Waaree Energies IPO
This report provides comprehensive information about the Waaree Energies Limited Initial Public Offering (IPO), including key dates, pricing, financials, and subscription details. It also offers insights into the company's background, strengths, and future plans.
RI
by RA ALOK DAIYA SEBI Reg. INH000011468
Overview and Key Details
Waaree Energies IPO is a book built issue of Rs 4,321.44 crores. The issue is a combination of fresh issue of 2.4 crore shares aggregating to Rs 3,600.00 crores and offer for sale of 0.48 crore shares aggregating to Rs 721.44 crores.
Waaree Energies IPO opens for subscription on October 21, 2024 and closes on October 23, 2024. The allotment for the Waaree Energies IPO is expected to be finalized on Thursday, October 24, 2024. Waaree Energies IPO will list on BSE, NSE with tentative listing date fixed as Monday, October 28, 2024.
Waaree Energies IPO price band is set at ₹1427 to ₹1503 per share. The minimum lot size for an application is 9 Shares. The minimum amount of investment required by retail investors is ₹13,527. The minimum lot size investment for sNII is 15 lots (135 shares), amounting to ₹202,905, and for bNII, it is 74 lots (666 shares), amounting to ₹1,000,998.
1
IPO Open Date
Monday, October 21, 2024
2
IPO Close Date
Wednesday, October 23, 2024
3
Basis of Allotment
Thursday, October 24, 2024
4
Listing Date
Monday, October 28, 2024
About Waaree Energies Limited
Waaree Energies Limited, founded in December 1990, is an Indian manufacturer of solar PV modules. With an aggregate installed capacity of 12 GW, Waaree is a leading player in the Indian solar industry.
Waaree's solar energy product portfolio includes a wide range of PV modules, including multicrystalline modules, monocrystalline modules, and TopCon modules.
This portfolio also includes flexible bifacial modules (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.
As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are strategically located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.
Financial Performance and Key Indicators
Waaree Energies Limited's revenue increased by 70% and profit after tax (PAT) rose by 155% between the financial year ending with March 31, 2024 and March 31, 2023.
Amount in ₹ Crore
The market capitalization of Waaree Energies IPO is Rs 42939.36 Cr.
Objectives and Promoter Holding
The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(“Project”).
- General corporate purposes.
The company's promoters are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited.
Share Holding Pre Issue 71.80% Share Holding Post Issue 64.30%
Subscription and Allotment Details
Waaree Energies IPO offers 2,87,52,094 shares. 55,38,663 (19.26%) to QIB, 43,73,206 (15.21%) to NII, 99,11,869 (34.47%) to RII, 4,32,468 (1.5%) to employees and 84,95,887 (29.55%) to Anchor investors.
The Waaree Energies IPO is subscribed 1.16 times on October 21, 2024 12:01:09 PM (Day 1). The public issue subscribed 1.36 times in the retail category, 0.00 times in the QIB category, and 2.21 times in the NII category.
IPO Review
Waaree Energies, a leading solar PV module manufacturer in India, has established a strong presence in the solar energy sector. The company's impressive revenue and profit growth since fiscal year 2023 suggests promising future prospects. While the IPO appears fully valued based on annualized fiscal year 2025 earnings, it might appeal to investors seeking a medium-to-long-term investment. Waaree Energies' ambitious expansion plans, both domestically and in the United States, coupled with its commitment to full operational integration, position the company for sustained growth.