Waaree Energies Surges 49.72% Post-IPO, Hits New High Of ₹3,743 In Latest Rally; Check More Details Here

Waaree Energies, after its successfull IPO, was listed on the stock market on October 28. Since its debut on the Indian bourses, the company's stock has experienced a significant 49.72 per cent increase.

The Waaree Energies stock on Wednesday (November 6) reached an intraday high of Rs 3,743 per share on the NSE, marking a surge of 7.78 per cent in a single session. The rally in the stock prices of the company set a fresh peak for the company in the Dalal Street, riding a wave of enthusiam among the investors for a week straight.

By 12:40 pm iST, the company's stock were trading at Rs 3577.65 apiece, up by 2.95 per cent. Similarly on the NSE, the stocks reached Rs 3,589.00, up by 3.35 per cent during the intraday trading hours.

After listing its stock on October 28, the stock on the day opened at Rs 2,500, a 66.33 per cent premium over its IPO issue price of Rs 1,503.

High Trading Volume

The trading session saw substantial activity, with 7.53 lakh shares of the solar-based company changing hands on the NSE alone.

This in terms generated a turnover of Rs 271.59 crore, adding to a positive investor interest in solar energy stocks.

Furthermore, the market capitalisation of the company has now soared to Rs 1,03,779.62 crore on the BSE, a whopping leap from its listing-day valuation of Rs 67,866.35 crore.

Strength in Solar Panel Manufacturing

One of the prominent player in the India's solar energy sector, the company operated in specialising PV module manufacturing.

With an aggregate installed capacity of 12 GW as of June 30, 2023, the company operates five manufacturing facilities located across Gujarat which includes Surat, Tumb, Nandigram, and Chikhli, as well as in Noida, Uttar Pradesh.

A Look at the IPO and Initial Volatility

With its debut on the BSE at Rs 2,550 per share, translating to a premium of 69.66 per cent over its public issue price, the stock faced some initial selling pressure, touching a day low of Rs 2,294, it has since rebounded strongly.