Waaree Energies IPO Highlights: The Waaree Energies IPO is commanding a strong GMP ahead of the listing on October 28. The IPO has been subscribed close to 80 times and investors can check the allotment status on the website of registrar of the issue. Waaree Energies aimed to raise Rs 4,321.44 crore. It received bids worth Rs 2.42 crore. The retail buyers booked the issue 11.27 times while the NIIs subscribed to the IPO 65.25 times.
Waaree Energies IPO was launched on October 21 and ended on October 23. Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital were the book-running lead managers of the IPO. Catch all the live updates on Waaree Energies on out live blog.
Waaree Energies IPO 2024 Highlights: QIBs booked issue 215.03 times
The strong GMP suggests optimism in Waaree Energies’ post-listing performance. The company's shares are anticipated to perform well upon their debut on the stock exchange, bolstered by the high subscription rates and investor enthusiasm.
Across three days of bidding, various investor segments contributed to the high subscription rates. On October 21, the total bid stood at 3.47 times; by October 22, this increased to 9.19 times, reflecting the growing momentum.
By October 23, 2024, the final day of the subscription, Waaree Energies IPO showed impressive overall demand. QIBs subscribed 215.03 times, NIIs at 65.25 times, and retail investors at 11.27 times, indicating significant market interest.
For High-Net-Worth Individuals (HNIs), investment categories were detailed as follows: small NIIs had a minimum lot size of 15 lots (135 shares), costing Rs 202,905. Larger NIIs required at least 74 lots (666 shares), amounting to Rs 1,000,998.
Investor interest grew over the IPO period. On October 21, QIBs bid 0.08 times, NIIs 8.22 times, and retail investors 3.34 times. By October 22, QIB interest surged to 1.82, with NIIs reaching 24.75 and retail investors at 6.69.
The IPO had a price band set between Rs 1,427 and Rs 1,503 per share. Investors could bid for a minimum of 9 shares and in multiples thereof. Retail investors needed a minimum investment of Rs 13,527 to participate.
Several prominent financial institutions managed the Waaree Energies IPO. These include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital. These firms served as book-running lead managers, overseeing the process.
The IPO witnessed robust demand, with overall subscriptions reaching nearly 80 times the issue size. Retail buyers subscribed to the IPO 11.27 times, while Non-Institutional Investors (NIIs) subscribed at 65.25 times. The Qualified Institutional Buyers (QIB) segment saw a subscription of 215.03 times by the close of bidding.
The Waaree Energies IPO, commanding a significant Grey Market Premium (GMP), is set to list on October 28, 2024. Launched on October 21 and closing on October 23, the IPO aimed to raise Rs 4,321.44 crore. Investor interest was strong, leading to a high subscription rate.
Investors were able to bid for a minimum of 9 shares and in multiples thereafter. The table below illustrates the minimum and maximum investment amounts for retail investors and high-net-worth individuals (HNIs) based on shares and corresponding amounts.
Waaree Energies IPO opened on October 21, 2024, and closed on October 23, 2024.
The book-running lead managers for the Waaree Energies IPO include 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. Link Intime India Private Ltd serves as the registrar for the issue.
October 22, 2024, saw an increase in participation, with QIBs reaching 1.82, NIIs at 24.75, Retail at 6.69, EMP at 3.30, and a total of 9.19.
On October 21, 2024, the bidding figures for various investor categories were as follows: Qualified Institutional Buyers (QIB) at 0.08, Non-Institutional Investors (NII) at 8.22, Retail investors at 3.34, Employees (EMP) at 1.68, and the total was 3.47.
Investors can place bids for a minimum of 9 shares and in multiples of 9 thereafter. The table below outlines the minimum and maximum investments for retail investors and high-net-worth individuals (HNI) in terms of shares and corresponding amounts.
Waaree Energies has set the IPO price band between Rs 1,427 and Rs 1,503 per share. Retail investors are required to apply for a minimum lot size of 9 shares, amounting to a minimum investment of Rs 13,527.
For small Non-Institutional Investors (sNII), the minimum lot size is 15 lots (135 shares), totaling ₹202,905. Meanwhile, big Non-Institutional Investors (bNII) need to apply for a minimum of 74 lots (666 shares), amounting to Rs 1,000,998.
Waaree Energies IPO has seen impressive demand, with overall subscriptions reaching 79.44 times. The public offering was subscribed 11.27 times in the retail category, 215.03 times in the Qualified Institutional Buyers (QIB) segment, and 65.25 times in the Non-Institutional Investors (NII) category as of October 23, 2024 (Day 3).
The bidding for Waaree Energies' IPO commenced on October 21, 2024, and concluded on October 23, 2024. The allotment results for the IPO were finalized on Thursday, October 24, 2024. Waaree Energies is set to be listed on the BSE and NSE on October 28, 2024.
