Shares of Top Indian Solar Panel Maker Surge 56% in Mumbai Debut
- Waaree Energies lists after IPO that raised $514 million
- Strong debut follows a weak listing by Hyundai Motor India
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Shares of Waaree Energies Ltd. jumped almost 56% in their trading debut after a $514 million initial public offering by India’s largest solar-panel maker, bringing back optimism for the market after the nation’s biggest IPO disappointed investors last week.
The stock listed on Monday morning with gains of 75% over its issue price of 1,503 rupees, making it one of the biggest listings in India this year. It rose to as high as 2,624.40 rupees in Mumbai trading before trimming some of those gains.