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Waaree Energies IPO

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BSE,NSE 21 October - 23 October 2024
Waaree Energies Limited IPO is a book build issue of 4321.44 Cr. The issue is a combination of fresh issue of 23952095 shares aggregating to 3600 Cr and offer for sale of 4800000 shares aggregating to 721.44 Cr. Waaree Energies Limited IPO opened for subscription on Oct 21, 2024 and closed on Oct 23, 2024. The allotment for the this IPO was finalized on Oct 24, 2024. IPO was listed on NSE and BSE on Oct 28, 2024. Waaree Energies Limited IPO is set issue price band at ₹1427 to ₹1503 per share.

Current GMP

₹1295 (+86.16%)

Price Band

₹ 1427 – 1503

Lot Size

9

Issue Size

₹4321.44 Cr

Minimum Investment

₹13527 (9 Shares)

Listing Date

28 October 2024

Subscription

76.34x

About the Company

Waaree Energies Limited, the flagship company of the Waaree Group, holds the title of India’s largest manufacturer of solar PV modules, with a production capacity of 12 GW as of June 30, 2023. Its manufacturing plants are strategically located in Surat, Tumb, Nandigram, and Chikhli in Gujarat.

The company offers a diverse range of solar energy products, including three types of PV modules:
(i) multicrystalline,
(ii) monocrystalline, and
(iii) TopCon modules.

Waaree Energies Limited also provides flexible options such as bifacial modules (Mono PERC) available in framed and unframed designs, as well as building-integrated photovoltaic (BIPV) modules.

As of November 30, 2023, Waaree Energies has a robust order backlog of 20.16 GW for solar PV modules, which includes domestic, export, and franchisee orders. Additionally, its subsidiary, Waaree Solar Americas Inc., has received orders totaling 3.75 GW in the United States.

The company has cultivated strong relationships with a prestigious client base. Key customers in the domestic utility and enterprise sectors include ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, and Rays Power Infra. By June 30, 2023, Waaree’s retail network had expanded to 284 franchisees across India, with customers also located in the United States, Canada, Italy, Hong Kong, Turkey, and Vietnam.

Promoters

The company's promoters are 

  1. Hitesh Chimanlal Doshi
  2. Viren Chimanlal Doshi
  3. Pankaj Chimanlal Doshi
  4. Waaree Sustainable Finance Private Limited.
Promoters Holding

Holding Pre Issue

71.80%

Holding Post Issue

64.30%

Objects of the Issue

 Company proposes to utilise the Net Proceeds towards funding the following objects: 

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

Address / Contact Info

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

IPO Snapshot

Face Value₹10 per share
Price Band₹ 1427 – 1503
Lot Size9
Issue TypeBook-building IPO
Sale Type
Fresh Issue₹ 3,600.00 Cr
Offer for Sale₹ 721.44 Cr
Total Issue Size₹ 4,321.44 Cr
Listing AtBSE,NSE
Industry
Sector
QIB Quota19.26%
BNII Quota10.29%
SNII Quota10.29%
Retail Quota34.47%

Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.

Frequently Asked Questions

Everything you need to know before applying to an IPO.

Waaree Energies IPO is a Book-building IPO worth ₹4321.44 crores. The price band is ₹1427 to 1503 per share. The IPO opens on Mon, Oct 21, 2024 and closes on Wed, Oct 23, 2024. It will be listed on BSE and NSE. MUFG Intime India Private Limited ((Link Intime) is the registrar.

The Waaree Energies IPO opens on Mon, Oct 21, 2024 and closes on Wed, Oct 23, 2024

Waaree Energies IPO Price Band is ₹1427 to 1503.

Waaree Energies IPO lot size is 9, and the minimum amount required for application is ₹13527.

The minimum investment for Waaree Energies IPO is approximately ₹13527 based on the upper price band.

To apply for the Waaree Energies IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Wed, Oct 23, 2024. After submission, funds are blocked until the basis of allotment of Waaree Energies IPO is finalised.

Waaree Energies IPO issue size is ₹4321.44 crores.

Waaree Energies IPO allotment date is Sat, Jun 27, 2026.

The registrar for Waaree Energies IPO is MUFG Intime India Private Limited ((Link Intime). Investors can go to MUFG Intime India Private Limited ((Link Intime) website for IPO allotment status, refund processing, and other queries related to Waaree Energies IPO through their official website or helpline.

The Waaree Energies IPO GMP (Grey Market Premium) is ₹1295 as of Mon, Oct 28, 2024. Based on the upper price band of ₹1503 per share, the estimated Waaree Energies IPO listing price is ₹2798, indicating a potential listing gain of approximately 31% over the issue price.