Waaree Energies Limited, one of India’s leading solar PV module manufacturers, is set to make waves in the market with its upcoming IPO. The company has successfully raised ₹1,276.93 crore from anchor investors just before the official subscription period begins. The IPO will open for bidding from Monday, October 21, 2024, to Wednesday, October 23, 2024, and is expected to attract interest from a broad range of investors.
In a recent statement released on BSE’s website, it was disclosed that Waaree Energies allocated 84.96 lakh equity shares to 92 anchor investors at ₹1,503 per share, which is at the upper end of the price band. This allocation generated a total of ₹1,277 crore from anchor investors, including prominent participants like Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, and The Prudential Assurance Company. Notably, domestic mutual funds took a significant portion of the offering, with 28.32 lakh shares—representing 33.33% of the total allocation—distributed among 17 domestic mutual funds across 45 different schemes.
IPO Details
The Waaree Energies IPO comprises a fresh issue of equity shares worth ₹3,600 crore, alongside an Offer For Sale (OFS) of 48 lakh equity shares, valued at ₹721.44 crore at the upper price band. This brings the total issue size to ₹4,321.44 crore. The price band is set between ₹1,427 and ₹1,503 per equity share, each having a face value of ₹10. The public issue will allocate 50% of the shares to qualified institutional buyers (QIB), 15% to non-institutional investors (NII), and 35% to retail investors, ensuring broad-based participation. Additionally, up to 650 million equity shares are reserved for employees.
The proceeds from the fresh issue will primarily be utilized for developing a 6GW manufacturing facility for ingot wafers, solar cells, and solar PV modules in Odisha. The remaining funds will be allocated for general corporate purposes.
Important Dates
After the close of the IPO on October 23, the basis of share allotment will be finalized on Thursday, October 24, 2024. Refunds for non-allotted shares will be initiated on Friday, October 25, 2024, while those receiving allotments will have their shares credited to their demat accounts on the same day. Waaree Energies shares are set to debut on the stock exchanges on Monday, October 28, 2024, with listings on both BSE and NSE.
Management and Promoters
The IPO is being managed by a consortium of leading investment banks, including Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital. The company is promoted by industry veterans Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, and Pankaj Chimanlal Doshi, along with Waaree Sustainable Finance Private Limited.
Founded in December 1990, Waaree Energies has established itself as a significant player in India’s renewable energy sector, specializing in the manufacturing of solar PV modules. As of June 30, 2023, the company boasts an installed capacity of 12GW, offering a diverse product line that includes multicrystalline, monocrystalline, and TopCon modules. Waaree also produces building-integrated photovoltaic (BIPV) modules, which are gaining traction as eco-friendly alternatives in construction. The company operates five advanced manufacturing facilities, four of which are located in Gujarat (Surat, Tumb, Nandigram, and Chikhli), with one in Noida, Uttar Pradesh (the IndoSolar facility).
With its expanded capacity and cutting-edge technology, Waaree Energies is well-positioned to meet the rising demand for solar energy solutions both domestically and internationally. Following the IPO, the company’s market valuation is projected to exceed ₹4,300 crore, reflecting the increasing global focus on renewable energy.
Disclaimer:
This document is for informational purposes only and does not constitute investment advice, recommendation, or solicitation to buy or sell any securities. Waaree Energies Limited’s upcoming IPO is subject to market risks, and prospective investors should conduct their own research and consult with financial advisors before making any investment decisions. Past performance is not indicative of future results. The information contained herein is based on publicly available sources and is believed to be accurate as of the date of publication; however, no guarantee is given regarding its accuracy or completeness.
Leave a Reply