Waaree Energies IPO: GMP indicates potential for doubling investor wealth as subscription opens on Oct 21
The current grey market premium (GMP) stood around ₹1,565, which indicates a premium of nearly 105% over the issue price. The firm's GMP is expected to further rise as the IPO inches closer.
The shares of solar panel manufacturer, Waaree Energies Ltd., are in high demand in the grey market as the issue opens for public subscription on October 21. The three-day bidding will close on October 23.
The current grey market premium (GMP) stood around ₹1,565, which indicates a premium of nearly 105% over the issue price. The firm's GMP is expected to further rise as the IPO inches closer.
However, it is important to note that grey market premiums are just an indicator of how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
Waaree Energies will sell its shares in a fixed price band of ₹1,427-1,503 apiece, where investors can bid for one lot of nine shares and then in multiples of nine.
Considering the upper end of the price band of ₹1,503, the company aims to garner ₹4,321 crore, which includes a fresh issue of shares worth ₹3,600 crore, along with an Offer for Sale (OFS) component of 48 lakh equity shares.
