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Waaree Energies IPO is a book build issue of ₹4,321.44 crores. The issue is a combination of fresh issue of 2.40 crore shares aggregating to ₹3,600.00 crores and offer for sale of 0.48 crore shares aggregating to ₹721.44 crores.
Waaree Energies IPO bidding started from Oct 21, 2024 and ended on Oct 23, 2024. The allotment for Waaree Energies IPO was finalized on Oct 24, 2024. The shares got listed on BSE, NSE on Oct 28, 2024.
Waaree Energies IPO price band is set at ₹1503.00 per share . The lot size for an application is 9. The minimum amount of investment required by an retail is ₹12,843 (9 shares). The lot size investment for sNII is 15 lots (135 shares), amounting to ₹2,02,905, and for bNII, it is 74 lots (666 shares), amounting to ₹10,00,998.
The issue includes a reservation of up to 4,32,468 shares for employees offered at a discount of ₹0.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Waaree Energies IPO RHP for detailed Information.
| IPO Date | October 21, 2024 to October 23, 2024 |
| Listing Date | October 28, 2024 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹1427 to ₹1503 per share |
| Issue Price Final | ₹1503 per share |
| Lot Size | 9 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,87,52,095 shares (aggregating up to ₹4,321.44 Cr) |
| Fresh Issue | 2,39,52,095 shares (aggregating up to ₹3,600.00 Cr) |
| Offer for Sale | 48,00,000 shares of ₹10 (aggregating up to ₹721.44 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 26,33,31,104 shares |
| Share Holding Post Issue | 28,72,83,199 shares |
Waaree Energies IPO offers total 2,87,52,095 shares. Out of which 1,41,59,812 (49.25%) allocated to QIB, 56,63,925 (19.70%) allocated to QIB, 42,47,945 (14.77%) allocated to NII, 99,11,870 (34.47%) allocated to RII and 84,95,887 (29.55%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 1,41,59,812 (49.25%) | NA |
| − Anchor Investor Shares Offered | 84,95,887 (29.55%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 56,63,925 (19.70%) | NA |
| NII (HNI) Shares Offered | 42,47,945 (14.77%) | NA |
| − bNII > ₹10L | 28,31,963 (9.85%) | 20,977 |
| − sNII < ₹10L | 14,15,982 (4.92%) | 10,488 |
| Retail Shares Offered | 99,11,870 (34.47%) | 11,01,318 |
| Employee Shares Offered | 4,32,468 (1.50%) | NA |
| Total Shares Offered | 2,87,52,095 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Waaree Energies IPO raises ₹1,276.93 crore from anchor investors. Waaree Energies IPO Anchor bid date is October 18, 2024. Waaree Energies IPO Anchor Investors list
| Bid Date | October 18, 2024 |
| Shares Offered | 84,95,887 |
| Anchor Portion Size (In Cr.) | 1,276.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 22, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 21, 2025 |
Waaree Energies IPO opens on October 21, 2024, and closes on October 23, 2024.
| IPO Open Date | Mon, Oct 21, 2024 |
| IPO Close Date | Wed, Oct 23, 2024 |
| Tentative Allotment | Thu, Oct 24, 2024 |
| Initiation of Refunds | Fri, Oct 25, 2024 |
| Credit of Shares to Demat | Fri, Oct 25, 2024 |
| Tentative Listing Date | Mon, Oct 28, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Oct 23, 2024 |
Investors can bid for a minimum of 9 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 9 | ₹13,527 |
| Retail (Max) | 14 | 126 | ₹1,89,378 |
| S-HNI (Min) | 15 | 135 | ₹2,02,905 |
| S-HNI (Max) | 73 | 657 | ₹9,87,471 |
| B-HNI (Min) | 74 | 666 | ₹10,00,998 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.
The product portfolio of solar energy products consists of the following PV modules
As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.
The Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply, and installation of solar photovoltaic modules. The Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for solar photovoltaic module manufacturing, marketing, and supply.The company also comply with various safety standards for its PV modules.
As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the company served a total of 1,381, 716, 566, and 373 customers in India, respectively. Outside India, the company served 31, 26, 33, and 20 customers during the same periods.
Competitive Strength
As of June 30, 2023, the company had 1,019 full-time employees.
Waaree Energies Limited's revenue increased by 69.56% and profit after tax (PAT) rose by 154.73% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 11,989.48 | 11,313.73 | 7,419.92 | 2,237.40 |
| Total Income | 3,496.41 | 11,632.76 | 6,860.36 | 2,945.85 |
| Profit After Tax | 401.13 | 1,274.38 | 500.28 | 79.65 |
| Net Worth | 4,471.71 | 4,074.84 | 1,826.02 | 427.13 |
| Reserves and Surplus | 4,221.69 | 3,825.00 | 1,594.92 | 230.43 |
| Total Borrowing | 261.24 | 317.32 | 273.48 | 313.08 |
| Amount in ₹ Crore | ||||
The market capitalization of Waaree Energies IPO is ₹42939.36 Cr.
KPI as of Sun, Jun 30, 2024.
| KPI | Values |
|---|---|
| ROE | 8.79% |
| ROCE | 9.45% |
| Debt/Equity | 0.06 |
| RoNW | 8.81% |
| PAT Margin | 11.47% |
| Price to Book Value | 8.84 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 48.69 | 56.16 |
| P/E (x) | 30.87 | 26.76 |
The net proceeds of the Fresh Issue are proposed to be utilised in the following manner:
[Dilip Davda] The company is the largest solar PV modules manufacturer in India and enjoys most preferred partner in solar energy segment. It marked tremendous hike in its top and bottom lines from FY23 onward indicating the prospects ahead and post its proposed expansion, the company is poised for better performance. Based on annualized FY25 earnings, the issue appears fully priced. Investors may lap it up for medium to long term. Read detail review...
| Listing Date | October 28, 2024 |
| BSE Script Code | 544277 |
| NSE Symbol | WAAREEENER |
| ISIN | INE377N01017 |
| Final Issue Price | ₹1503 per share |
| NSE Listing Group | EQ |
| BSE Listing Group | B |
Waaree Energies Ltd.
602, 6th Floor, Western Edge I,
Western Express Highway,
Borivali (East), Mumbai -400066
Borivali, Maharashtra
Phone: +91 22 66444444
Email: investorrelations@waaree.com
Website: https://waaree.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: waaree.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Lead Manager Reports
Waaree Energies IPO is a main-board IPO of 2,87,52,095 equity shares of the face value of ₹10 aggregating up to ₹4,321.44 Crores. The issue is priced at ₹1503 per share. The minimum order quantity is 9.
The IPO opens on October 21, 2024, and closes on October 23, 2024.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Waaree Energies IPO using UPI as a payment gateway. Zerodha customers can apply in Waaree Energies IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Waaree Energies IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Waaree Energies IPO opens on October 21, 2024 and closes on October 23, 2024.
Waaree Energies IPO lot size is 9, and the minimum amount required for application is ₹13,527.
You can apply in Waaree Energies IPO online using either UPI or ASBA as a 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. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Waaree Energies IPO will be done on Thursday, October 24, 2024, and the allotted shares will be credited to your demat account by Friday, October 25, 2024. Check the Waaree Energies IPO allotment status.
The Waaree Energies IPO listing date is on Monday, October 28, 2024.
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