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Waaree Energies IPO: 10 things to know before subscribing

The initial public offering (IPO) of Waaree Energies, which is a book-built issue, will open for subscription on Monday, looking to raise Rs 4,321.44 crore. Founded in 1990, Waaree Energies Limited (WEL) is India’s largest manufacturer and exporter of solar modules.
“WEL is India’s leading solar module manufacturer, accelerating the global energy transition. With India aiming to reach 500GW of renewable energy by 2030, WEL contributes significantly to this vision by supplying high-efficiency solar modules worldwide,” said Monarch Networth Capital Limited in its IPO report.
The company operates through 5 state-of-the-art manufacturing plants strategically located in Gujarat (Surat, Tumb, Nandigram, and Chikhli) and in U.P (Noida) spread across 143+ acres of land.
“Waaree Energies Limited (WEL), founded in 1990 and headquartered in Mumbai, is India’s leading manufacturer and exporter of solar modules with the largest aggregate installed capacity of 13.3GW as of July’24,” it added.
Subscription period: The IPO of Waaree Energies will be open for subscription from October 21 till October 23, 2024.
Price band: The price band for the Waaree Energies IPO is set between Rs 1427-1503 per share.
Fundraising target: Waaree Energies IPO is a book-built issue worth Rs 4,321.44 crore.
Issue division: The IPO is a combination of fresh issue of 2.4 crore shares aggregating to Rs 3,600.00 crore and an offer for sale of 0.48 crore shares aggregating to Rs 721.44 corer.
Lot size: The minimum lot size for an application is 9 shares, requiring a minimum investment of Rs 13,527 for retail investors.
For small non-institutional investors (sNIIs), the minimum application size is 15 lots (135 shares), requiring an investment of Rs 2,02,905. Large non-institutional investors (bNIIs) will need to invest in at least 74 lots (666 shares), with a total investment of Rs 10,00,998.
Allotment date: Finalisation of share allocation for the Waaree Energies IPO is expected on Thursday, October 24, 2024.
Listing date: The shares of Waaree Energies is expected to list on stock exchanges on Monday, October 28, 2024.
Registrar: Link Intime India Private Ltd is the registrar for the issue of Waaree Energies IPO.
Listing platforms: The shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Grey market premium (GMP): The grey market premium (GMP) for Waaree Energies IPO is Rs 1,525, indicating a strong interest from investors as of October 17. With the IPO’s price band capped at Rs 1,503, the estimated listing price is Rs 3,028, giving a potential gain of around 101.46% over the issue price.

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