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Waaree Energies Limited IPO (Waaree Energies IPO) Detail

October 21, 2024 - October 23, 2024

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 bidding started from October 21, 2024 and ended on October 23, 2024. The allotment for Waaree Energies IPO was finalized on Thursday, October 24, 2024. The shares got listed on BSE, NSE on 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.

Axis Capital Limited, Iifl Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and Iti Capital Ltd are the book running lead managers of the Waaree Energies IPO, while Link Intime India Private Ltd is the registrar for the issue.

Refer to Waaree Energies IPO RHP for detailed information.

Waaree Energies IPO Details

IPO Date October 21, 2024 to October 23, 2024
Listing Date October 28, 2024
Face Value ₹10 per share
Price Band ₹1427 to ₹1503 per share
Lot Size 9 Shares
Total Issue Size28,752,095 shares
(aggregating up to ₹4,321.44 Cr)
Fresh Issue23,952,095 shares
(aggregating up to ₹3,600.00 Cr)
Offer for Sale4,800,000 shares of ₹10
(aggregating up to ₹721.44 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
Share holding pre issue263,331,104
Share holding post issue287,283,199

Waaree Energies IPO Reservation

Waaree Energies IPO offers 2,87,52,094 shares. 56,63,925 (19.7%) to QIB, 42,47,945 (14.77%) 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.

Investor Category Shares OfferedMaximum Allottees
Anchor Investor Shares Offered84,95,887 (29.55%)NA
QIB Shares Offered56,63,925 (19.7%)NA
NII (HNI) Shares Offered42,47,945 (14.77%)
  bNII > ₹10L28,31,963 (9.85%)20,977
  sNII < ₹10L14,15,982 (4.92%)10,488
Retail Shares Offered99,11,869 (34.47%)11,01,318
Employee Shares Offered4,32,468 (1.5%)NA
Total Shares Offered2,87,52,094 (100%)

Waaree Energies IPO Anchor Investors Details

Waaree Energies IPO raises Rs 1,276.93 crore from anchor investors. Waaree Energies IPO Anchor bid date is October 18, 2024. Waaree Energies IPO Anchor Investors list

Bid Date October 18, 2024
Shares Offered 8,495,887
Anchor Portion Size (In Cr.) 1,276.93
Anchor lock-in period end date for 50% shares (30 Days) November 22, 2024
Anchor lock-in period end date for remaining shares (90 Days) January 21, 2025

Waaree Energies IPO Timeline (Tentative Schedule)

Waaree Energies IPO opens on October 21, 2024, and closes on October 23, 2024.

IPO Open Date Monday, October 21, 2024
IPO Close Date Wednesday, October 23, 2024
Basis of Allotment Thursday, October 24, 2024
Initiation of Refunds Friday, October 25, 2024
Credit of Shares to Demat Friday, October 25, 2024
Listing Date Monday, October 28, 2024
Cut-off time for UPI mandate confirmation 5 PM on October 23, 2024

Waaree Energies IPO Lot Size

Investors can bid for a minimum of 9 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 9 ₹13,527
Retail (Max) 14 126 ₹189,378
S-HNI (Min) 15 135 ₹202,905
S-HNI (Max) 73 657 ₹987,471
B-HNI (Min) 74 666 ₹1,000,998
Lot Size Calculator

Waaree Energies IPO Promoter Holding

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%

About Waaree Energies Limited

Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.

The product portfolio of solar energy products consists of the following PV modules

  1. Multicrystalline modules
  2. Monocrystalline modules; and
  3. TopCon modules include 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 located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.

The Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply, and installation of solar photovoltaic modules. The Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for solar photovoltaic module manufacturing, marketing, and supply.The company also comply with various safety standards for its PV modules.

As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the company served a total of 1,381, 716, 566, and 373 customers in India, respectively. Outside India, the company served 31, 26, 33, and 20 customers during the same periods.

Competitive Strength

  • Largest Solar PV Module Manufacturer in India
  • The diversified base of Indian and global customers with a large order book
  • Advanced manufacturing facility with global accreditions
  • Extensive Pan India retail network
  • Consistent track record of financial performance
  • Experienced management team

As of June 30, 2023, the company had 1,019 full-time employees.