Several leading firms served as book-running lead managers for the IPO, including Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital, providing robust support for the offering.
Waaree Energies IPO 2024 Live Updates: Top financial firms back IPO
Leading firms such as Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital served as book-running lead managers for the IPO, providing robust support for the offering.
Waaree Energies IPO 2024 Live Updates: What Anand Rathi Research said in its IPO note?
“The company’s solar PV module warranties are insured by external parties, which requires it to maintain high standards for insurance approval. It received a tier-1 PV module maker rating from Bloomberg New Energy Finance between Fiscal 2018 and Fiscal 2024. Certain of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (“NABL”) which tests solar PV modules for quality checks. Further, it ensures that manufacturing facilities are regularly audited by quality audit firms. It is also included under the ALMM list identified by the GoI, which enables the company to participate in various government schemes aimed at developing the solar industry in India. WEL also manufactures semi-flexible solar panels for sale to global customers through its in-house research and development in product application.”
Waaree Energies IPO 2024 Live Updates: What did Bajaj Broking said in its IPO note?
“Waaree Energies Ltd. (WEL) is India‘s largest manufacturer of solar PV modules, with an aggregate installed capacity of 12 GW as of June 30, 2024 (Source: CRISIL Report). In FY24, it achieved the second highest operating income among domestic solar PV module manufacturers in India. Founded in 2007, WEL focuses on providing quality, cost-effective sustainable energy solutions to reduce carbon footprints and enhance quality of life."
Waaree Energies IPO 2024 Live Updates: Record-breaking year for India's IPO market
Samvat 2080 has proven to be a standout year for the Indian primary market, with 82 companies collectively raising a staggering ₹1.08 trillion—and the year isn’t over yet. This momentum is set to continue as more IPOs await subscription, promising to push the total even higher before year’s end.
The spotlight, however, shines brightest on Hyundai Motors, the South Korean automotive giant, which made an unforgettable debut with an unprecedented ₹27,000 crore IPO. This record-breaking move marks the largest sum ever raised through an IPO in India, underscoring both Hyundai's confidence in the Indian market and the growing appeal of the nation's primary market scene.
Writes Dev Sethia
Read More: 1 Year, 82 IPOs, over Rs 1 trillion raised and still counting…
Waaree Energies IPO 2024 Live Updates: What InCred Equities said in its IPO note?
“During FY20-24, the company’s revenue/EBITDA/PAT clocked a CAGR of 55%/103%139%, respectively, as the EBITDA margin improved from 4.8% in FY20 to 13.8% in FY24. In 1QFY25, the company’s revenue was at Rs34bn (+2% YoY) while EBITDA and PAT stood at Rs 550 crore (+18% YoY) and Rs 400 crore (+19% YoY), respectively. Based on FY25F annualized financials, the IPO’s higher band implies an EV/EBITDA of 18x, and a P/E of 27x, which is at a discount to its peers, in our view. We recommend subscribing to the IPO, given the strong financials, strong industry tailwinds with long-term opportunities in the solar industry, robust order backlog and further expansion plans.”
Waaree Energies IPO 2024 Live Updates: Here’s how to check your share allotment status
Step 1:
Open a browser on your computer and visit the website of the registrar managing the issue. For the Waaree Energies IPO, the registrar is Link Intime India.
Step 2:
On the webpage, navigate to the “Public Issue” section on the left side.
Step 3:
Enter the required details, such as the company name and your PAN number, application number, client ID, or account number.
Step 4:
Click on the “Submit” button.
Step 5:
The screen will display your allotment status.
Waaree Energies IPO 2024 Live Updates: IPO soars in grey market
Waaree Energies shares are exhibiting a strong bullish trend in the grey market. According to stock market analysts, the IPO's grey market premium (GMP) today stands at ₹1,558 per share, meaning Waaree Energies shares are trading ₹1,558 above their issue price in the grey market.
Waaree Energies IPO 2024 Live Updates: Massive demand with 79.44x overall subscription
Waaree Energies received an overall subscription of 79.44 times. The Qualified Institutional Buyers (QIB) category was subscribed 215 times, while Non-Institutional Buyers subscribed 65.25 times. The Retail Investors segment was oversubscribed by 11.27 times, and the employee allocation saw a 5.45 times oversubscription.
Waaree Energies IPO 2024 Live Updates: Debut date
Waaree Energies is set to be listed on the NSE and BSE on October 28, following the finalization of share allotment on October 24. The IPO bidding period ran from October 21 to October 23.
Waaree Energies IPO 2024 Live Updates: Manufacturing facilities
Waaree Energies runs five manufacturing facilities across India, covering a total area of 143.01 acres. These facilities are situated in Surat, Tumb, Nandigram, and Chikhli in Gujarat, along with a plant in Noida, Uttar Pradesh, operated by its subsidiary, IndoSolar Limited.