Waaree Energies IPO Surges with 63% Premium on Debut.
Waaree Energies : Rs.2460 (64.57%) at 11.19 pm IST.
Great! Waaree Energies recently went public with their IPO (Initial Public Offering) on October 28, 2024. The IPO was a huge success, receiving an overwhelming response with a subscription rate of 76.34 times. The shares were listed at a significant premium, around 106% higher than the issue price.
The company plans to use the funds raised from the IPO to establish a 6 GW manufacturing facility in Odisha and for other general corporate purposes. This move is expected to further strengthen Waaree’s position in the renewable energy sector.
Waaree Energies Limited is one of India’s leading solar energy companies. Founded in 1990 and headquartered in Mumbai, Waaree has established itself as the largest manufacturer of solar PV modules in India, with an impressive installed capacity of 12 GW as of June 2024.
Waaree focuses on providing quality, cost-effective sustainable energy solutions. Their product portfolio includes multi crystalline, monocrystalline, and TopCon (Tunnel Oxide Passivated Contact) modules1
. They also offer solar inverters, energy storage systems, and EPC (Engineering, Procurement, and Construction) services.
The company operates five manufacturing facilities across India and has a significant international presence, supplying solar modules to over 68 countries. Waaree’s vision is to reduce carbon footprints and pave the way for sustainable energy, thereby improving the quality of life.