Waaree Energies IPO
GMP, Subscription, Price, Dates & Financial Details
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…
Open Date
Mon, 21 Oct 2024
Close Date
Wed, 23 Oct 2024
Price Band
₹ 1427 – 1503
Lot Size
9
Issue Size
₹ 4,321.44 Cr
Minimum Investment
₹ 13,527 (9 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Waaree Energies IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹4,321.44 Crore, comprising a fresh issue of 2.40 Crore equity shares aggregating to ₹3,600.00 Crore and an offer for sale (OFS) of 48.00 Lakh equity shares aggregating to ₹721.44 Crore by the existing shareholders.
The Waaree Energies IPO remained open for subscription from October 21, 2024, to October 23, 2024. The basis of allotment was finalized on October 24, 2024, and the company's shares were listed on the NSE and BSE on October 28, 2024.
The company had fixed the price band at ₹1427 to ₹1503 per share, with a lot size of 9 shares. Retail investors were required to make a minimum investment of ₹13,527 (based on the upper price band) to apply for one lot.
MUFG Intime India Private Limited served as the registrar to the issue. IIFL Capital Services Limited, Axis Capital Limited, Jefferies India Private Limited, Intensive Fiscal Services Private Limited, SBI Capital Markets Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, and Iti Capital Ltd acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Waaree Energies Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Waaree Energies IPO Timeline (Tentative)
- IPO Open Date
- Mon, 21 Oct 24
- IPO Close Date
- Wed, 23 Oct 24
- Basis of Allotment
- Thu, 24 Oct 24
- Initiation of Refunds
- Fri, 25 Oct 24
- Credit of Shares to Demat
- Fri, 25 Oct 24
- Listing Date
- Mon, 28 Oct 24 — NSE & BSE
Open Date
21 October 2024
Close Date
23 October 2024
Basis Of Allotment
24 October 2024
Listing Date
28 October 2024
IPO Subscription
Check Live Subscription →The Waaree Energies IPO has received bids for 1,60,91,61,741 shares against 2,10,79,384 shares offered, resulting in an overall subscription of 76.34x. the NII category is subscribed 62.48x, Retail Investors 10.79x, Employees 5.17x, and QIBs 208.63x. Within the NII category, BNII is subscribed 68.3x, while SNII is subscribed 50.85x.
QIB
208.63x
NII
62.48x
BNII
68.3x
SNII
50.85x
RII
10.79x
EMP
5.17x
Total
76.34x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 99,11,869 shares, representing 34.47% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 55,38,663 shares (19.26%), while Non-Institutional Investors (NIIs) receive 43,73,206 shares (15.21%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Anchor Investors | 8,495,887 | 29.55% |
| Qualified Institutions | 5,538,663 | 19.26% |
| Non-Institutional | 4,373,206 | 15.21% |
| BNII | 2,957,224 | 10.29% |
| SNII | 1,415,224 | 10.29% |
| Retail Investors | 9,911,869 | 34.47% |
| Employees | 432,468 | 1.5% |
| Total | 28,752,094 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 11989.48 | 11313.73 | 7419.92 | 2237.4 |
| Revenue | 3496.41 | 11632.76 | 6860.36 | 2945.85 |
| Profit After Tax | 401.13 | 1274.38 | 500.28 | 79.65 |
| Net Worth | 4471.71 | 4074.84 | 1826.02 | 427.13 |
| Reserve & Surplus | 2464.69 | 3825 | 585.96 | 230.43 |
| Total Borrowings | 261.24 | 317.32 | 273.48 | 313.08 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Waaree Energies Limited KPI Information
| Particular | KPI as of June 30, 2024. |
|---|---|
| ROE % | 8.79 |
| ROCE % | 9.45 |
| Debt / Equity | 0.06 |
| RoNW % | 8.81 |
| PbW | 8.84 |
| Pat Margin % | 11.47 |
Peers Comparison
No Peer Comparision Available
About Waaree Energies Limited
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.
Waaree Energies IPO Promoters
The company's promoters are
- Hitesh Chimanlal Doshi
- Viren Chimanlal Doshi
- Pankaj Chimanlal Doshi
- Waaree Sustainable Finance Private Limited.
Promoters Holding
Holding Pre Issue
71.80%
Holding Post Issue
64.30%
Waaree Energies IPO Objective
Company proposes to utilise the Net Proceeds towards funding the following objects:
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India.
- General corporate purposes.
Waaree Energies Limited Address / 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
IPO Snapshot
Waaree Energies IPO Lot Size
The Waaree Energies IPO has a lot size of 9 shares. Retail investors require a minimum investment of ₹13,527 by applying for 1 lot (9 shares). The maximum application allowed for the retail category is 14 lots (126 shares), requiring an investment of ₹1,89,378.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 9 | 13,527.00 |
| Retail (Max) | 14 | 126 | 189,378.00 |
| S-HNI (Min) | 15 | 135 | 202,905.00 |
| S-HNI (Max) | 73 | 657 | 987,471.00 |
| B-HNI (Min) | 74 | 666 | 1,000,998.00 |
Issue Reservation
- Anchor Investors — 29.55%
- QIB — 19.26%
- NII — 15.21%
- RII — 34.47%
- EMP — 1.5%
Book Running Lead Managers
- IIFL Capital Services Limited
- Axis Capital Limited
- Jefferies India Private Limited
- Intensive Fiscal Services Private Limited
- SBI Capital Markets Limited
- Nomura Financial Advisory And Securities (India) Pvt Ltd
- Iti Capital Ltd
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Waaree Energies IPO?
Waaree Energies IPO is a Book-building IPO with a total issue size of ₹4321.44 crore. The Waaree Energies IPO price band is ₹1427 to 1503 per share. The Waaree Energies IPO subscription opens on Mon, Oct 21, 2024, and closes on Wed, Oct 23, 2024. The Waaree Energies IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the Waaree Energies IPO.
When will the Waaree Energies IPO open for subscription?
The Waaree Energies IPO opens on Mon, Oct 21, 2024 and closes on Wed, Oct 23, 2024
What is Waaree Energies IPO Price Band?
Waaree Energies IPO Price Band is ₹1427 to 1503 per share.
What is Waaree Energies IPO Lot Size?
Waaree Energies IPO lot size is 9 shares, Retail investors need a minimum investment of ₹13527 based on the upper price band
What is the minimum investment for Waaree Energies IPO?
The minimum investment for Waaree Energies IPO is ₹13527, based on one lot of 9 shares at the upper price band of ₹1503 per share.
How to apply for Waaree Energies IPO?
Investors can apply for the Waaree Energies IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Wed, Oct 23, 2024. The application amount remains blocked until the Waaree Energies IPO allotment is finalized.
What is Waaree Energies IPO Issue Size?
Waaree Energies IPO issue size is ₹4321.44 crores.
What is the Waaree Energies IPO Allotment Date?
Waaree Energies IPO allotment date is Thu, Oct 24, 2024.
Who is the Waaree Energies IPO Registrar?
The registrar for Waaree Energies IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Waaree Energies IPO allotment status, refund processing, and other IPO-related information.
What is the Waaree Energies IPO GMP?
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 86.16% over the issue price.
Who is the Waaree Energies IPO Lead Manager?
The book-running lead managers (BRLMs) for the Waaree Energies IPO are IIFL Capital Services Limited, Axis Capital Limited, Jefferies India Private Limited, Intensive Fiscal Services Private Limited, SBI Capital Markets Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, and Iti Capital Ltd. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Waaree Energies IPO Red Herring Prospectus (RHP).