Waaree Energies IPO Sets Bombay Stock Exchange Abuzz
The IPO market had its eyes glued to Waaree Energies on October 28, 2024, as India’s biggest maker of solar PV modules put on a show right from the get-go. Shares launched at ₹2,550 on the Bombay Stock Exchange, handing early investors an eye-popping 69.7% premium above the offer’s upper band of ₹1,503. That dramatic entrance wasn’t just a stroke of luck—it highlighted the fierce investor appetite for companies at the frontline of clean energy.
What made Waaree such a hot ticket? One word: growth. Over two years, the company’s revenue ballooned from ₹2,854 crore (FY22) to a hefty ₹11,397 crore (FY24). That’s nearly quadrupling business in a space where bigger isn’t always easy. Investors had piled in, lured by the buzz around India’s green power ambitions and Waaree’s hands-on approach, from manufacturing to sales across a vast retail web of 369 franchisees stretching across the country.
The ₹4,321.44 crore IPO saw plenty of action from all corners. Retail investors needed at least ₹13,527 for the smallest lot, but bigger players—qualified institutional buyers and non-institutional investors—had to go even deeper. Out of the total issue, ₹3,600 crore came as fresh issuance and ₹721.44 crore as an offer for sale. The hype was infectious, especially with Waaree boasting a sought-after Tier-1 rating by BloombergNEF, which only strengthens its credibility among both individual and institutional buyers.
Profit Booking Sparks Volatility After Sizzling Debut
But as the saying goes, what goes up sometimes comes down—at least a little. Soon after the bumper opening, the Waaree Energies stock saw some turbulence as traders rushed to book profits and lock in those Day-1 gains. Such volatility isn’t anything new for blockbuster debuts. With the stock getting battered by quick moves, some latecomers saw the price slip from those lofty opening highs.
Under the hood, Waaree’s numbers help explain the initial rush. Its net profit shot up to ₹1,274 crore in FY24. That kind of performance got people talking, especially with the hunger for clean energy stocks at an all-time high. The company isn’t new to this game either—its retail network covers almost every pin on the Indian map, and the firm’s lean, backward-integrated business model gives it an edge over rivals dependent on imports or scattered supply chains.
With marquee names like Axis Capital, IIFL Securities, Jefferies, and Nomura leading the IPO, and Link Intime India handling the registrar duties, Waaree knew how to get its offering noticed. Being listed not only on the BSE (Script Code: 544277) but also the National Stock Exchange, the stock was hard to ignore.
- Day 1 opening: ₹2,550, up 69.7% from the top-end issue price
- IPO size: ₹4,321.44 crore (₹3,600 crore fresh + ₹721.44 crore OFS)
- Retail network: 369 franchisees India-wide
- Tier-1 BloombergNEF Rating: solidifying investor trust
While some investors chose to cash out early, many are keeping Waaree Energies on their radar. The IPO may set the tone for other green energy listings in the pipeline, as the rush for everything solar doesn’t look like it’s running out of juice anytime soon.