The Rs 4,321-crore IPO of Waaree Energies, a Mumbai-based solar power solutions provider, has received a strong response from investors on the second day of bidding. The issue was oversubscribed by 5.53 times, with investors bidding for 9.5 crore shares against the 2.1 crore shares available. Retail investors oversubscribed by 4.88 times, while non-institutional investors oversubscribed by 14.55 times. Market observers have also noted a grey market premium of around Rs 1500 per share for the IPO.
Waaree Energies IPO: Overwhelming Response and Grey Market Premium
Background
Waaree Energies, a Mumbai-based solar power solutions provider, recently launched its initial public offering (IPO) to raise funds for expansion and debt reduction. The IPO, which opened for subscription on February 24, has received an enthusiastic response from investors.
IPO Details
IPO Subscription Status
As of the second day of bidding, the Waaree Energies IPO has been oversubscribed by a staggering 5.53 times. This means that investors have bid for 9.5 crore shares, against the 2.1 crore shares available for subscription. The break-up of the subscription is as follows:
Grey Market Premium
Market observers have noted a strong grey market premium (GMP) for the Waaree Energies IPO. As of February 25, the GMP stood at around Rs 1,500 per share. This indicates a strong demand for the shares in the secondary market and is a positive sign for the company.
Top 5 FAQs
Q1: Why has the Waaree Energies IPO been so successful?
A: The IPO has been well-received due to the company's strong track record in the solar industry, its plans for expansion, and the attractive valuation.
Q2: What is the expected listing date of Waaree Energies?
A: The tentative listing date for Waaree Energies is March 3, 2023.
Q3: What is the expected return on investment from the Waaree Energies IPO?
A: The expected return on investment will depend on the listing price and the future performance of the company. However, analysts have expressed optimism about Waaree Energies' growth prospects.
Q4: How can I apply for the Waaree Energies IPO?
A: You can apply for the IPO through your bank or a financial intermediary. You will need to have a demat account and submit an application form with the required documents.
Q5: Is the grey market premium an accurate reflection of the IPO's performance?
A: The grey market premium is not a reliable indicator of the future performance of the company. It is based on speculation and can be volatile.
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