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Waaree Energies Ltd

Capital Goods - Electrical Equipment

Offer Period :

21st to 23rd Oct 2024

Waaree Energies Ltd IPO Details

IPO Date 21st to 23rd Oct 2024 Minimum Investment ₹13527 / 1 Lots
Listing Date 2024-10-28 Maximum Investment ₹189378 / 14 Lots
Face Value ₹10 per share Total Issue Size ₹4321.44 Crores
Price ₹1503 to ₹1503 per share Fresh Issue ₹3600 Crores
Lot Size 1 Lots (9 Shares) Offer For Sale ₹ 721.4
Listing At BSE, NSE Retail Discount ₹ 0
Employee Discount ₹0 per share    
IPO Date 21st to 23rd Oct 2024
Listing Date 2024-10-28
Face Value ₹10 per share
Price ₹1503 to ₹1503 per share
Lot Size 1 Lots (9 Shares)
Listing At BSE, NSE
Employee Discount ₹0 per share
Minimum Investment ₹13527 / 1 Lots
Maximum Investment ₹189378 / 14 Lots
Total Issue Size ₹4321.44 Crores
Fresh Issue ₹3600 Crores
Offer For Sale
Retail Discount ₹ 0

About Waaree Energies Ltd :

Waaree Energies is a key player in sustainable energy, providing cost-effective solutions to reduce carbon footprint. With 2 GW installed capacity for PV modules, they're the sole Indian firm with NABL-accredited in-house laboratory, ensuring quality and innovation.

Incorporated in December 1990, Waaree Energies Limited is a leading Indian manufacturer of solar PV modules with an installed capacity of 12 GW. The company’s product range includes multicrystalline, monocrystalline, and TopCon modules, including flexible bifacial and building-integrated photovoltaic (BIPV) modules. Waaree operates four manufacturing facilities across Gujarat, India, spanning 136.30 acres, located in Surat, Tumb, Nandigram, and Chikhli. The Tumb and Chikhli facilities hold ISO certifications, ensuring adherence to stringent safety and quality standards in solar PV module production, marketing, and supply. As of June 30, 2023, the company had served 373 customers in India and 20 internationally, demonstrating a diversified client base. Over previous fiscal years, Waaree has built a strong reputation for its advanced manufacturing capabilities, globally recognized certifications, and extensive retail network across India. With a workforce of 1,019 employees and a solid financial track record, Waaree Energies continues to strengthen its position as the largest solar PV module manufacturer in India, backed by experienced management and a robust order book.

Timeline

Important dates for allocation and IPO listing.

21st Oct

IPO Starts

23rd Oct

IPO Ends

24th Oct

Allotment Date

25th Oct

Initiation of Refund

25th Oct

Credit of Shares to Demat Account

28th Oct

IPO Listing Date

Shareholder Pattern

  Pre-Issue Post-Issue
Promoter Group 71.8 64.28
Public Group 28.2 35.72

Waaree Energies Ltd IPO Reservation

QIB Shares Offered 5663926(19.7%)
NII (HNI) Shares Offered 4247944(14.77%)
Retail Shares Offered 9911869(34.47%)
Anchor Investor Shares Offered 8495888(29.55%)
Total Shares Offered 28752096
Total Shares With Anchor Investor 28752096

IPO Lot Size

ApplicationLotsSharesAmount
Retail (Min)---
Retail (Max)---
S-HNI (Min)---
S-HNI (Max)---

Waaree Energies Ltd IPO Registrar

Link Intime India Pvt Ltd
Phone Number +91 81081 14949
Email Id waaree.ipo@linkintime.co.in
Our Website www.linkintime.co.in

Waaree Energies Ltd IPO Lead Manager

1. Axis Capital Ltd

2. IIFL Securities Ltd

3. Jefferies India Pvt Ltd

4. Nomura Financial Advisory & Securities (India) P L

5. SBI Capital Markets Ltd

6. Intensive Fiscal Services Pvt Ltd

7. ITI Capital Ltd

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Waaree Energies Ltd IPO Subscription LIVE Status

