There has been a boom in the IPO market for the last few days. Many IPOs have got bumper listing gains. Now there is talk of Waaree Energies IPO, which is getting a huge response and has received record subscriptions. It can be estimated from the GMP that Waaree Energies IPO will have a bumper listing.

This IPO has received such a response that Wari Energies IPO received 97.34 lakh applications, which is the largest number of applications ever received for any IPO in the history of India's primary market i.e. IPO market.

The previous record for receiving the highest number of applications for an IPO was held by Bajaj Housing Finance, whose IPO received about 90 lakh applications and Tata Technologies received 73 lakh applications.

Wari Energies' Rs 4,321 crore IPO received a tremendous response from investors and received bids worth Rs 2.41 lakh crore. The total subscription was 76 times due to 208 times subscriptions in the institutional category and 62 times subscriptions in the share of non-institutional category investors. There

There is also strong demand for the company's shares in the grey market, which is visible in the current GMP about 97% higher than the issue price. The upper price band of the IPO is Rs 1,503. Analysts are optimistic about Waaree Energies' growth story, as it is a market leader in PV module manufacturing with ambitious global project plans. The company proposes to use the funds raised from 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 is the largest manufacturer of solar PV modules in India, with the largest total installation capacity of 12 GW as of June 2024. For FY24, the company had the second-best operating earnings among all domestic solar PV module manufacturers in India. It is also expanding its footprint by setting up a 3 GW manufacturing facility in the United States, which will further diversify its operational capabilities.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial, SBI Capital, Intensive Fiscal Services, and ITI Capital are the book-running lead managers to the issue.