Waaree Energies Limited, India’s largest manufacturer of solar PV modules, is set to launch its highly anticipated Initial Public Offering (IPO) from October 21, 2024 to October 23, 2024. This Rs 4,321.44 crore book-built issue comprises a fresh issue of 2.4 crore shares worth Rs 3,600 crore and an offer for sale (OFS) of 0.48 crore shares amounting to Rs 721.44 crore.

IPO Details

• Price Band: ₹1427 to ₹1503 per share
• Lot Size: Minimum 9 shares
• Investment Amount: Retail investors need a minimum of ₹13,527 for 1 lot (9 shares), while sNII investors require ₹202,905 for 15 lots (135 shares), and bNII investors need ₹1,000,998 for 74 lots (666 shares).
• Listing Date: Expected on October 28, 2024 on both BSE and NSE.

Key Dates:

• Subscription Window: October 21, 2024 to October 23, 2024
• Allotment Date: October 24, 2024
• Refund Initiation: October 25, 2024
• Credit of Shares to Demat: October 25, 2024
• Listing Date: October 28, 2024

IPO Share Reservation

Waaree Energies has reserved 34.47% of its IPO for retail investors, with the remaining distributed across Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and employees. Here’s the detailed breakdown:

• Anchor Investors: 84,95,887 shares (29.55%)
• QIB: 55,38,663 shares (19.26%)
• NII: 43,73,206 shares (15.21%)
  • bNII (> ₹10 lakh): 29,57,224 shares (10.29%)
  • sNII (< ₹10 lakh): 14,15,982 shares (4.92%)
• Retail Investors: 99,11,869 shares (34.47%)
• Employees: 4,32,468 shares (1.5%)

Financial Performance of Waaree Energies

Waaree Energies has demonstrated robust financial growth. The company’s revenue increased by 70% and its profit after tax (PAT) surged by 155% between March 31, 2023, and March 31, 2024. Here’s a quick look at their financials:

The company’s balance sheet is also strong, with assets growing from ₹2,237.4 crore in 2022 to ₹11,989.48 crore as of June 30, 2024.

About Waaree Energies

Established in December 1990, Waaree Energies Limited is a leading solar PV module manufacturer with a total installed capacity of 12 GW. The company offers a wide range of solar modules, including multicrystalline, monocrystalline, and TopCon modules. Waaree’s manufacturing facilities are spread across Surat, Tumb, Nandigram, and Chikhli in Gujarat, covering a total area of 136.30 acres.

The company’s Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015, while the Chikhli facility holds ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 certifications. Waaree serves both Indian and international markets, providing solar modules to over 1,381 customers in India and 31 customers globally as of March 31, 2021.

Competitive Strengths of Waaree Energies

1. Largest Solar PV Module Manufacturer in India with advanced, globally accredited facilities.
2. Diverse Customer Base: Strong order book from both Indian and global clients.
3. Extensive Pan-India Retail Network: A vast retail network ensuring wide accessibility.
4. Solid Financial Performance: Significant revenue and profit growth in recent fiscal years.
5. Experienced Management Team: A well-established team leading the company’s operations.

Objects of the IPO

The net proceeds from the fresh issue will be utilized to:

1. Partly finance the establishment of a 6GW manufacturing facility for ingot wafer, solar cells, and solar PV modules in Odisha, India.
2. For general corporate purposes.

Subscription Status

As of Day 1 (October 21, 2024), the Waaree Energies IPO is subscribed 0.54 times, with retail investors showing a 0.57 times subscription rate and NIIs 1.19 times.

Should You Invest?

Waaree Energies stands out as India’s largest solar PV module manufacturer with a solid financial performance and an ambitious expansion plan. With its focus on sustainable energy and the growing demand for solar solutions globally, Waaree Energies presents a promising investment opportunity for those looking for long-term growth in the renewable energy sector.

Disclaimer: Investors are advised to refer to Waaree Energies’ IPO RHP for detailed information before making any investment decisions.