Category No. of shares offered No. of shares bid No. of subscribed
Qualified Institutional Buyers (QIBs) 55,38,663 1,02,39,651 1,833.0
Non Institutional Investors (NIIs) 43,73,206 12,08,06,775 1,31,979.0
Non Institutional Investors (Bid amount of more than Ten Lakh Rupees) 29,57,224 8,25,85,593 54,71,948.0
Non Institutional Investors (Bid amount of more than Two Lakh and upto Ten Lakh Rupees) 14,15,982 3,82,21,182 54,71,948.0
Retail Individual Investors (RIIs) 99,11,869 7,07,57,541 13,48,513.0
Employee Reserved 4,32,468 14,99,256 0.0
Total 2,02,56,207 20,33,03,223 54,71,948.0

Strength of Waaree Energies Ltd

1. Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally.

2. Diversified base of global and Indian customers with a large order book.

3. Advanced manufacturing facilities with global accreditations.

4. Extensive pan-India retail network.

5. Consistent track record of financial performance.

6. Experienced senior management team with a committed employee base.

Risks Involved

1. The company's business is dependent on certain key customers and the loss of any of these customers or loss of revenue from sales to any key customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

2. Its customer agreements include terms relating to liquidated damages and the company has paid liquidated damages and other related claims in Fiscal 2023 and Fiscal 2024 and the three months ended June 30, 2023 and June 30, 2024. In the event the company is unable to reduce such liquidated damages and other related claims its business, financial condition, results of operations and cash flows may be adversely impacted.

3. Its export sales make the company operations subject to risks and uncertainties of various international markets, in particular the United States. Further, its revenue from operations is significantly dependent on export sales and there is no assurance that its may be able to continue its export sales going forward.

4. The company intend to utilise a major portion of the Net Proceeds for funding its capital expenditure requirements. This includes part financing the cost of establishing the proposed fully integrated 6 GW facility by way of an investment in its wholly owned subsidiary Sangam Solar One Private Limited which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks and uncertainties.

5. The proposed Project is dependent on various government subsidies. In the event such subsidies does not materialize or the state or central government does not approve the entire subsidy amount, its may have to raise additional working capital, which may materially impact its cash flows, financial condition and results of operations.

6. Its ability to grow the company Retail Sales particularly, commercial and industrial, and residential business verticals, depends on the success of its relationship with the company franchisees and an inability to maintain or further expand its retail network, could negatively affect the company's business, cash flows and results of operations.

7. The company, through its Subsidiary, Waaree Solar Americas Inc., are in the process of expanding its manufacturing operations in the United States. The proposed facility is to be funded through its internal accruals as well financing agreements with lenders, which are yet to be finalized. Any failure to properly implement its manufacturing operations may have an adverse impact on the company's business, financial condition, and cash flows.

8. The company import a portion of its raw material supply from China. Restrictions on or import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on the company products in its export markets may adversely affect the company's business prospects, financial performance and cash flows.

9. The company bid for solar projects for power supply with state power generation companies and for EPC and O&M projects through a competitive bidding process that expose it to risks, the occurrence of which may delay or prevent completion of such projects and may lead to unforeseen increases in costs and could adversely impact its business, financial condition, cash flows, and results of operations.

10. Growing its business through acquisitions or joint ventures may subject it to additional risks that may adversely affect its business, financial condition, cash flows, results of operations and prospects.

Why should you invest in

-

Financials

Particulars For the financial year ending (in ₹ million)
  2024 2023 2022
Total Assets 11313.73 7419.92 2171.58
Total Liabilities 11313.73 7419.92 2171.58
Total Expenses 10239.9 6162.63 2832.49
Total Revenue 
11632.76 6860.36 2950.86
Profit After Tax 1237.18 482.76 75.64
EBITDA 2150.92 923.55 202.53
Adjusted EBITDA 0 0 0

Waaree Energies Ltd IPO Listing Details

Listing Date BSE Script Code NSE Symbol ISIN Final Issue Price
2024-10-28 544277 WAAREEENER
INE377N01017
₹1503 per share

Listing Day Trading Information

Price Details BSE NSE
Final Issue Price ₹1503 ₹1503
Open ₹2550 ₹2500
Low ₹2294.55 ₹2300
High ₹2600 ₹2624.4
Low ₹2294.55 ₹2300

Industry Outlook of Waaree Energies IPO
 

- The Indian commercial and industrial solar sector has witnessed significant growth, adding approximately 10GW of capacity between Fiscal 2019 and 2023.
 

