Waaree Energies, a leading manufacturer and exporter of solar modules, has experienced a significant surge in its shares. The stock price has increased by over 80% from the issue price of Rs 1,503, marking the fourth consecutive day of gains.
On October 31, the stock reached a new record high of Rs 2,718, following a strong market debut where shares were initially listed at Rs 2,550. The first day of trading closed at Rs 2,336.80, reflecting a 55% increase.
The company raised Rs 4,321 crore through its initial public offering. Waaree Energies has expanded its production capacity from 2 GW in FY21 to 13.3 GW, and it currently holds a 21% market share in India and a 44% share in the country's solar module exports.