Waaree Energies shares closed with a 56% rise on market debut.

Waaree Energies’ market capitalisation is Rs 67,132.34 crore as of Monday’s closing price.

Waaree Energies’ shares finished up 56 percent on the listing day, October 28, as large IPO subscription numbers, robust sector demand, and favorable government policies for the segment enhanced confidence.

The shares began at Rs 2,500 on the National Stock Exchange, up 66.3 percent from the issue price of Rs 1,503, roughly in line with expectations despite the equities market’s unfavorable attitude. It reached an intraday high of Rs 2,624.4 and a low of Rs 2,300 before ending the day at Rs 2,338.9, up 55.62 percent.

On the BSE, the shares closed at Rs 2,336.8 each, up 55.48 percent from the day’s high of Rs 2,600 and low of Rs 2,294.55.

Waaree Energies’ market capitalisation is Rs 67,132.34 crore as of Monday’s closing price.

In terms of volume, it traded 2.15 crore equity shares on the NSE and 24.25 lakh on the BSE.

Waaree Energies’ Rs 4,321-crore initial share offering was subscribed 76.34 times between October 21 and 23, the highest subscription rate among October IPOs. The business has raised Rs 3,600 crore through a new issuance and Rs 721.44 crore through an offer for sale.

With five production sites since 2007, it is India’s largest maker of solar photovoltaic modules, with an installed capacity of 12GW, up from 4GW in 2022. The firm competes with Premier Energies and Websol Energy System.

The proceeds from the new offer would be used primarily to develop a 6 GW ingot wafer, solar cell, and solar PV module manufacturing plant in Odisha through its subsidiary Sangam Solar One.

Prashanth Tapse, Senior VP Research and Research Analyst at Mehta Equities, believes investor demand would remain on the counter on the back of sector demand and an expansion plan and an opportunity play on the largest manufacturer of solar PV modules in India, bolstered by favorable government policies and a few Incentive (PLI) schemes.

As a result, he advised long-term investors to hold, while short-term investors should aim for a profit objective of Rs 2,750-2,800. “Fresh accumulations can be attempted anywhere between Rs 2,200 and 2,300 if it comes due to market scenario and profit booking attempts,” according to him.

Shivani Nyati, Head of Wealth at Swastika Investmart, feels that keeping the company for the long term is a prudent option, given Waaree Energies’ development potential in the renewable energy area.

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