Waaree Energies Limited Financial Information (Restated Consolidated)

Waaree Energies Limited's revenue increased by 69.56% and profit after tax (PAT) rose by 154.73% between the financial year ending with March 31, 2024 and March 31, 2023.

Period Ended30 Jun 202431 Mar 202431 Mar 202331 Mar 2022
Assets11,989.4811,313.737,419.922,237.40
Revenue3,496.4111,632.766,860.362,945.85
Profit After Tax401.131,274.38500.2879.65
Net Worth4,471.714,074.841,826.02427.13
Reserves and Surplus4,221.693,825.001,594.92230.43
Total Borrowing261.24317.32273.48313.08
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of Waaree Energies IPO is Rs 42939.36 Cr.

KPI as of June 30, 2024.

KPI Values
ROE8.79%
ROCE9.45%
Debt/Equity0.06
RoNW8.81%
P/BV8.84
PAT Margin (%)11.47
Pre IPO Post IPO
EPS (Rs) 48.6956.16
P/E (x) 30.8726.76
Note:
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2024 that is available in RHP.

Objects of the Issue (Waaree Energies IPO Objectives)

The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:

  1. Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(“Project”).
  2. General corporate purposes.

Waaree Energies IPO Review (Apply)

[Dilip Davda]  The company is the largest solar PV modules manufacturer in India and enjoys most preferred partner in solar energy segment. It marked tremendous hike in its top and bottom lines from FY23 onward indicating the prospects ahead and post its proposed expansion, the company is poised for better performance. Based on annualized FY25 earnings, the issue appears fully priced. Investors may lap it up for medium to long term. Read detail review...


Waaree Energies IPO Subscription Status (Bidding Detail)

The Waaree Energies IPO is subscribed 79.44 times on October 23, 2024 6:19:07 PM. The public issue subscribed 11.27 times in the retail category, 215.03 times in the QIB category, and 65.25 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)
QIB215.03
NII65.25
    bNII (bids above ₹10L)71.32
    sNII (bids below ₹10L)53.10
Retail11.27
Employee5.45
Total79.44

Total Application : 9,734,503 (8.84 times)

Waaree Energies IPO Prospectus

Waaree Energies IPO Rating

35
4.4
Rating:Rated 4.4 stars
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Waaree Energies IPO Listing Details

Listing Date October 28, 2024
BSE Script Code 544277
NSE Symbol WAAREEENER
ISIN INE377N01017
Final Issue Price ₹1503 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Open
Low
High
Last Trade
BSE
₹1,503.00
₹2,550.00
₹2,294.55
₹2,600.00
₹2,336.80
NSE
₹1,503.00
₹2,500.00
₹2,300.00
₹2,624.40
₹2,338.90

Check IPO Performance…

Waaree Energies Limited Contact Details

Waaree Energies Limited
602, 6th Floor, Western Edge I,
Western Express Highway,
Borivali (East), Mumbai -400066
Phone: +91 22 66444444
Email: investorrelations@waaree.com
Website: https://waaree.com/

Waaree Energies IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270
Email: waaree.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html

Waaree Energies IPO FAQs

Waaree Energies IPO is a main-board IPO of 28,752,095 equity shares of the face value of ₹10 aggregating up to ₹4,321.44 Crores. The issue is priced at ₹1427 to ₹1503 per share. The minimum order quantity is 9 Shares.

The IPO opens on October 21, 2024, and closes on October 23, 2024.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in Waaree Energies IPO using UPI as a payment gateway. Zerodha customers can apply in Waaree Energies IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Waaree Energies IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Waaree Energies IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The Waaree Energies IPO opens on October 21, 2024 and closes on October 23, 2024.

Waaree Energies IPO lot size is 9 Shares, and the minimum amount required is ₹13,527.

You can apply in Waaree Energies IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Waaree Energies IPO will be done on Thursday, October 24, 2024, and the allotted shares will be credited to your demat account by Friday, October 25, 2024. Check the Waaree Energies IPO allotment status.

The Waaree Energies IPO listing date is on October 28, 2024.
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