Waaree Energies IPO: Day 3 Updates and Expert Insights

Key Highlights:

• Waaree Energies IPO received an exceptional response on the final day of subscription, with the shares being subscribed by a whopping 41.59 times.
• The IPO aimed to raise up to Rs. 1,369.62 crore and consisted of a fresh issue of shares worth Rs. 975 crore and an offer for sale (OFS) of up to Rs. 395 crore.
• The price band for the public issue was fixed at Rs. 230 to Rs. 235 per share, with a lot size of 60 shares.

GMP and Subscription Details:

The Gray Market Premium (GMP) for Waaree Energies shares hovered around Rs. 135-140 on Day 3, indicating a strong premium over the issue price. This positive sentiment was reflected in the subscription statistics, with the qualified institutional buyers (QIBs) oversubscribing their portion by 75.39 times, while the non-institutional investors (NIIs) and retail investors subscribed their portions by 32.86 times and 4.65 times, respectively.

Review and Financial Performance:

Waaree Energies, a leading solar energy solutions provider, has witnessed steady growth in recent years. The company's revenue increased from Rs. 1,821.92 crore in FY20 to Rs. 3,466.90 crore in FY22, driven by a surge in demand for solar power solutions. The company's net profit also grew from Rs. 117.36 crore in FY20 to Rs. 261.98 crore in FY22, reflecting improved profitability.

Should You Apply?

Analysts have expressed cautious optimism about the Waaree Energies IPO, citing the company's strong industry position and growth potential. However, investors should carefully consider the risks associated with the company's dependence on the solar energy market, which can be subject to government policies and regulatory changes.

Conclusion:

The Waaree Energies IPO has garnered significant interest, with a strong response from investors on the final day of subscription. The GMP premium and subscription status indicate positive sentiment, but investors should conduct thorough research and consult with financial advisors before making an investment decision.