Solar PV Modules - Listed on 28 October 2024
Waaree Energies (Solar PV Modules) closed its IPO window in 2024 and listed on NSE and BSE on 28 October 2024 at an upper band issue price of Rs 1503, opening at Rs 2338.97 for a listing gain of +55.6% and closing day one at Rs 2338.97 (+55.6% on closing basis). The IPO was subscribed 79.44x overall - QIB 215.03x, HNI/NII 65.25x, Retail 11.27x. The total issue size was Rs 4,321.44 Cr (Fresh Issue Rs 3600 Cr, OFS Rs 721.44 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Solar PV Modules
Waaree Energies operates in the Solar PV Modules space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Waaree Energies issue was offered at an upper price of Rs 1,503 and raised approximately Rs 4,321.44 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 45 | +98.47% |
| Day 2 | Rs 45 | +93.15% |
| Day 3 | Rs 55 | +86.49% |
| Day 4 | Rs 60 | +79.84% |
| Day 5 | Rs 55 | +79.84% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Waaree Energies IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Waaree Energies IPO listed at +55.6% versus the upper issue price of Rs 1,503 on 28 October 2024.
Waaree Energies IPO was subscribed 79.44x overall. QIB portion was subscribed 215.03x, HNI / NII 65.25x and Retail 11.27x.
IPO GMP started at Rs 45 on Day 1 and moved to Rs 55 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.