IPO

Waaree Energies IPO

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Other Electrical Equipment

Listed On: Oct 28, 2024 at ₹ 2500.0(NSE)

₹ 13527 /9 Shares

Check Allotment

21 Oct, 2024

Open Date

23 Oct, 2024

Close Date

24 Oct, 2024

Allotment Date

28 Oct, 2024

Listing Date
Price Summary

Last Closing

3,530.50 (134.9%)

52 Week High

3,865.00

52 Week Low

1,863.00

Last Update

17-Oct-2025 3:30 PM
Waaree Energies IPO Issue Details
  • Issue Price ₹1427-1503 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 2,87,52,095 shares(aggregating up to ₹4321.44 crore)
  • Fresh Share 2,39,52,095 shares(aggregating up to ₹3600 crore)
  • Offer For Sale 48,00,000 shares(aggregating up to ₹721.44 crore)
  • Listing at BSE, NSE
  • List Price 2500.0(NSE)
  • Listing Date 2024-10-28
  • Lead Manager 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
    Iti Capital Ltd
  • Registrar Link Intime India Private Ltd
Market Lot Size

Investors can bid for a minimum of 9 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)19₹13,527
Retail(max)14126₹1,89,378
Waaree Energies IPO Reservation

Waaree Energies IPO offers total 2,87,52,094 shares. Out of which 56,63,925 (19.7%) allocated to QIB, 42,47,945 (14.77%) allocated to NII,99,11,869 (34.47%) allocated to RII, 4,32,468 (1.5%) allocated to employees and 84,95,887 (29.55%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered84,95,887 (29.55%)
QIB Shares Offered56,63,925 (19.7%)
NII (HNI) Shares Offered42,47,945 (14.77%)
bNII < ₹10L28,31,963 (9.85%)
sNII < ₹10L14,15,982 (4.92%)
Retail Shares Offered99,11,869 (34.47%)
Employee Shares Offered4,32,468 (1.5%)
Total Shares Offered2,87,52,094 (100%)
Waaree Energies IPO Documents
DRHP
RHP
ANCHOR
Waaree Energies IPO Details


Waaree Energies IPO is a book-built issue of ₹4321.44 crores, The total issue size is ₹4321.44 crores. The IPO of Waaree Energies is priced at ₹1427-1503 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Oct 21, 2024 and ends on Oct 23, 2024. The allotment for Waaree Energies IPO will be finalized on Oct 24, 2024. Waaree Energies IPO will be listed on BSE, NSE, with a tentative listing date fixed as Oct 28, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 9 shares, extendable to 13,527. The book-running lead manager for the IPO is/are 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, Iti Capital Ltd.

The total issue ₹4321.44 crore, comprising a fresh issue of 2,39,52,095 shares ₹3600 crore and having Offer for Sale (OFS) of 48,00,000 shares to mop up ₹721.44 crore.

The Waaree Energies IPO sets its price band at 1427-1503 for each share. A single application for Waaree Energies IPO must contain at least 9 shares. Sentiment investors need to invest a minimum of 9 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹13,527

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Waaree Energies IPO Subscription Analysis And Details
Retail
10.79x
QIB
208.63x
NII
62.48x
bNII
68.30x
sNII
50.85x
Total
76.34x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved5,538,6634,373,206
2,957,224    1,415,982		9,911,86920,256,207
Day 1 21-10-24 05:00 PM
0.08 x8.09
7.53 x   9.21 x		3.17 x3.32 x
Day 2 22-10-24 05:00 PM
1.73 x24.36
24.83 x   23.43 x		6.38 x8.80 x
Day 3 23-10-24 05:00 PM
208.63 x62.48
68.30 x   50.85 x		10.79 x76.34 x
Total No of Applications
97,34,503
Subscription on the basis of Applications
Retail:8.01x BHNI:12.94x SHNI:47.65x
Waaree Energies Valuations
EPS Pre IPO ₹48.69/-
EPS Post IPO ₹56.16/-
P/E Pre IPO 30.87
P/E Post IPO 26.76
ROE 8.79%
ROCE 9.45%
Debt/Equity 0.06
RoNW 8.81%
PAT Margin 11.47
Price to Book Value 8.84
Waaree Energies Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets11,313.737,419.922,237.4
Revenue11,632.766,860.362,945.85
Profit After Tax1,274.38500.2879.65
Net Worth4,074.841,826.02427.13
Reserves & Surplus3,825.001,594.92230.43
Total Borrowing317.32273.48313.08
About Waaree Energies Company

