On its opening day, the IPO was subscribed 3.29 times, with non-institutional investors oversubscribing by nearly eight times and retail investors by over three times.

At the upper end of its price range, Waaree Energies is valued at nearly Rs 43,200 crore, or approximately $5 billion.

Analysts believe Waaree Energies is well-positioned to capitalize on the global transition towards solar energy, highlighting its leadership in the market and robust financials.

The company has attracted significant investments from major financial institutions, including Goldman Sachs, BlackRock, and Morgan Stanley, indicating strong confidence in its future.

For the quarter ending June 30, 2024, Waaree Energies reported a consolidated net profit of Rs 401.13 crore, alongside sales of Rs 3,408.90 crore.

Investors can bid for a minimum of nine equity shares, with the IPO price range set between Rs 1,427 and Rs 1,503 per share.

The IPO is part of a broader rally in India's renewable energy stocks, which have surged by as much as 357% this year.

The IPO consists of a fresh issue of equity shares worth Rs 3,600 crore and an offer for sale of 4.8 million shares valued at Rs 721.44 crore.

Waaree Energies Ltd., India's largest solar-panel producer, has launched a $514 million initial public offering (IPO) that opened for public subscription on October 21, 2024.

Ahead of the IPO, the company secured approximately Rs 1,277 crore from anchor investors, allocating nearly 85 lakh shares at Rs 1,503 each.

The IPO has generated robust demand, particularly from both small and wealthy investors, reflecting a growing frenzy for new issuances in India's financial landscape.

Proceeds from the IPO will primarily fund the establishment of a new 6 GW manufacturing facility for solar components in Odisha.