Waaree Energies IPO: The IPO of Vaari Energies, which opened last week on October 21 and closed on October 23, got listed in the stock market today with a bumper premium. Shares of Vaari Energies were listed on NSE at Rs 2500 with a premium of 66.3 per cent. Even after being listed with a premium, the company's shares witnessed a rise and reached a price of Rs 2624.40 on NSE.
Price fell due to profit booking
At present the shares of the company are showing weakness. As of 11.08 am, shares of Vaari Energies were trading at Rs 2443.50, down 2.26 per cent from the listing price on NSE due to profit booking. Let us tell you that under its IPO, the company had fixed the price band of Rs 1427 to Rs 1503 for each share with face value of Rs 10 and allotted the shares at the price of Rs 1503.
Vari Energies IPO received 76.44 times subscription
The IPO of a company related to renewable energy had seen tremendous support from investors. This IPO with an issue size of Rs 4321.44 received a total subscription of 76.44 times. For this IPO, QIB had subscribed the maximum 215.03 times, while retail investors had subscribed 11.27 times.
The company is operating 5 manufacturing plants in India.
The company has issued 2,39,52,095 new shares worth Rs 3600.00 crore out of Rs 4321.44 crore. Whereas the promoters of the company have issued 48,00,000 shares worth Rs 721.44 crore through OFS. Vaari Energies will use the IPO proceeds to set up a 6 GW capacity plant in Odisha – where things like solar cells, PV modules will be manufactured. The company is currently operating a total of 5 manufacturing plants across the country.
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