Waaree Energies’ Rs 4,321-crore IPO continued to see strong demand on October 23, the third and final day of bidding, with the offer being oversubscribed 76.34 times. Investors bid for 160.91 crore shares, far exceeding the 2.1 crore shares on offer, according to exchange data.

The company, a major player in the solar energy industry, focuses on PV module manufacturing and had an installed capacity of 12 GW as of June 30, 2023. Waaree Energies also garnered significant attention in the grey market, where its premium surged over 100 percent ahead of the IPO’s launch on October 21.