IPO Calendar: No new issues, but Waaree Energies to lead 8 listings in Diwali week

The primary market will take a breather with no new IPOs opening next week. However, as many as 8 listings including that of Waaree Energies, Deepak Builders and Godavari Biorefineries will light up the Street in the Diwali week.

The IPO pipeline in the near term looks promising with 26 companies proposing to raise Rs 72,000 crore sitting on Sebi approval.

Another 55 companies looking to raise about Rs 89,000 crore are awaiting the regulator's nod. So far this fiscal year, the fundraising neared Rs 1 lakh crore and the same is expected to reach a new record by the end of March 2025.

Here's what's on the IPO table next week

Waaree Energies listing

The initial public offer (IPO) of Waaree Energies received robust response from investors with an overall subscription of 76 times at close. The issue, however, set new IPO record, after receiving 97 lakh applications, beating the previous high held by Bajaj Housing Finance.

In the unlisted market, the company's shares are trading with a near 100% GMP over the issue price, indicating multibagger gains in October 28 debut.

The company proposes to use the funds raised from the IPO for key initiatives, including establishing a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as supporting general corporate purposes.

Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 2024. For Fiscal 2024, the company had the second best operating income among all the domestic solar PV module manufacturers in India.

It is also expanding its footprint by establishing a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.

Deepak Builders listing

Deepak Builders is commanding a GMP of Rs 32 in the grey market, which indicates a premium of 16% over the issue price.

The IPO of Deepak Builders received a healthy response from investors with an overall subscription that stood at 41.5 times at close.

IPO funds to the tune of Rs 95 crore will be used for working capital requirements of the company and Rs 30 crore for payment of debt, besides, a portion will be utilised for general corporate purposes, as per the draft papers filed last week.

Deepak Builders is an integrated engineering and construction company, specialising in execution and construction of administrative and institutional buildings, hospitals and medical colleges, industrial buildings, historical memorial complex, stadiums and sports complex, and residential complexes

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