Shares of Waaree powers are set to make their Dalal Street debut on Monday, and investors may see some fireworks at Dalal Street ahead of Diwali. The stock is likely headed for a cushion listing pop for the investors but investors shall keep their prospects low amid the rising selling pressure in the broader requests.
The shares of Waaree have been giving an suggestion of strong table pop to the investors. While going into table, GMP for Waaree powers' shares were quoting at Rs 1,300- 1,350 in the slate request, therefore, showing listing pop of nearly 90 to the investors. But GMP has gone to Rs 1,500- 1,550 while the issue has been closed for the flings.
With this great slate request decoration signaling a strong table for Waaree powers, one would anticipate the stock to list around Rs 3,000. That's the outgrowth of this issue entering robust demand where the overall subscription stood at 79.44 times; this does show that interest from investors was veritably healthy indeed, says Shivani Nyati, Head of Wealth at Swastika Investmart.
She adds," For the allottees, long- term holding of the stock may turn out to be a sound strategy given the growth prospect in the renewable energy space. Those having a short- term view can indeed bespeak partial gains on the listing day considering there is nearly an unknown swell in the stock. Waaree powers' IPO was offered in the price band between Rs 1,427 and Rs 1,503 per share, but it was vended on Friday, October 21 through Sunday, October 23, where it had a lot size of nine shares.
Waaree powers is Mumbai- grounded company that garnered around Rs 4,321.44 crore in total through its IPO that covered an offer- for- trade, OFS, of over to 48 lakh equity shares besides fresh share trade, that was worth Rs 3,600 crore. The issue was subscribed at a healthy 76.34 times, courtesy good interest from QIBs, whose share was subscribed at a phenomenal 208.63 times. The number of allocation reserved was 62.49 times for NIIs. The retail portion and hand portion were subscribed at 10.79 and 5.17 times, independently during the process.
The subscription of Waaree powers' IPO stood above 79 times as much, attracting huge interest in its offer." I prevision that the company would indeed be strong on listing for the stock request on Monday. In fact, I feel these stocks would be largely precious investment means for medium and long- term investors," Sagar Shetty, a exploration critic with StoxBox observed.
Waaree powers is an Indian company which was incorporated in December 1990. The establishment is a manufacturer of solar PV modules with an total installed capacity of 12 GW. Its product portfolio includes solar energy products conforming of the PV modules similar as multicrystalline modules; Monocrystalline modules; and TopCon modules.
The brokerages were auspicious about the issue and recommended subscribing to it. Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & Securities( India), SBI Capital requests, ferocious financial Services and ITI Capital were the book running lead directors of the Waaree powers IPO, while Link Intime India was the register for the issue.
