Waaree Energies’ market cap surpasses ₹1 lakh crore as shares went on a one-way rally

Fair today: Thanks to a one-way rally Waaree Energies share price Since its stock market debut last week, the company’s market capitalization has surpassed the coveted mark ₹1 lakh crore mark.

Waaree Energies share the price rose 7.63 percent on the BSE to hit a new all-time high ₹3,740.75 per share on Wednesday, November 5, surpassing the company’s market cap ₹1 lakh crore. As of midday, Waree Energies’ market capitalization rose ₹1.03 lakh crore on the BSE.

Stellar run

Waaree Energies made its stock market debut on Monday, October 28 at 8 p.m ₹2,550 each, a premium of 69.66 percent over the IPO price of ₹1503.

Since then, the shares have been on a one-way run, rising 47 percent above the listing price and 148.86 percent above the IPO price. As a result, those who were allotted shares at the IPO are now sitting on multibagger returns on their investment.

Ware Energies shares has closed in the green in all sessions since its IPO, indicating strong demand for the renewable energy company. This rally is more important because it is happening amid a correction in the broader market.

The IPO of Waaree Energies also received a strong response from investors. The issue, which ran between October 21 and 23, closed with a solid 79.44 bids. The company grew up ₹4,321.44 crore and was priced in the range of ₹1,427-1,503 per share.

The retail investor segment was subscribed 11.27 times, while the non-institutional investor (NII) category was subscribed 65.25 times. Meanwhile, the quota of qualified institutional buyers (QIB) received bids amounting to 215.03 times the amount offered.

About Waaree Energies

Waaree Energies has India’s largest total installed capacity of 12 GW with plants in Chikhli, Surat, Tumb and Nandigram in Gujarat.

To strengthen its global presence, Waaree is establishing a 3 GW manufacturing facility in the United States to meet the growing global demand for solar energy.

For the fiscal year 2024, the company achieved the second highest operating profit among all domestic solar PV module manufacturers in India. Waaree reported a 69% year-on-year sales increase ₹11,398 crore, while profit after tax more than doubled ₹1,274 million.