Waaree Energies Limited's IPO will open for subscription on October 21. Even before opening, there is strong demand in the grey market for this IPO. This demand is pointing towards a positive sign among potential investors. The grey market premium (GMP) of Waaree Energies IPO has reached 1,470 a day before it opens for subscription. The company's first share sale will end on October 23. The solar panel maker has fixed a price band of Rs 1,427-1,503 per share. Investors can bid in one lot of 9 shares and then in multiples of 9.

At the upper price band, the company aims to raise Rs 4,321 crore, which includes a fresh issue of shares worth Rs 3,600 crore and an offer for sale (OFS) component of 48 lakh equity shares.

Under the OFS, promoter Waaree sustainable Finance Private Limited and shareholder Chandurkar Investment Private Limited will sell shares. The company's market capitalization at the upper price band after listing will be Rs 43,179 crore. Waaree Energies IPO Review SBI Securities: The brokerage said in a note that the company is the largest manufacturer of solar PV modules in India. The company has a total installed capacity of 13.3 GW. The company will set up a 5.4 GW solar cell manufacturing plant, a 6 GW fully integrated manufacturing facility and a 1.6 GW plant in the USA to take advantage of strong industry growth. Monarch Networth Capital: The brokerage has issued a 'Subscribe' rating to the IPO, citing the company's strong financials and strategic market position, which positions the company as a strong player in the renewable energy sector. Solar energy is emerging as a key global theme for the transition to renewable energy, and Waaree Energies is best positioned to capitalise on the growing opportunity given its leading market share, strong business position, continued focus on innovation and stability, the company said. Waaree Energies Limited IPO Objective The company proposes to use the funds raised through 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 to support general corporate purposes. Waaree Energies Limited has raised ₹1,277 crore from anchor investors. Ahead of the IPO opening, the company has raised around Rs 1,277 crore from 92 anchor investors. Leading investors such as Morgan Stanley, BlackRock, Goldman Sachs, CLSA Global Markets, Canara Robeco MF, Franklin India, Invesco India have participated in the anchor book. About Waaree Energies Limited Waaree Energies, one of the key players in the solar energy industry in India, is focused on PV module manufacturing with a total installed capacity of 12 GW as of June 30, 2023. It operates five manufacturing facilities with one factory each located at Surat, Tumb, Nandigram and Chikhli in Gujarat and the Indosolar facility in Noida, Uttar Pradesh. With over 44% market share in India's solar module export market, the company has strengthened its market position. The company's earnings have increased by 70% between the business years ending March 31, 2024 and March 31, 2023. Profit after tax (PAT) has increased by 155%.