Waaree Energies’ IPO taps into a 357% rally in renewable stocks in India

Waaree Energies’ IPO taps into a 357% rally in renewable stocks in India

21 Oct 2024
Times Of India
Waaree Energies’ IPO taps into a 357% rally in renewable stocks in India

India’s largest solar-panel producer will open its $514 million initial public offering for orders on Monday, looking to capitalize on 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. The backing by these prominent Wall Street names underscores the appeal of India’s renewable sector, where stocks have rallied as much as 357% this year. Six of the top 10 best performers on Bloomberg’s World Energy index are Indian firms, including the gauge’s top performer. “Renewables is a large opportunity in India for the next three years,” said Ramesh Mantri, chief investment officer for equities at WhiteOak Capital Asset Management Ltd.

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