Valuations / price discovery in the unlisted market is always a challenge and often determined by broking platforms. Waaree energies is presently going through a earnings explosion aided by US biz where giant Chinese companies are facing trade barriers, make in India / PLI push in the domestic market. FY23 earnings were strong and FY24 will also be a blockbuster year and this may continue into FY25 too (not sure when the party would end). Ever since they alloted shares to Madhusudhan Kela around 550 in Jun23 the price in the unlisted market is on a crazy spree (presently around 2200). No one knows what is likely to be the IPO price. It may well launch at 1500 but given the appetite for this stock in the market given the tailwinds, wont we surprised if the stock doubles from that level post listing.
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