Keeping up with the massive buzz, Waaree Energies IPO received 97.34 lakh applications — the highest for any IPO in India’s primary market history to date.

The previous record was held by Bajaj Housing Finance, whose IPO received around 90 lakh applications and Tata Technologies, which garnered 73 lakh applications.

The Rs 4,321 crore IPO received an overwhelming response from investors by receiving bids worth Rs 2.41 lakh crore. The overall subscription stood at 76 times at close, driven by 208 times subscriptions in the institutional category and 62 times subscriptions in the non-institutional investors’ portion.

The company’s shares are also commanding strong demand in the grey market, which is reflected in the current GMP of nearly 97% over the issue price. The IPO is priced at Rs 1,503 at the upper end.

Analysts are bullish on the growth story of Waaree Energies, given it is a market leader in PV module-making with ambitious global expansion plans.

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.

For FY24, the company’s revenue from operations jumped 69% year-on-year to Rs 11,398 crore, while profit after tax more than doubled to Rs 1,274 crore.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial, SBI Capital, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.