Waaree Energies Limited, a leading Indian manufacturer of solar PV modules, is set to launch its initial public offering (IPO) for bidding on Monday, October 21, 2024. The IPO price band has been set between ₹1,427 and ₹1,503 per share, with a minimum bid of 9 equity shares and in multiples thereafter. The issue will close on Wednesday, October 23, 2024.
Key Details:
- Issue Size: ₹4,321.44 crore
- Fresh Issue: ₹3,600 crore
- Offer for Sale (OFS): ₹721.44 crore
- Market Capitalization Post IPO: ₹43,179 crore
- Retail Investor Quota: 35%
- Employee Reservation: ₹65 crore worth of equity shares
Promoter Holdings:
- Pre-IPO: 71.8%
- Post-IPO: 64.3%
Valuation (Price-to-Earnings):
- FY23: 86.3×
- FY24: 33.9×
- Adjusted FY24: 46.3×
About Waaree Energies:
Incorporated in December 1990, Waaree Energies is one of India’s leading manufacturers of solar PV modules, with an installed capacity of 12 GW. Their product portfolio includes multicrystalline modules, monocrystalline modules, and TopCon modules, including flexible bifacial modules, both framed and unframed.
The company operates four manufacturing facilities spread across 136.30 acres in Surat, Tumb, Nandigram, and Chikhli, Gujarat. Waaree Energies reported a net profit of ₹401.13 crore and revenue of ₹3,496.41 crore for the quarter ending June 30, 2024, and ₹1,274.38 crore net profit with ₹11,632.76 crore revenue for FY24.
Use of IPO Proceeds:
The net proceeds from the fresh issue will be used for establishing a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha, India. The remaining funds will be allocated to general corporate purposes. Proceeds from the OFS will go to the selling shareholders.
Investor Allocations:
- Qualified Institutional Buyers (QIBs): 50%
- Non-Institutional Investors (NIIs): 15%
- Retail Investors: 35%
IPO Timeline:
- Anchor Book Opens: Friday, October 18, 2024
- IPO Opens for Subscription: Monday, October 21, 2024
- IPO Closes: Wednesday, October 23, 2024
- Shares Listing Date: Monday, October 28, 2024
Lead Managers:
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital Ltd are the book-running lead managers. Link Intime India is the registrar for the IPO.
Waaree Energies’ IPO offers investors an opportunity to participate in the fast-growing solar energy sector, with a company well-positioned to benefit from India’s push towards renewable energy.
