Madhusudan Kela-backed Waaree Energies shares rally up to 9x in two years ahead of IPO

IPO-bound Waaree Energies has delivered multibagger returns to investors in the unlisted market. The stock prices have seen a about nine-fold jump in the unlisted space in less than two years, where some of the Dalal Street veterans of Dalal Street have put in their money. Mumbai-headquartered Waaree Energies, the flagship company of the Waaree Group, manufactures solar PV modules and provides solar energy solutions in India. It is among the top players in solar panel manufacturing, EPC services, project development, rooftop solutions and solar water pumps. aaree Energies undertook a pre-IPO placement between September 2022 to December 2022, where it sold shares for Rs 225 apiece. The stock recently was exchanging hands Rs 2,000 apiece, about 788 per cent higher from the issue price. However, the stock currently trades around Rs 1,800 in the pre-IPO market.