Waaree Energies’ IPO Taps Into a 357% Rally in Renewable Stocks in India
- Waaree Energies seeks to raise $514 million through IPO
- Indian renewable stocks dominate global peers on returns
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India’s largest solar-panel producer’s $514 million initial public offering was fully subscribed in the first few hours of opening, benefiting from the world-beating rally in the nation’s renewable energy stocks this year.
Waaree Energies Ltd. is valued at $5 billion at the upper end of its price range of 1,427 rupees to 1,503 rupees. Its shares, which have attracted investments from Goldman Sachs Group Inc., BlackRock Inc., and Morgan Stanley, will start trading next week.