Afternoon Energies IPO: There has been a boom in the IPO market for the last few days. Many IPOs have got bumper listing gains. Now there is talk of Vaari Energies IPO, which is getting tremendous response and record subscription. It can be estimated from GMP that there will be a bumper listing of Waari Energies IPO.
This IPO has received so much response that Vaari Energies IPO received 97.34 lakh applications, which is the largest number of applications received for any IPO in the history of India's primary market i.e. IPO market.
The previous record for receiving the highest number of applications for an IPO was in the name of Bajaj Housing Finance, whose IPO received around 90 lakh applications and Tata Technologies received 73 lakh applications.
Vari Energies' Rs 4,321 crore IPO received an overwhelming response from investors and bids worth Rs 2.41 lakh crore. The total subscription was 76 times, of which institutional category investors subscribed 208 times and non-institutional category investors subscribed 62 times.
There is also strong demand for the company's shares in the gray market, which is reflected in the current GMP at around 97% above the issue price. The upper price band of the IPO is Rs 1,503.
Analysts are optimistic about Vaari Energies' growth story, as it is a market leader in PV module manufacturing with ambitious global project plans.
The company proposes to use the funds raised from the IPO for key initiatives including setting up a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells and PV modules in Odisha as well as supporting general corporate objectives .
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