Waaree Energies IPO 2024 Highlights GMP: Check latest GMP, Price Band, Allotment Date, Listing & More

Before the issue, the promoters, including Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited, held 71.80 per cent of the company. After the IPO, their stake will decrease to 64.30 per cent.

The Waaree Energies IPO is scheduled from October 21, 2024, to October 23, 2024, with a face value of Rs 10 per share. The price band for the IPO is set between Rs 1427 and Rs 1503 per share, with a minimum lot size of 9 shares (retail investors). The total issue size comprises 28,752,095 shares, aggregating up to Rs 4,321.44 crore, which includes a fresh issue of 23,952,095 shares worth up to Rs 3,600.00 crore and an offer for sale of 4,800,000 shares valued at approximately Rs 721.44 crore. This book-built issue will be listed on the BSE and NSE, increasing the company’s shareholding from 263,331,104 to 287,283,199 shares post-issue.

Waaree Energies was incorporated in December 1990, it majorly focused in the manufacturing of solar photovoltaic (PV) modules, with a total installed capacity of 12 gigawatts (GW). Their diverse product range includes multicrystalline and monocrystalline modules, as well as advanced TopCon modules. Among these, they offer flexible bifacial modules (Mono PERC) in both framed and unframed options, as well as innovative building-integrated photovoltaic (BIPV) modules, catering to a wide array of solar energy needs.

The Waaree Energies IPO was opened on October 21, 2024, and will remain accessible for investors until October 23, 2024 being its closing date. The basis of allotment for the IPO will be announced on October 24, 2024. Refunds will be initiated, and shares will be credited to Demat accounts on October 25, 2024. Investors can expect the shares to be listed on the stock exchange on October 28, 2024. The cut-off time for UPI mandate confirmation is 5 PM on October 23, 2024.

The price range for the IPO is set at Rs 1427 to Rs 1503 per share. The minimum lot size to invest in the IPO is 1 lot (9 shares) amounting to Rs 13,527 for the retail investors. The minimum lot size required for small non-institutional investors is of 15 lots (135 shares), amounting to Rs 202,906, and for big non-institutional investors is 74 lots (666 shares) equivalent to Rs 1,000,998.

On the financial performance front, for the last three fiscals, the company has posted a total income of Rs 2945.85 crore and a net profit of Rs 79.65 crore in FY22. It reported a total income of Rs 6,860.36 crore and a net profit of Rs 500.28 crore in FY23. It posted a total income of Rs 11,632.76 crore and a net profit of Rs 1,274.38 crore in FY24. For Q1 of FY25 ended on June 30, 2024, it earned a net profit of Rs 401.12 crore on a total income of Rs 3496.41 crore It marked a quantum jump in its top and bottom lines from FY23 onwards.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are the book-running lead managers of the Waaree Energies IPO. Link Intime India is handling the work of the registrar for the issue.

According to the Waaree Energies DRHP, the net proceeds of the Fresh Issue are proposed to be used for:

-Part finance 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing set-up in Odisha

-Corporate purposes

The share allotment for Waaree Energies’ IPO is expected to be finalized on October 24, 2024. Following this, the company is anticipated to make its debut on the stock exchanges on October 28, 2024, marking a significant milestone for the firm and its investors.

Waaree Energies has showcased robust financial performance, with revenue escalating from Rs 2,854.3 crore in FY2022 to Rs 11,397.6 crore in FY2024. This remarkable growth translates to year-on-year increases of 46.1%, 136.5%, and 68.8%, respectively. Concurrently, the company’s EBITDA surged from Rs 111 crore to Rs 1,574.4 crore, resulting in an expansion of EBITDA margins from 3.9% to 13.8%. This impressive trajectory underscores Waaree Energies’ strong position in the market and its effective operational strategies.

The Rs 4,321-crore initial public offering (IPO) of Waaree Energies Ltd. was fully subscribed within hours of opening for bidding on Monday, October 21, with the share sale set to conclude on October 23. As of 12:40 pm, the solar panel maker received bids for 3.27 crore shares against the 2.10 crore shares on offer, according to data from the NSE.

The retail individual investors (RIIs) category was subscribed 1.70 times, while the non-institutional investors category saw subscriptions at 3.33 times. However, the quota reserved for qualified institutional buyers (QIBs) had yet to attract any bids. The employee portion of the IPO has been booked with a subscription rate of 0.83 times so far.

Waaree Energies, a leading player in India’s solar energy sector, has bolstered its position through its photovoltaic (PV) module manufacturing operations, with an aggregate installed capacity of 12 GW as of June 30, 2023. The company operates five manufacturing facilities located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, along with the IndoSolar Facility in Noida, Uttar Pradesh. With over 44% market share in India’s solar module export market, Waaree Energies continues to solidify its dominance in the sector.

Waaree Energies has posted impressive financial performance, with revenue increasing from Rs 2,854.3 crore in FY2022 to Rs 11,397.6 crore in FY2024. This reflects year-on-year growth rates of 46.1%, 136.5%, and 68.8%, respectively. During this period, the company’s EBITDA surged from Rs 111 crore to Rs 1,574.4 crore, while EBITDA margins expanded from 3.9% to 13.8%.

As of 10:51 am on Monday, the first day of bidding, Waaree Energies’ IPO received bids for 1,09,13,427 shares against the 2,02,56,207 shares on offer, translating to a 0.54 times total subscription. The retail portion has been subscribed 0.57 times, while the non-institutional investor (NII) category saw a 1.18 times subscription. However, the qualified institutional buyer (QIB) quota remains unsubscribed, with participation expected in the coming days, potentially boosting the IPO further.

At the upper price band, Waaree Energies plans to raise Rs 4,321 crore through its initial public offering (IPO). This includes a fresh issue of shares worth Rs 3,600 crore and an offer for sale (OFS) of 48 lakh equity shares. Under the OFS, promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Private Ltd will be offloading their shares.

Waaree Energies is aiming to raise a total of Rs 4,321.44 crore through its book-built initial public offering (IPO). Of this, Rs 3,600 crore will come from the issuance of fresh equity shares, while the remaining Rs 721.44 crore will be raised through the offer for sale (OFS) route, enabling existing shareholders to sell part of their holdings.

The initial public offering (IPO) of Waaree Energies has officially opened for subscription today, comprising a fresh equity sale of Rs 3,600 crore along with an offer for sale (OFS) of 48 lakh shares. The subscription period is set to last until October 23. Ahead of the IPO launch, the company raised Rs 1,277 crore from 92 anchor investors.