IPO of one of India’s largest solar companies will come soon, know how you too can avail good benefits

Vaari Energies’ IPO Set to Launch Soon, Promising High Returns for Investors

The ₹4,321 crore initial public offering (IPO) of Vaari Energies, one of India’s leading solar module manufacturers, is generating significant interest among institutional and retail investors. As the bidding period concludes on October 23, 2024, the IPO has already been oversubscribed by an impressive 76 times, reflecting strong investor enthusiasm.

IPO Pricing and Subscription Details

Priced between ₹1,865 and ₹1,960 per share, the IPO attracted bids for 160 crore shares, far exceeding the 2.1 crore shares available. Notably, qualified institutional buyers subscribed 208.63 times their allotted portion, while non-institutional and retail investors subscribed 62.37 times and 10.61 times, respectively. Vaari Energies’ shares are expected to debut on the BSE and NSE on October 28, 2024.

Utilization of IPO Proceeds and Future Plans

The funds raised from the IPO will primarily finance a 6 GW production facility for solar cells, ingot wafers, and photovoltaic modules in Odisha, with additional funds allocated for general corporate purposes. Vaari Energies also plans to establish a 5 GW integrated facility in Brookshire, America, anticipated to produce 3 GW of solar modules annually by the end of 2024.