Indian photovoltaic giant surges over 55% on first day of listing

　　On October 28, local time, Waaree Energies, Indias largest photovoltaic module manufacturer, was listed in Mumbai. According to a report by the Securities Times on the 29th, the company's stock price surged 75% during the session that day. As of closing, Waaree Energies' share price rose 55.62%, with a total market value of nearly $8 billion.

　　Image source: Picture Elf

Indian photovoltaic giant surges on first day of listing

　　On October 28, Waaree Energies, India's largest photovoltaic module manufacturer, went public for the first time. The initial public offering was subscribed more than 70 times, attracting investment from companies such as Goldman Sachs Group, BlackRock, and Morgan Stanley. The company's stock price hit a maximum of 2,624.4 rupees per share that day, a 75% increase from the issue price of 1,503 rupees per share. As of the close, Waaree Energies' share price rose 55.62% to 2,338.90 rupees per share, with a total market value of approximately $8 billion.

　　Waaree Energies' strong share price performance on its first day of listing could also be a sign that India's booming IPO market is back on track after a setback last week. Six of the top 10 best-performing companies in the Bloomberg World Energy Index are Indian companies, underscoring the attractiveness of India's renewable energy sector.

　　As of June 2024, India's cumulative photovoltaic module manufacturing capacity has reached 77.2 GW, and its total solar cell manufacturing capacity has reached 7.6 GW. The report shows that India's solar module manufacturing capacity will reach 172GW by 2026, and battery production capacity will reach nearly 80GW. The increase in manufacturing capacity was mainly driven by strong demand.

　　On September 16 this year, India‘s Minister of Renewable Energy, Pralhad Joshi, stated at a renewable energy investment conference that India had received a commitment of $386 billion from banks and financial institutions to expand the country’s renewable energy capacity to achieve its target of producing 500GW of renewable energy by 2030.

　　“Despite the significant increase in production capacity, India's domestic module supply remains tight, mainly because battery capacity has not kept pace. As countries develop local manufacturing supply chains and trade restrictions continue to tighten, reliance on exports as a long-term growth strategy for manufacturers remains dangerous,” said Raj Prabhu, CEO of Mercom Capital Group.