Solar module manufacturer Waaree Energies Ltd. received bids worth Rs 2.41 lakh crore for its initial public offer, which closed on Oct. 23, 2024.
The company received close to 97.34 lakh applications making it the most participated IPO till now. This is subject to final adjustments based on eligibility. The IPO was subscribed 76.34 times with the retail portion getting subscribed 10.79 times.
But only 11.5 lakh investor applications will receive allotment. That's because since the retail individual investor portion was subscribed 10.79 times, the maximum allotment that can be made is nine shares.
There were 1.03 crore shares earmarked for the retail investors, and with minimum nine shares required to be allocated to each one of them, the maximum number of investors that will get shares comes out to be 11.5 lakh.
The retail segment received over 88 lakh applications. That means one in every eight application will get a minimum lot of nine shares.
Waaree Energies IPO Bags Record 97 Lakh Applications At Upper Price Band
The net issue size of Rs 4,321 crore, excluding anchor investor portion of Rs 1,276.93 crore, saw QIB portion being subscribed 208.63 times. The allotment for this segment is made on a proportionate basis.
The small NII portion was subscribed 50.85 times, and there too, not all will get Waaree Energies shares. This segment received 4.99 lakh applications. Only under 11,000 applications will receive minimum lot for this segment. This means, one in 45 applications will receive the minimum allotment, that is, shares worth Rs 2 lakh.
The big NII segment was subscribed 68.30 times. This segment received 2.71 lakh applications. Here, a maximum of around 21,900 applications will receive allotment if the bankers and company decide to allocate shares worth at least Rs 2 lakh.
As per the rules, even if the big NII category has a minimum subscription amount of Rs 10 lakh, in case of oversubscription, shares worth Rs 2 lakh can be allotted—the minimum NII bid amount. This is similar to the allocation for the small NII sub-category.
Also Read:How To Check Waaree Energies IPO Allotment Status
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