Waaree Energies shares rose 5% after a strong IPO debut, reflecting investor confidence. The company plans expansion and reported a 69% revenue increase for FY24, with profits more than doubling.

Mumbai-based Waaree Energies sold its shares in the price band of Rs 1,427-1,503 apiece for which investors could apply for a minimum of nine shares and its multiples thereafter.

Waaree Energies shares debuted at nearly 70% above issue price, marking a strong entrance on the stock exchanges.

Shares of Waaree Energies dropped nearly 10% to Rs 2,294.5 on the BSE after their strong debut on the exchanges on Monday. The stock debuted at Rs 2,550 on the BSE, reflecting a premium of Rs 1,047 or 69.

Shares of Waaree Energies remained under a severe selling pressure during the trading session on Monday after below expectations but a strong debut for the day.

Waaree Energies shares listed at Rs 2,550 on the BSE, reflecting a premium of 69.66 per cent against the IPO allotment price of Rs 1,503

Waaree Energies' shares surged on debut, listing at a premium on BSE and NSE following a highly successful IPO. Attracting bids worth Rs 2.41 lakh crore, the IPO was subscribed 76 times. Funds will help establish a 6 GW manufacturing facility in Odisha and support corporate purposes.

However, the stock dipped to close at a 56% premium over the issue price of ₹1,503. The IPO generated a strong response from all categories of investors, especially institutional investors, who subscribed 76.