Shares of Waaree Energies Ltd, India’s leading solar panel manufacturer, continued their upward trajectory on Tuesday, October 29, marking a strong performance following its impressive market debut. The stock surged by as much as 6.75%, reaching an intraday high of ₹2,497 on the National Stock Exchange (NSE).
On its first trading day, October 28, Waaree Energies experienced volatility, closing down 6.2% at ₹2,345 after an initial listing price of ₹2,500, which represented a significant 66.3% premium over its issue price of ₹1,503 per share. On the second day, the stock opened at ₹2,375.10 but briefly dipped to ₹2,352.05 before recovering due to strong buying interest. As of 12:05 PM, the stock was trading over 5% higher at ₹2,456.
The trading volume was notable, with 56.75 lakh shares exchanged, amounting to a total trading value of approximately ₹1,384.64 crore. The company’s market capitalization stood at ₹70,507.92 crore, reflecting the enthusiasm among investors.
The initial public offering (IPO) for Waaree Energies, which ran from October 21 to October 23, saw exceptional demand, being oversubscribed 76 times. The institutional quota received the highest attention, with Qualified Institutional Buyers (QIBs) subscribing 208.63 times, while non-institutional and retail portions were subscribed 62.49 times and 10.79 times, respectively. The IPO raised ₹4,321 crore and garnered bids worth ₹2.41 lakh crore, setting a record for the highest number of applications for any IPO in India.
Market experts remain optimistic about Waaree Energies’ share price performance in the coming months, citing its robust fundamentals and leading position in the solar energy sector. The funds raised through the IPO are earmarked for establishing a 6GW ingot wafer, solar cell, and solar PV module manufacturing facility, along with general corporate purposes.
In its recent financial report, Waaree Energies reported a revenue of ₹11,397 crore for FY24, up from ₹6,750 crore the previous year. Additionally, net profit surged to ₹1,274 crore in FY24, compared to ₹500 crore in FY23, further underscoring the company’s strong growth trajectory in the renewable energy market.
As the demand for solar energy solutions continues to rise, Waaree Energies is well-positioned to capitalize on the growing market, making it a stock to watch in the renewable energy sector.
