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Introduction to Waaree Energies Ltd IPO
Waaree Energies is set to roll out a Rs 4,321.44 crore book. This IPO subscription is an amalgamation of a fresh issue of Rs 3,600 crore (2.4 crore shares) and an offer-for-sale of Rs 721.44 crore (0.48 crore shares). The firm will be listed on both BSE and NSE.
Retail investors need to invest a minimum of Rs 13,527. Small NII investors require a minimum investment of Rs 202,905 for 135 shares, which is 15 lots. Large NII investors need a minimum investment of Rs 1,000,998 for 666 shares, which is 74 lots.
Link Intime India Pvt Ltd is the registrar to the issue. Axis Capital Ltd, Iifl Securities Ltd, Jefferies India Pvt Ltd, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets Ltd, Intensive Fiscal Services Pvt Ltd and Iti Capital Ltd are the book running lead managers in this IPO.
Waaree Energies Ltd IPO Company Details
Waaree Energies Limited is an Indian company founded in December 1990, focusing on the manufacture of solar PV modules with a total installed capacity of 12 GW.
The Group developed a family of products from the early days of multicrystalline modules to monocrystalline modules, and most recently, TopCon modules, including flexible bifacial modules, as well as BIPV modules.
As of 30th June, 2023, the Company has four manufacturing facilities located in Gujarat, India that collectively cover 136.30 acres. The four locations are Surat, Tumb, Nandigram, and Chikhli.
During the period of years 2021, 2022, 2023 and up to 30th June, 2023, Waaree Energies sold to 1381, 716, 566 and 373 clients respectively in India, and 31, 26, 33 and 20 clients outside India.
As of 30th June 2023, the company had 1,019 full-time employees.
Waaree Energies IPO Details
| Waaree Energies Ltd IPO Opening Date and Closing Date | 21st October to 23rd October |
| Face Value | Rs 10 per share |
| Price Band | Rs 1,427 to Rs 1,503 per share |
| Lot Size | 9 Shares |
| Total Issue Size | 28,752,095 shares (aggregating up to Rs 4,321.44 Cr) |
| Fresh Issue | 23,952,095 shares (aggregating up to Rs 3,600 Cr) |
| Offer for Sale | 4,800,000 shares (aggregating up to Rs 721.44 Cr) |
| Issue Type | Book-Built Type Issue |
| Listing At | NSE, BSE |
| Shareholding Pre-Issue | 263,331,104 |
| Shareholding Post Issue | 287,283,199 |
| Basis of Allotment | Thursday, 24th October, 2024 |
| Refund Initiation | Friday, 25th October, 2024 |
| Credit of Shares in Demat | Friday, 25th October, 2024 |
| Listing Date | Monday, 28th October, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on 23rd October, 2024 |
| Draft Red Herring Prospectus | Link |
| Red Herring Prospectus | Link |
Waaree Energies Ltd IPO GMP
Waaree IPO GMP today is Rs 1,565, as of 17th October, 2024 11:28 AM. The IPO has a price band of Rs 1,503. The estimated listing price for Waaree Energies Ltd is Rs 3,068, reflecting a potential gain of 104.13% per share.
For the IPO, the Retail Subject to Sauda is Rs 10,700, and the Small HNI Subject to Sauda is Rs 160,500. The GMP ranges from a low of Rs 0 to a high of Rs 1,565.
Waaree Energies Ltd lot size, shares, and their value:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 9 | Rs 13,527 |
| Retail (Max) | 14 | 126 | Rs 189,378 |
| S-HNI (Min) | 15 | 135 | Rs 202,905 |
| S-HNI (Max) | 73 | 657 | Rs 987,471 |
| B-HNI (Min) | 74 | 666 | Rs 1,000,998 |
Investor categories and Waaree Energies Ltd shares offered:
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Waaree Energies Ltd Financials:
For the period ended on 31st March, 2024 & 31st March, 2023:
| Periods Ended | 31st Mar, 2024 | 31st Mar, 2023 |
| Assets | Rs 11,313.73 Cr. | Rs 7,419.92 Cr. |
| Revenue | Rs 11,632.76 Cr. | Rs 6,860.36 Cr. |
| Profit After Tax | Rs 1,274.38 Cr. | Rs 500.28 Cr. |
| Net Worth | Rs 4,074.84 Cr. | Rs 1,826.02 Cr. |
| Reserves and Supplies | Rs 3,825 Cr. | Rs 585.96 Cr. |
| Total Borrowing | Rs 317.32 Cr. | Rs 273.48 Cr. |
Should You Invest in the Waaree Energies IPO?
Financial Performance:
Revenue: The company generated Rs 3,496.41 crore in revenue during the period ended on 30th June, 2024.
Profit After Tax (PAT): The company earned a profit of Rs 401.13 crore after deducting taxes.
Net Worth: The company’s net worth, which represents the total value of the company’s assets minus its liabilities, is Rs 4,471.71 crore.
Financial Position:
Assets: The company’s total assets amounted to Rs 11,989.48 crore.
Reserves and Surplus: The company has accumulated reserves and surplus of Rs 2,464.69 crore.
Total Borrowing: The company has borrowed a total of Rs 261.24 crore.
Waaree Energies Key Performance Indicators (KPI) and their values:
The market capitalisation of Waaree Energies Ltd IPO is Rs 42939.36 crore.
| KPI | Values |
| Return on Equity (ROE) | 8.79% |
| Return on Capital Employed (ROCE) | 9.45% |
| Return on Net Worth (RoNW) | 8.81% |
| Price to Book Value (P/BV) | 8.84 |
| Debt/Equity | 0.06 |
| PAT Margin (%) | 11.47 |
Objectives of Waaree Energies Ltd IPO
The net proceeds from the Fresh Issue will be used to partly fund the 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India, and for general corporate purposes.
Some major risks associated with the Waaree Energies Ltd IPO are:
- The company relies on major customers, and the loss of any one or a diminution in sales might have a serious impact on their business, financial situation, outcome, and cash flow.
- Retail sales growth in commercial, industrial and residential may be highly dependent on their franchisee relationship. For any failure to maintain or expand this network might adversely affect their business, cash flow, and operation.
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Frequently Asked Questions (FAQs)
What is the price band of Waaree Energies IPO?
Price band has been fixed at Rs 1,427 and Rs 1,503 per share.
What is the retail investor quota of Waaree Energies IPO?
A minimum of 35% shares shall go to the retail investors.
Where can I track Waaree Energies stock performance?
You can track it on Unicorn Signals after listing.
How can I apply for Waaree Energies Initial Public Offer?
Through your demat account or through your bank/financial institution during the IPO period.
When is the Last Date of IPO subscription for Waaree Energies?
The cut-off time is on 23rd October, 2024, by 5 PM; however, most brokers do not take any more applications after 1-3 PM.
