Waaree Energies IPO GMP : Waaree Energies Limited's initial public offering (IPO) will hit the Indian primary market today. Bidding for the public issue will begin on Monday at 10:00 am. The public issue will remain open till 23 October 2024. This means that Waaree Energies IPO will remain open from Monday to Wednesday. The company has fixed the price of Waaree Energies IPO at ₹ 1427 to ₹ 1503 per equity share. The book build issue is a mix of new shares and offer for sale (OFS). The company aims to raise ₹ 4,321.44 crore from this book build issue, out of which ₹ 3,600 crore will be raised by issuing new shares. The remaining ₹ 721.44 crore is reserved for the OFS route.

Waaree Energies IPO GMP: How much is the current GMP

According to market observers, the company's shares are available at a premium of ₹ 1,473 in the grey market today.

What is GMP

In such a situation, there is a possibility of a great listing of this IPO. However, it is very important to note that the Grey Market Premium is only an indicator. It is not the actual premium. It is not at all necessary that the listing of the IPO will be as indicated by the GMP.

Waaree Energies IPO Price Band: What is the price band?

Retail investors - 9 shares in one lot - (Rs 1,503 x 9 shares) ₹13,527

SNII - 15 lots (135 shares)- ₹202,905

BNII - 74 lots (666 shares) ₹1,000,998

Waaree Energies IPO Allotment Date

Waaree Energies shares can be allotted on October 24, 2024 (Thursday).

Waaree Energies IPO Listing Date

The listing date of the company's IPO is set for October 28, 2024 (Monday). The shares will be listed on both major indices NSE and BSE.

Waaree Energies IPO Registrar, Book Running Lead Manager

The book running lead managers to the IPO include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital. The registrar for the IPO is Link Intime India Private Limited.

Waaree Energies IPO Issue Size

This IPO of Wari Energies Limited consists of a fresh issue of equity shares worth Rs 3,600 crore. An offer for sale (OFS) of 48 lakh equity shares worth Rs 721.44 crore at the upper price band has been accommodated by the promoter and existing shareholders. The total issue size of this IPO is Rs 4,321.44 crore.

Waaree Energies has reserved shares worth Rs 65 crore for the employees of the solar panel manufacturer in the IPO. At the same time, 50% of the shares have been set aside for qualified institutional investors (QIB), 15% for non-institutional investors (NII) and 35% for retail investors.

Promoter of the company

The promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited who hold 71.80% stake before the issue, which will reduce to 64.30% post the issue.

Where will the company invest the money

The company will use the proceeds from this IPO to set up a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells and PV modules in Odisha as well as to support general corporate purposes.