- As of December 2023, the total installed capacity of the sector stands at around 25GW.
 

- The commercial and industrial segment contributes between 70%-80% of the country’s rooftop solar installations, highlighting its crucial role in the nation’s solar energy landscape.
 

- This segment is also expanding its presence in the utility-scale solar space through open access and group captive routes, providing more flexibility and power solutions for businesses.
 

- The acceleration in capacity additions over the last two years is largely attributed to the lifting of pandemic restrictions, which increased industrial activity, along with rising power demand across sectors.
 

- The robust growth trajectory of the commercial and industrial solar sector positions Waaree Energies favorably in the evolving renewable energy market, particularly as solar energy continues to gain momentum as a key alternative power source for industries.
 

This positive industry outlook is expected to benefit Waaree Energies’ IPO, as the company is well-positioned to capitalize on this growing market demand.

Frequently Asked Questions

What is Waaree Energies Ltd IPO?

Answer Field

Waaree Energies Ltd IPO is a Mainboard IPO of 2,87,52,096 equity shares of a face value of ₹10 aggregating up to ₹4321.44 Crores. The issue is priced at ₹1503 to ₹1503 per share. The minimum order quantity is 9 Shares. The IPO opens on October 21, 2024, and closes on October 23, 2024. Link Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE,NSE.

When Waaree Energies Ltd IPO will open?

Answer Field

The Waaree Energies Ltd IPO opens on October 21, 2024 and closes on October 23, 2024.

What is the lot size of Waaree Energies Ltd?

Answer Field

Waaree Energies Ltd lot size is 9 shares, and the minimum amount required is ₹13,527.

How to apply for Waaree Energies Ltd IPO?

Answer Field

You can apply in Waaree Energies Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:

• Login to Bajaj Broking account App/Website & click on IPO

• Enter the number of lots and price at which you wish to apply.

• Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.

• You will receive a mandate notification to block funds in your UPI app.

• Approve the mandate request on your UPI and funds will be blocked.

When is Waaree Energies Ltd IPO allotment?

Answer Field

The finalization of Basis of Allotment for Waaree Energies Ltd IPO will be done on October 24, 2024, and the allotted shares will be credited to your demat account by October 25, 2024.

When is Waaree Energies Ltd IPO listing date?

Answer Field

The Waaree Energies Ltd listing date is October 28, 2024.

Who is the registrar of Waaree Energies Ltd IPO?

Answer Field

The registrar of Waaree Energies Ltd IPO is Link Intime India Pvt Ltd

Which company is the book-running lead manager of the IPO?

Answer Field

Axis Capital Ltd,IIFL Securities Ltd,Jefferies India Pvt Ltd,Nomura Financial Advisory & Securities (India) P L,SBI Capital Markets Ltd,Intensive Fiscal Services Pvt Ltd,ITI Capital Ltd will be the book-running lead manager of this IPO.

What is the fresh issue of Waaree Energies Ltd IPO?

Answer Field

The fresh issue size is ₹3600 Crores equity shares.

What minimum lot size can retail subscribers subscribe to Waaree Energies Ltd?

Answer Field

Retail investors can subscribe to a minimum of one lot, 9 shares and ₹13,527 amount.

How can I approve the UPI mandate request for Waaree Energies Ltd IPO?

Answer Field

To apply for Waaree Energies Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.

What is the price range of Waaree Energies Ltd?

Answer Field

The price of each Waaree Energies Ltd share will be ranging in between ₹1503 to ₹1503 per share.

What is the cut-off time for the UPI mandate for Waaree Energies Ltd IPO?

Answer Field

The cut-off time for the UPI mandate confirmation is 5:00 PM, October 23, 2024.

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