The much-anticipated initial public offering (IPO) of Waaree Energies Limited is set to open for subscription on 21st October 2024 and will remain available until 23rd October 2024. Investors can subscribe to the shares of the company within this three-day window, with the IPO price band set between Rs 1,427 and Rs 1,503 per equity share.
Here are 10 things to know about the Waaree Energies IPO before subscribing to the issue.
IPO Schedule of Waaree Energies IPO
Waaree Energies Limited is set to launch its initial public offering (IPO) in the Indian primary market on 21st October 2024. The IPO will remain open for subscription until 23rd October 2024, giving investors a three-day window to participate in the offering.
Fundraising and Structure of Waaree Energies IPO
Waaree Energies aims to raise a total of Rs 4,321.44 crore through this book-built IPO. Of this, Rs 3,600 crore will be raised through the issuance of fresh shares, while the remaining Rs 721.44 crore will be generated via the offer for sale (OFS) route, allowing existing shareholders to offload part of their stake.
Price Band and Lot Size of Waaree Energies IPO
Waaree Energies Limited has set a price band of Rs 1,427 to Rs 1,503 per share for its upcoming IPO. Investors will be able to bid in lots, with each lot comprising 9 shares.
Grey Market Premium (GMP) of Waaree Energies IPO
The grey market premium (GMP) for Waaree Energies has surged to Rs 1,470, reflecting a 98% rise just a day before the IPO opens for subscription. The company’s maiden share offering is set to conclude on 23rd October 2024.
Allotment and Listing Date of Waaree Energies IPO
The share allotment for Waaree Energies’ IPO is expected to be finalized on 24th October 2024. The company is anticipated to debut on the stock exchanges on 28th October 2024.
Offer for Sale (OFS) Structure of Waaree Energies IPO
At the upper price band, Waaree Energies aims to raise Rs 4,321 crore through its IPO. This includes a fresh issue of shares worth Rs 3,600 crore, along with 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 selling their shares.
Reservation for Investor Categories in Waaree Energies IPO
Waaree Energies has allocated its IPO shares with a maximum of 50% reserved for Qualified Institutional Buyers (QIBs), at least 35% for retail investors, and no less than 15% for Non-Institutional Investors (NIIs).
Merchant Bankers and Registrars of Waaree Energies IPO
Link Intime India has been appointed as the registrar for the Waaree Energies IPO. The book-running lead managers for the public issue include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.
Financials Performance of Waaree Energies
Waaree Energies has demonstrated strong financial performance, with revenue rising from Rs 2,854.3 crore in FY2022 to Rs 11,397.6 crore in FY2024. This represents year-on-year growth of 46.1%, 136.5%, and 68.8%, respectively. During the same period, EBITDA surged from Rs 111 crore to Rs 1,574.4 crore, while EBITDA margins expanded from 3.9% to 13.8%.
Waaree Energies Market Presence
Waaree Energies, a key player in India’s solar energy sector, is focused on photovoltaic (PV) module manufacturing, boasting an aggregate installed capacity of 12 GW as of June 30, 2023. The company operates five manufacturing facilities, with one located each in Surat, Tumb, Nandigram, and Chikhli in Gujarat as well as the IndoSolar Facility in Noida, Uttar Pradesh.
With over 44% market share in India’s solar module export market, Waaree Energies has significantly strengthened its market position.
(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)