New Delhi. Investors have been waiting for Hyundai's IPO for a long time. The IPO has opened, but investors are still not happy. Investors are not happy because the premium for this stock in the grey market is decreasing every day. But there is nothing to worry about. If you want to launch an IPO and want a good GMP, then launch an IPO of another company. Waree Energies' IPO is going to open on Monday. Its price band has been decided and the best thing is that its premium (GMP) in the grey market has jumped up to 85 percent.

Waaree Energies has set a price band of ₹1,427 to ₹1,503 per share for its IPO. The IPO will open for subscription on October 21 (Monday) and investors can bid till October 23. Investors can bid in a minimum lot of 9 shares and then in multiples of 9 (18, 27, 36…).

Talking about Hyundai's IPO, according to IPO Watch, Hyundai's grey-market premium has jumped a bit today. Yesterday (Tuesday) it was Rs 45, but today it has come down to Rs 65. Only 2 days are left for bidding in Hyundai. However, till around 11 am, Hyundai's IPO was subscribed only 22 percent. Yesterday it could get only 18 percent bids throughout the day.

Size of Wari's IPO
In this IPO, ₹3,600 crores will be raised through the sale of fresh equity shares of the company. Also, 48 lakh shares will be kept for sale through Offer for Sale (OFS), out of which Wari Sustainable Finance and Chandurkar Investments will sell their stake. The total value of the Offer for Sale (OFS) at the upper band of the price band can be Rs 721.44 crore, which will make the total IPO size Rs 4,321.44 crore.

Grey Market Premium of Waaree Energies IPO
Waaree Energies shares are trading at a premium of Rs 1,280 in the unlisted market, which is 85 percent of the upper price band of Rs 1,503. This means that there is a lot of enthusiasm among investors towards this IPO and it is seeing great potential in the market.

Allotment and listing of IPO
50% of the IPO will be reserved for qualified institutional buyers (QIBs), while 15% will be reserved for non-institutional investors (NIIs) and 35% for retail investors. The company's shares will be listed on both the BSE and NSE stock exchanges.

Where will the company use the funds?
The money raised from the IPO will be used to set up a 6 gigawatt (GW) manufacturing unit of ingots, wafers, solar cells, and PV modules in Odisha. Apart from this, the money will also be used to meet the general corporate requirements of the company. As of June 30, 2023, Wari Energies has a total production capacity of 12 GW, making it a leading company in the solar energy sector.

Wari Energies recorded excellent financial growth in FY 2023. The company recorded an operational income of Rs 6,750 crore, which is much higher than Rs 2,854 crore in FY 2022. The company's net profit stood at Rs 500.2 crore, which is almost 5 times more than Rs 79.6 crore in FY 2022. Along with this, the company also has a cash reserve of Rs 642 crore, which makes its cash flow position strong.