Waaree Energies IPO: Share Allotment Finalised, GMP Jumps 104%; How To Check Status?

The initial public offering (IPO) of Waaree Energies Ltd, a prominent manufacturer of solar photovoltaic (PV) modules, has captured the attention of investors across India. This IPO has not only seen an overwhelming response but has also broken records by receiving the highest-ever number of applications for an IPO in the country. As the bidding period has concluded, all eyes are on the IPO allotment, which is expected to be finalized today, October 25.

Stellar Demand and Subscription Details

Waaree Energies launched its IPO for subscription from October 21 to October 23, and the numbers speak volumes about the enthusiasm among investors. The IPO was massively oversubscribed, garnering an astounding subscription rate of 76.34 times overall. This translates to bids for a staggering 160.91 crore equity shares, while only 2.10 crore shares were available for allocation. The total amount of subscriptions reached Rs 2.41 lakh crore.

The subscription was notably diverse, with retail investors showing considerable interest as well. The retail category was oversubscribed by 10.79 times, indicating participation from individual investors. Meanwhile, Non-Institutional Investors (NIIs) demonstrated even greater enthusiasm, with their segment being oversubscribed by 62.49 times. The Qualified Institutional Buyers (QIBs) portion was also met with robust demand, being oversubscribed by a remarkable 208.63 times.

Key IPO Details and Allotment Process

The Waaree Energies IPO offered shares in a price band ranging from Rs 1,427 to Rs 1,503 per share. At the upper end of this range, the company successfully raised Rs 4,321.44 crore through a combination of a fresh issue of 2.4 crore equity shares worth Rs 3,600 crore and an offer for sale (OFS) of 48 lakh shares totalling Rs 721.44 crore.

As of today, October 25, eligible applicants can expect to see the shares credited to their demat accounts. For those who were not allotted shares, refunds will also be initiated on the same day. The shares are set to debut on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 28.

How to Check Allotment Status

Investors keen to check their allotment status can do so through several online platforms, including the BSE and NSE websites, as well as the official registrar's portal. Link Intime India Private Ltd serves as the registrar for Waaree Energies' IPO. Here's a guide on how to check the allotment status:

Checking Allotment Status on BSE:

Visit the BSE website.
Select 'Equity' in the Issue Type.
Choose 'Waaree Energies Limited' in the Issue Name dropdown menu.
Enter either your Application Number or PAN.
Verify by clicking on 'I am not a robot' and hit 'Search'.

Checking Allotment Status on Link Intime:

Visit the Link Intime registrar website.
Select 'Waaree Energies Limited' in the Select Company dropdown menu.
Choose to enter details such as PAN, Application Number, DP ID, or Account Number.
Input the necessary information.
Click on 'Search' to view your allotment status.

Grey Market Premium (GMP)

The buzz around the Waaree Energies IPO is further amplified by its performance in the grey market. Current market observers indicate that the grey market premium (GMP) for Waaree Energies shares is an impressive Rs 1,558 per share. This suggests that shares are expected to list at around Rs 3,061 apiece, reflecting a significant premium of 104% over the IPO price of Rs 1,503. Such a bullish trend in the grey market indicates strong investor sentiment and expectations for the company's stock performance post-listing.