 6 GW manufacturing facility in Odisha for ingot wafers, solar cells, and PV modules, as well as distributions for general corporate purposes. Registration closes today at 5 PM.
After the listing, Waaree Energies is expected to achieve a market capitalization of over Rs 43,179 crore.
Proceeds from the new issue will primarily fund a 6 GW manufacturing facility in Odisha for ingot wafers, solar cells, and PV modules, with additional funds allocated for general corporate purposes.
Waaree Energies operates five manufacturing plants across India, including locations in Gujarat and Uttar Pradesh.
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