The Waaree Energies IPO, which opened on October 21 and closed on October 23, 2024, shattered all records with 97.34 lakh applications. This incredible figure surpasses previous records held by:
- Bajaj Housing Finance – 90 lakh applications
- Tata Technologies – 73 lakh applications
- LIC IPO – Major milestone in public offerings
Waaree Energies now holds the distinction of receiving the highest-ever number of applications in India’s IPO history.
IPO Details and Performance
Waaree Energies raised a total of ₹4,321.44 crore through this IPO, comprising ₹3,600 crore from a fresh issue and ₹721.44 crore via an Offer for Sale (OFS). Shares were priced between ₹1,427 and ₹1,503 per share.
Investor interest was exceptional:
- QIBs (Qualified Institutional Buyers): Bids 208.63 times the reserved portion
- NII (Non-Institutional Investors): Bids 62.49 times
- Retail Investors: Bids 10.79 times
- Employees: Bids 5.17 times
Waaree’s overwhelming response underscores its appeal to institutional and retail investors alike.
What’s Next?
Waaree Energies is set to use the proceeds from its IPO to further expand operations. Key plans include establishing a 6GW solar module facility in Odisha. This expansion will significantly enhance their manufacturing capabilities, ensuring a more robust presence in India’s solar energy sector.
With a valuation exceeding ₹4,300 crore, Waaree Energies is poised for further growth, cementing its leadership in solar PV module production.
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