Waaree Energies' IPO has received significant demand, with subscriptions reaching nearly 12 times the available shares.

The IPO attracted bids for 24.8 crore shares, surpassing the 2.1 crore shares available.

Non-institutional investors showed the most interest, subscribing 36 times their allocated portion, while retail investors and employees' segments were subscribed 7.5 times and 3.5 times, respectively.

Qualified institutional buyers (QIBs) subscribed 1.8 times their reserved portion.

The company operates five manufacturing plants in India with a total installed capacity of 12 GW as of June 30, 2023.

Waaree Energies has also gained traction in the grey market, with its premium surging over 100% before the IPO launch on October 21.

The strong demand reflects growing investor confidence in the renewable energy market and the company's manufacturing capabilities.