Waaree Energies IPO subscription to open this Friday, details here

Investors will get an opportunity to subscribe to the initial public offering (IPO) of solar energy player Waaree Energies beginning this Friday. The company aims to raise Rs 4,321 crore through its public issue.

Here are some key details about the Waaree Energies IPO:

• The subscription period will be open from October 21 to October 23, allowing investors 3 days to bid for the shares.
• The price band has been set between Rs 1,427 to Rs 1,503 per equity share for the IPO.
• At the upper end of the price band, the company is looking to garner Rs 4,321 crore. This includes Rs 3,600 crore from fresh issuance of shares and Rs 721 crore through an offer for sale (OFS).
• As per the red herring prospectus (RHP), 50 percent of the IPO has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs) and 35 percent for retail investors.
• The grey market premium (GMP) has surged to Rs 1,470 or 98 percent, signalling strong investor interest ahead of the issue opening.
• Share allocation is expected on October 24 while the debut on stock exchanges is likely around October 28.
• Axis Capital, IIFL Securities, Jefferies India and others have been appointed as merchant bankers to advise the company on the IPO.

Investors who want to subscribe to the Waaree Energies IPO can bid in a lot size of 9 equity shares and in multiples thereafter. Amid strong demand for renewable stocks, the public issue is expected to get a positive response from market participants.