Leading green energy company Waree Energies has revealed the price band of its IPO which will open for subscription from October 21. The price band of this upcoming issue has been fixed at ₹ 1427 - ₹ 1503 per share. This is 45% lower than its unlisted price. Waree Energies shares are currently trading at ₹ 2,700 - ₹ 2,750 per share in the unlisted markets. It has increased from around ₹ 800 per share in August 2023 to a record high of ₹ 2,750 per share in September 2024, an increase of almost 300%.

Analysts say that this significant jump in the unlisted stock is due to expectations of listing on the exchanges. Interestingly, it is trading at ₹ 1,280 in the gray market, which is about 85% higher than its price band.

The price band of these companies also remained low
Waree Energies is not the only company that has set a price band much lower than the share price issued in the unlisted market. Earlier, the price band of IPOs of AGS Transact, UTI Asset Management Company Limited, PB Fintech and Tata Technologies was below the unlisted price levels.

AGS Transact was listed in January 2022 and its price band was fixed at Rs 185-195 per share, while its unlisted shares were trading at Rs 550 per share before the IPO. UTI AMC was listed on the exchanges in September 2020 and its price band was ₹552 - ₹554 per share, while its unlisted market value just before the IPO was around ₹1,100 per share. PB Fintech, the parent company of the platform Paisabazaar, had set a price band of ₹940 - ₹980 per share, while it was trading around Rs 1,900 per share in the unlisted market just before the IPO. Tata Tech's IPO has a price band of ₹475 - ₹500 per share, which is about 47.4% lower than its unlisted market price of Rs 950 per share. You can subscribe till October 23 Waree Energies' IPO will open for subscription on October 21 and close on October 23. Meanwhile, anchor bidding will start from October 18. Its allotment will be finalized on October 24. After this, refunds will be made on October 25 and shares will be credited to demat accounts. The company is likely to be listed on October 28. The IPO consists of a fresh issue of ₹3,600 crore and an offer for sale (OFS) of 48 lakh shares by its existing shareholders and promoters. At the upper price band of the issue price, the total issue size will be around ₹4,321 crore and the total market cap of the firm will reach around ₹43,000 crore. Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the lead managers to the issue.