Waaree Energies share price drops 5% after listing today
Waaree Energies share price fell around 5% after it got listed on the exchanges today
Waaree Energies share price dropped nearly 5% after it got listed on the exchanges today.
The solar PV module manufacturer's shares dropped to ₹2,429.55 at 12 pm IST on the Bombay Stock Exchange (BSE) on Monday, October 28, 2024, after the listing. This was a drop of 4.72% or 120.45 points from the opening price of ₹2,550.
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What are the details of Waaree Energies' IPO and listing?
The company's public issue opened for subscription from October 21 to 23 and the allotment began on October 25.
“Trading Members of the Exchange are hereby informed that effective from Monday, October 28, 2024, the equity shares of Waaree Energies Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” a BSE notice read.
The stock's trading began from 10:00 AM today and it was part of a Special Pre-open Session (SPOS) as well.
The company's grey market premium (GMP) was in the range of around 80-100% and around ₹1,274 per share.
The company already raised ₹4,321.44 crore from the book-built issue from a fresh issue of 2.4 crore equity shares worth ₹3,600 crore and an offer for sale (OFS) of 48 lakh shares amounting to ₹721.44 crore.
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Its price band was between ₹1,427 and ₹1,503 per share and was subscribed 76.34 times in total, receiving bids for 160.91 crore equity shares against 2.10 crore shares on the offer, which amounted to subscriptions worth over ₹2.41 lakh crore.
Retail investors subscribed 10.79 times, Non Institutional Investors (NII) subscribed 62.49 times, and Qualified Institutional Buyers (QIBs) bought 208.63 times.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital Ltd are the book running lead managers of the Waaree Energies IPO, while Link Intime India Private Ltd was the registrar.
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