Bookbuilding IPO | ₹4,321 Cr | Listed at BSE, NSE | Mon, Oct 21, 2024 - Wed, Oct 23, 2024
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 ₹1,503 per share. The lot size for an application is 9. The minimum amount of investment required by an retail is ₹13,527 (9 shares) (based on upper price). 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 Open
Mon, Oct 21, 2024
IPO Close
Wed, Oct 23, 2024
Issue Price
₹1503 per share
Market Cap (Pre-IPO)
₹42,939.36 Cr
| IPO Date | 21 to 23 Oct, 2024 |
| Listed on | Mon, Oct 28, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹1427 to ₹1503 |
| Issue Price | ₹1503 per share |
| Lot Size | 9 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,87,52,095 shares (agg. up to ₹4,321 Cr) |
| Fresh Issue | 2,39,52,095 shares (agg. up to ₹3,600 Cr) |
| Offer for Sale | 48,00,000 shares of ₹10 (agg. up to ₹721 Cr) |
| Share Holding Pre Issue | 26,33,31,104 shares |
| Share Holding Post Issue | 28,72,83,199 shares |
| BSE Script Code / NSE Symbol | 544277 / WAAREEENER |
| ISIN | INE377N01017 |
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 (Ex- Anchor), 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 | Max 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%) |
Investors can bid for a minimum of 9 shares and in multiples thereof.
| 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 |
Waaree Energies IPO raises ₹1,276.93 crore from anchor investors. Waaree Energies IPO Anchor bid date is October 18, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Oct 18, 2024 |
| Shares Offered | 84,95,887 |
| Anchor Portion (₹ Cr.) | 1,276.93 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Nov 22, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jan 21, 2025 |
| 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 |
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.
| 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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India by way of an investment in our wholly owned subsidiary, Sangam Solar One Private Limited (“Project”); and | 2,775.00 |
| 2 | General corporate purposes. | 697.70 |
| KPI | Jun 30, 2024 |
|---|---|
| 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 (₹) | 48.69 | 56.16 |
| P/E (x) | 30.87 | 26.76 |
| Promoter Holding | 71.8% | 64.3% |
| Market Cap | ₹42,939.36 Cr. |
The Waaree Energies IPO is subscribed 79.44 times on October 23, 2024 6:19:07 PM (Day 3). The public issue subscribed 11.27 times in the retail category, 215.03 times in the QIB category, and 65.25 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 215.03 | 56,63,925 | 1,21,79,37,402 |
| NII | 65.25 | 42,47,945 | 27,71,72,883 |
| bNII (> ₹10L) | 71.32 | 28,31,963 | 20,19,87,576 |
| sNII (< ₹10L) | 53.10 | 14,15,982 | 7,51,85,307 |
| Retail | 11.27 | 99,11,869 | 11,16,95,301 |
| Employee | 5.45 | 4,32,468 | 23,56,155 |
| Total | 79.44 | 2,02,56,207 | 1,60,91,61,741 |
Total Applications: 97,34,503
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs (including underwriting commission, brokerage and selling commission) | 101.99 |
| 2 | Commission/processing fee for SCSBs, Sponsor Banks and Bankers to the Offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs. ( | 7.44 |
| 3 | Fees payable to the Registrar to the Offer | 0.10 |
| 4 | Other expenses (i) Listing fees, SEBI filing fees, Stock Exchange processing fees, book building software fees and other regulatory expenses, printing and stationery expenses, advertising and marketing expenses for the Offer, fees payable to the monitoring agency and fees payable to the legal counsel; | 22.71 |
| 5 | Other advisors to the offer such as (fees payable to the independent chartered accountant appointed for providing confirmations and certificates for the purpose of the Offer, the independent chartered engineer for providing confirmations and certificates in relation to installed capacity, capacity utilisation, etc., with respect to the Objects, the independent project consultant for purposes of certifying certain details in relation to the capital expenditure proposed to be incurred by Company | 6.65 |
| 6 | Miscellaneous | 13.92 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹1,503.00 | ₹1,503.00 |
| Open | ₹2,550.00 | ₹2,500.00 |
| Low | ₹2,294.55 | ₹2,300.00 |
| High | ₹2,600.00 | ₹2,624.40 |
| Last Trade | ₹2,336.80 | ₹2,338.90 |
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 Crores. The issue is priced at ₹1503 per share. The minimum order quantity is 9.
The IPO opens on Mon, Oct 21, 2024, and closes on Wed, Oct 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 Mon, Oct 21, 2024 and closes on Wed, Oct 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 Fri, Oct 25, 2024. Check the Waaree Energies IPO allotment status.
The Waaree Energies IPO listing date is on Mon, Oct 28, 2024.
