Waaree Energies’ issue allotment saw only 11 lakh retail investors getting just 9 shares, or one lot, each in the IPO
Waaree Energies Ltd. listed at a premium of 66% on the National Stock Exchange over its issue price of Rs 1,503 apiece. The net issue (excluding anchor book) was subscribed 79.7 times and saw a demand of Rs 2.4 lakh crore, led by 214.7 times subscription by qualified institutional buyers. The significant subscription of small-NII and large-NII portions has led to significant listing premium for t
Retail Liquidity Driver The issue comprised of 10% of the equity of the company. Retail investors, including NII categories, were allotted 5% of the equity or 1.45 crore shares. Nearly one in seven eligible retail applications received minimum lot comprising of nine shares worth Rs 13,527. The qualified institutional buyers, led by mutual funds and foreign investors, largely have only 1.97% of tIn total, 7.05% of the equity, or 2 crore shares, of the company will be available for trade upon listing. Retail category was subscribed 11.06 times, small-NII category was subscribed 52.49 times, large-NII category saw demand of 70.73 times, and the QIB portion was subscribed 214.7 times. Mutual funds held 1.18% equity while foreign portfolio investors held 2.23% equity in the company.As per regulation, the company allocated 60% of the QIB portion to anchor investors. This amounts to 3% of the company’s equity or 84.95 lakh shares. Fifty percent of the anchor book shares will be released from lock-in on Nov. 23 and remaining 50% of the shares on Jan. 17, 2025.
The shares of the company are expected to witness delivery-based demand from institutions upon listing, from mutual funds and foreign investors who would like to add the stock to their renewable power portfolio. For the first 30-days till the first set of anchor shares are released from lock-in, there could be a liquidity squeeze if retail and non-institutional investors decide to hold on to the
Waaree Energies Ltd. IPO is all set to list at a premium on Monday, October 28, 2024. The share issue of country’s largest solar module manufacturer was subscribed 79.6-times (excluding the anchor book) and 56.44 times (including anchor book). The retail portion which received bids from over 88 lakh applications saw 13.11 lakh applications as ineligible after scrutiny by the registrar and transfe
Retail Allotment On basis of allotment the share allotment was done to 11.01 lakh successful investors out of 70.13 lakh investors, one of the largest investor base in recent times. As part of the retail category 81.06% (56.84 lakh applications) of bids were for just one lot of shares i.e. 9 shares. Followed by 8.03% for two lots and 3.03% for three lots. A lot of shares amounts to Rs 13,527. Sma
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