Waaree Energies IPO Set to Raise ₹4,321 Crore, Opens on October 21, 2024

Waaree Energies Ltd., a leading solar panel manufacturer, has set the price range for its upcoming IPO, which will be open for subscription from October 21 to October 23. The price band is fixed between ₹1,427 and ₹1,503 per share, with investors able to bid for a minimum lot of 9 shares and multiples thereafter.

At the highest price, the company aims to raise ₹4,321 crore, which includes a fresh share issue of ₹3,600 crore and an Offer for Sale (OFS) of 48 lakh shares. Under the OFS, Waaree Sustainable Finance Pvt. Ltd and Chandurkar Investments Pvt. Ltd will sell shares.

Post-IPO, Waaree Energies is expected to have a market value of ₹43,179 crore. The company will also seek funds from anchor investors on October 18. The IPO allocates 50% of shares to institutional investors, 15% to non-institutional investors, and 35% to retail investors.

Waree Energies IPO Objective 

The proceeds will be used to build a 6 GW solar manufacturing facility in Odisha and for general corporate needs. As of June 2023, Waaree Energies had a total installed capacity of 12 GW and operates 5 manufacturing plants across Gujarat and Uttar Pradesh. 

Waaree Energies IPO Subscription
After the IPO subscription period ends, the Waaree Energies IPO allotment is expected to be finalised by Thursday, October 24, 2024, with shares being credited to investors’ demat accounts on Friday, October 25, 2024. Waaree Energies plans to list its shares on the BSE and NSE on Monday, October 28, 2024.

Waaree Energies Financials
For the quarter ending June 30, 2024, Waaree Energies reported revenue of ₹3,408.90 crore. The company’s annual revenue for FY24 reached ₹11,397.61 crore, significantly up from ₹6,750.87 crore in FY23 and ₹2,854.26 crore in FY22. Total expenses for Q1FY25 amounted to ₹2,965.88 crore, while for FY24, expenses totalled ₹10,239.90 crore, compared to ₹6,162.63 crore in FY23 and ₹2,827.47 crore in FY22. The company’s net profit for Q1FY25 was ₹394.14 crore, with FY24’s net profit at ₹1,237.17 crore, up from ₹482.76 crore in FY23 and ₹75.64 crore in FY22.

About Waaree Energies
Founded in 1990, Waaree Energies is India’s top solar PV module manufacturer. Originally established as Anmol Fluid Connectors, the company rebranded in 2007 and 2013. Headquartered in Mumbai, Waaree has an installed production capacity of 12 GW across its five manufacturing facilities located in Gujarat. It is known for providing sustainable energy solutions both in India and globally.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.