Waree Energies subscribed over 33 times so far; NII portion booked 63x

Waaree Energies is witnessing substantial demand for its Rs 4,321.44 crore initial public offer (IPO) on October 23, with subscriptions nearing 33 times so far on its final day. This strong response follows the recent record-breaking IPO by Hyundai Motor India.

The IPO subscription demonstrates robust interest, particularly with a significant uptick 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 fresh issue will primarily fund a new 6 GW manufacturing facility in Odisha for ingot wafers, solar cells, and PV modules, alongside allocations for general corporate purposes. The subscription will close today at 5 PM.

Upon listing, Waaree Energies is expected to achieve a market capitalisation exceeding Rs 43,179 crore.

The proceeds from the fresh 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 facilities in Gujarat and Uttar Pradesh.