Waaree Energies is one of the top players in the sustainable energy sector. The company still keeps delivering cost-effective, environment-friendly energy solutions that can make a difference in the reduction of carbon footprints globally. It stands at the forefront of producing solar PV modules in India with a befitting aggregated installed capacity of 2 GW.

Waaree Energies differs because it is the only Indian company with in-house, NABL-accredited laboratories. This means every solar module is of high quality, reliability, and efficiency.

Waaree Energies has the vision of a greener future, driving innovations in the renewable energy segment with cutting-edge solutions that contribute toward sustainable development and energy security for all.

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Waaree Energies - Promoter(s)

Hitesh Chimanlal Doshi

Viren Chimanlal Doshi

Pankaj Chimanlal Doshi

Waaree Sustainable Finance Private Limited

Pre Issue Share Holding : 71.80%

Post Issue Share Holding : 64.30%

Waaree Energies IPO - Issue Objectives
1

Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(Project).

2

General corporate purposes.

Waaree Energies IPO - Anchor Investors

Waaree Energies mobilises Rs 1,277 Crore via anchor book.

Marquee investors like Morgan Stanley, Blackrock, Goldman Sachs, PGGM World Equity, Abu Dhabi Investment Authority, Eastspring Investments, BNP Paribas Funds, Carmignac Portfolio, Copthall Mauritius, Florida Retirement System, Pinebridge Global Funds, and CLSA Global Markets were part of the anchor book.

HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nomura India, Aditya Birla Sun Life Trustee, Canara Robeco Mutual Fund, Franklin India, Kotak Mahindra Mutual Fund, Mirae Asset, Motilal Oswal Mutual Fund, Quant Mutual Fund, Tata Mutual Fund, Invesco India, Jupiter India Fund, Ashoka Whiteoak ICAV, Bandhan Mutual Fund, Sundaram Mutual Fund, PGIM India, and UTI Mutual Fund also invested significant amount in the company Anchor book ahead of IPO.

Multiple insurance companies including HDFC Life, ICICI Prudential Life, Max Life, SBI General, SBI Life, Aditya Birla Sun Life, Bajaj Allianz Life, Kotak Mahindra Life, Reliance Nippon Life, and Tata AIA Life also invested in the company by investing through anchor book.

Waaree Energies IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
Waaree Energies Limited48.0547.86154.96N/A30.36N/AConsolidated
Websol Energy System Ltd.-29.99-29.99N/AN/AN/AN/AConsolidated
Premier Energies Limited6.935.4814.63151.1337.4674.79Consolidated

Notes:

  1. P/E ratio is calculated on the basis of Market price of October 4, 2024 and Earning per share as on March 31, 2024. Source for industry peer information included above
  2. P/E ratio has been calculated after considering closing NSE price of the peer as on October 4, 2024, obtained from NSE website and the diluted EPS.
  3. All the financial information for listed industry peer mentioned above is on a consolidated basis and is sourced from the financial statements for the financial year ended March 31, 2024 submitted to the Stock Exchanges. iii All the financial information for Waaree Energies Limited mentioned above is on a consolidated basis from the Restated Consolidated Summary Statements for the year ended March 31, 2024.
Strength
Largest solar PV module manufacturer in India with 12 GW capacity.
Diversified global customer base and robust order book of 16.66 GW.
Extensive pan-India retail network with 369 franchisees as of 2024.
Weakness
Reliance on key customers; top 10 customers contribute 56.77% of revenue.
High dependency on exports: 57.64% of revenue from export sales.
Ongoing U.S. manufacturing expansion, estimated cost of $70 million.
Contact Details

Waaree Energies

602, 6th Floor, Western Edge I, Western Express Highway, Borivali (East), Mumbai -400066

+91 22 66444444

investorrelations@waaree.com

https://waaree.com/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

waaree.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html