This IPO has created a lot of buzz in the gray market, you will be able to invest from tomorrow.

New Delhi. Solar PV modules manufacturer Vaari Energies Limited’s IPO is scheduled to open tomorrow i.e. October 21. The company wants to raise Rs 4,321.44 crore from this IPO. Investors can invest in this IPO till October 23. The company had raised Rs 1,276.93 crore from anchor investors on October 18. The Waari IPO is likely to be listed on BSE and NSE on October 28. Even before the launch of the IPO, the unlisted shares of Vaari Energies are making a lot of noise in the gray market and are trading at a premium of 97.80 percent. The company will use the funds raised from this IPO for partial financing of a 6GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha and for general corporate purposes.

The Vaari Energies IPO price band has been set at Rs 1427-1503 per share. It has a lot size of 9 years. In the IPO, 2.4 crore new shares worth Rs 3,600 crore will be issued and there will be an offer for sale (OFS) of 48 shares worth Rs 721.44 crore. 50% of the Waari Energy IPO is earmarked for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.

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Vaari Energies IPO GMP
In the gray market, shares of Vaari Energies are trading at a premium of 97.80% ie Rs 1470 per share against the upper price band of Rs 1503, according to gray market monitoring website InvestorGain.com. On this basis the listing of the shares may be at the level of Rs 2973.

Financial Position of Very Energy
The promoters of the company are Hitesh Chamanlal Doshi, Viren Chamanlal Doshi, Pankaj Chamanlal Doshi and Wari Sustainable Finance Pvt. Wari Energy’s revenue rose 70 percent to Rs 11,632.76 crore in FY 2023-24. A year ago it was Rs 6,860.36 crore. Net profit rose 155% to Rs 1,274.38 crore from Rs 500.28 crore in FY23. In the April-June 2024 quarter, the company recorded a revenue of Rs 3,496.41 crore and a net profit of Rs 401.13 crore.

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