Waaree Energies shares skyrocketed 127% in just six days, reaching Rs 3,408.85 per share, making it one of India’s top-100 companies by market capitalization.
This new renewable energy giant, specializing in solar energy, launched on October 28 with shares listed at a 70% premium. The company raised Rs 4,321 crore through its IPO, targeting expansion of its solar module manufacturing. Waaree, India’s largest solar module exporter, holds a 21% market share domestically and 44% in exports, supported by strong FY24 financials: Rs 11,398 crore revenue and Rs 1,237 crore profit.