IPO Details

Bidding Dates

21 Oct '24 - 23 Oct '24

Minimum Investment

₹ 13,527 / 1 Lots ( 9 Shares )

Price Range

₹ 1427 - ₹ 1503

Maximum Investment

₹ 89,378 / 14 Lots ( 126 Shares )

Retail Discount

Not Applicable

Issue Size

₹ 4,321.44 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   Eligible Employees  |  

Waaree IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Oct 21, 2024

IPO Closing Date

Oct 23, 2024

Basis of Allotment

Oct 24, 2024

Initiation of Refunds

Oct 25, 2024

Listing Date

Oct 28, 2024

About Waaree Energies IPO

Waaree Energies Limited is launching its IPO as a book-built issue, consisting of a fresh issue worth ₹3,600 crore and an offer for sale of 0.48 crore shares. Waaree Energies IPO is scheduled to open for subscription on October 21, 2024, and will close on October 23, 2024. Investors can expect the allotment to be finalised on October 24, 2024, with the company's shares listed on both BSE and NSE. The tentative listing date is October 28, 2024. The IPO price bands are yet to be disclosed.

The issue is being managed by a group of lead managers, including Axis Capital Limited, IIFL Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Ltd. Link Intime India Private Ltd has been appointed as the registrar for the issue.

Industry Outlook

  1. India's solar energy market is projected to grow at a CAGR of 13.4%, reaching a value of USD 24.9 billion by 2030, from USD 10.4 billion in 2023.
  2. India's solar cell exports surged from $54.4 million in August 2022 to $253 million in August 2023, with the US accounting for 98% of exports.

Waaree IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  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 the wholly owned subsidiary, Sangam Solar One Private Limited (“Project”).
  2. General Corporate Purposes.

About Waaree Energies Limited 

Incorporated in December 1990, Waaree Energies Limited is a leading Indian manufacturer of solar photovoltaic (PV) modules, with a total installed capacity of 12 GW. The company's product portfolio includes multicrystalline, monocrystalline, and TopCon modules, such as flexible bifacial modules (Mono PERC), framed, unframed, and building-integrated photovoltaic (BIPV) modules.

As of June 30, 2023, Waaree Energies operates four manufacturing facilities across Gujarat, India, covering 136.30 acres, located in Surat, Tumb, Nandigram, and Chikhli. The Tumb and Chikhli facilities hold ISO certifications for quality, safety, and environmental standards.

The company serves a diverse customer base, with 373 customers in India and 20 international clients as of June 2023. Waaree Energies' competitive strengths include its status as the largest solar PV module manufacturer in India, a robust order book, global accreditations, an extensive retail network, strong financial performance, and a skilled workforce of 1,019 employees.

How To Check the Allotment Status of the Waaree Energies IPO?

A: Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Waaree Energies IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Waaree Energies IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Waaree IPO

Registered office: 602, 6th Floor, Western Edge – I, Western Express Highway, Borivali (East), Mumbai - 400 066, Maharashtra, India

Phone: +91 22 6644 4444

E-mail: investorrelations@waaree.com

Financial Performance of Waaree Energies

Particulars As of March 31, 2024 As of March 31, 2023 As of March 31, 2022
Revenue from Operations (₹ in million) 113,976.09 67,508.73 28,542.65
Net Profit for the Year / Period (₹ in million) 12,743.77 5,002.77 796.50
Net Worth (₹ in million) 40,748.37 18,254.13 4,273.51
Return on Equity (%) 30.26% 26.26% 17.69%
Return on Capital Employed (%) 26.29% 31.61% 21.89%
Debt-Equity Ratio (x) 0.08 0.15 0.72
Order Book in GW 19.93 18.06 3.28
Earnings Per Share (₹) 48.05 21.82 3.84
Inventory Turnover ratio (x) 3.31 3.17 5.11

Know before investing

Strengths

6

  1. Largest solar PV module manufacturer in India with 12 GW capacity.

  2. Strong financial performance with revenue growing at 99.83% CAGR.

  3. Diversified global customer base and robust order book of 16.66 GW.

  4. Extensive pan-India retail network with 369 franchisees as of 2024.

  5. ISO-certified advanced manufacturing facilities ensure global quality standards.

  6. A backward integration strategy enhances efficiency and reduces reliance on imports.

Risks

6

  1. Reliance on key customers; top 10 customers contribute 56.77% of revenue.

  2. Significant liquidated damages incurred: ₹1,724.27 million in FY24.

  3. High dependency on exports: 57.64% of revenue from export sales.

  4. The cost of imported materials from China accounts for 54.08%.

  5. Ongoing U.S. manufacturing expansion, estimated cost of $70 million.

  6. Financing uncertainties: outstanding borrowings of ₹12,701.91 million as of 2024.

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Waaree EnergiesIPO Peer Comparison Details

Competitor Face Value per Equity Share (₹) EPS (Basic) (₹) RoNW (%)
Waaree Energies Limited 10 48.05 30.36
Websol Energy System Limited 10 (29.99) NA
Premier Energies Limited 10 6.93 37.46

Waaree Energies IPO FAQs

What is Waaree IPO?

Waaree Energies’s IPO is a book-built IPO. It will be open from October 21, 2024, to October 23, 2024.

When will Waaree IPO be allotted?

The Basis of Allotment will happen on Thursday, October 24, 2024.

When will Waaree IPO open for subscription?

The IPO subscription window will open on October 21, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is yet to be announced.

When will Waaree Energies Limited list on exchanges?

The listing date for Waaree Energies is Monday, October 28, 2024.

What would be the listing gains on the Waaree Energies IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

What is the size of Waaree Energies IPO?

Details are not available.

How will I receive shares?

Your shares will get credited directly to your Demat account.

How to increase your chances of getting a Waaree Energies IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How to apply for this Waaree Energies IPO via the Angel One App?

To apply for the IPO from the Angel One app, search for Waaree Energies in the active IPO list and click on apply.

How do I approve the UPI mandate request for Waaree Energies IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

What is the minimum order quantity for Waaree Energies IPO?

Details are not available.

How to read Waaree Energies Limited's financial statements?

To read Waaree Energies’ financial statements, download the IPO’s  RHP document.