The Waaree Energies IPO has become one of the most talked-about issues in India’s renewable energy space. Backed by strong fundamentals and the growing solar energy boom, this IPO caught the attention of both retail and institutional investors. With an impressive Grey Market Premium (GMP) and overwhelming subscription demand, Waaree Energies’ public offering reflected the market’s confidence in India’s clean energy future.
About the Company
Waaree Energies Limited is India’s largest solar PV module manufacturer, with operations across solar panel manufacturing, EPC (engineering, procurement, and construction), and energy storage solutions. The company plays a key role in India’s renewable transition, with a strong manufacturing base and expanding global footprint.
Key strengths of the company include:
- One of India’s top solar energy companies with an integrated business model
- Rapid growth in both domestic and international markets
- Rising demand from government-led solar initiatives and green energy policies
- Strong financials and operational efficiency
Waaree Energies IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | October 21, 2024 |
| IPO Close Date | October 23, 2024 |
| Price Band | ₹1,427 – ₹1,503 per share |
| Face Value | ₹10 per share |
| Lot Size | 9 shares |
| Minimum Investment (Retail) | ₹13,527 |
| Issue Size | ₹4,321.44 crore (₹3,600 crore fresh + ₹721.44 crore OFS) |
| Allotment Date | October 24, 2024 |
| Refunds/Credit to Demat | October 25, 2024 |
| Listing Date | October 28, 2024 |
| Listing Exchanges | BSE & NSE |
| Registrar | Link Intime India Private Limited |
Grey Market Premium (GMP)
The Waaree Energies IPO GMP has been one of the highest in 2024, showcasing investor optimism.
- GMP Range (Pre-listing): ₹1,275 – ₹1,590
- Listing Day GMP: Around ₹1,330
- Estimated Listing Gain: 90–105% over issue price
Such a strong GMP reflects solid investor confidence and the expectation of robust listing gains, driven by the company’s leadership in solar manufacturing and the booming renewable energy outlook.
Financial Summary
Waaree Energies has demonstrated exceptional financial growth over the last few years:
| Financial Year | Revenue (₹ Million) | Profit (₹ Million) | EPS (₹) |
|---|---|---|---|
| FY2022 | 37,787.62 | 2,121.39 | 22.5 |
| FY2023 | 67,508.73 | 5,038.47 | 51.3 |
| FY2024 | 1,13,976.09 | 9,873.62 | 92.8 |
Key takeaway: A near 69% revenue growth in FY24 with consistent profit expansion highlights its scalability and market strength.
Strengths
- India’s largest solar PV module producer with a strong market presence
- Expanding manufacturing capacity and export opportunities
- Healthy financials with rising margins and strong cash flows
- Government support for renewable energy projects boosting growth
Risks
- High competition in the solar energy space
- Dependence on government policies and subsidies
- Raw material cost volatility may affect margins
- Global supply chain fluctuations
Expert Review
Analysts across platforms like Groww, Moneycontrol, and Bigul have given a positive outlook for the Waaree Energies IPO.
- Alice Blue reported strong institutional participation (QIB: 208.63x).
- Retail subscription stood at 10.79x, showing broad-based interest.
- Analyst Verdict: Solid fundamentals, high growth potential, and robust demand make this IPO attractive for both listing gains and long-term renewable energy exposure.
Subscription Status (Final)
| Category | Times Subscribed |
|---|---|
| QIB | 208.63x |
| NII (HNI) | 69.55x |
| Retail | 10.79x |
| Total | 76.34x |
Conclusion
The Waaree Energies IPO stands out as a landmark offering in India’s renewable energy journey. Its high subscription rate, strong GMP, and exceptional financial performance make it a high-potential listing candidate.
✅ Verdict: Apply for Listing Gains and Long-Term Growth (High-risk investors should monitor post-listing valuations).
FAQs
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What is the GMP of Waaree Energies IPO today?
The current GMP is around ₹1,330, indicating nearly 90–105% potential listing gains.
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Is Waaree Energies IPO good for long-term investment?
Yes, due to its strong fundamentals, leadership in solar manufacturing, and expanding renewable portfolio.
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What are the allotment and listing dates of Waaree Energies IPO?
Allotment was finalized on October 24, 2024, and listing took place on October 28, 2024.
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What is the price band and lot size for Waaree Energies IPO?
Price band is ₹1,427–₹1,503, and the lot size is 9 shares.
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How was the investor response to the Waaree Energies IPO?
It saw a massive 76.34x overall subscription, driven by strong institutional demand.
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Where will Waaree Energies shares be listed?
The shares are listed on both BSE and NSE.
