The highly anticipated initial public offering (IPO) of Waaree Energies is set to open for subscription on October 21, 2024, and will close on October 23, 2024. This IPO is expected to raise approximately ₹4,321.44 crores, making it one of the significant offerings in the Indian market this year. The price band for the shares has been set between ₹1,427 and ₹1,503 per equity share, with a face value of ₹10 per share.
Main Points
Waaree Energies IPO Timeline
- Opening Date: October 21, 2024
- Closing Date: October 23, 2024
- Allotment Date: October 24, 2024
- Refund Initiation: October 25, 2024
- Credit to Demat Accounts: October 25, 2024
- Listing Date: October 28, 2024
Waaree Energies IPO Issue Structure
The IPO comprises a fresh issue of shares worth approximately ₹3,600 crores and an offer for sale (OFS) of up to 4.8 million shares valued at around ₹721.44 crores. The OFS includes shares sold by Waaree Sustainable Finance and Chandurkar Investments.
Investor Quotas
The allotment structure for the IPO is as follows:
- Qualified Institutional Buyers (QIB): 50%
- Non-Institutional Investors (NII): 15%
- Retail Investors: 35%
Waaree Energies IPO Lot Size
Investors can apply for a minimum of 9 equity shares, with additional shares in multiples thereafter.
Use of Proceeds
Waaree Energies plans to utilize the funds raised through the fresh issue primarily for establishing a new manufacturing facility in Odisha, which will have a capacity of 6 GW for ingot wafer, solar cell, and solar PV module production. The remaining funds will be allocated for general corporate purposes.
Company Overview
Founded in December 1990, Waaree Energies is a prominent player in the solar energy sector in India. The company has an installed capacity of approximately 12 GW and offers a diverse range of solar products including multicrystalline modules, monocrystalline modules, and innovative bifacial modules. Waaree Energies aims to enhance its market presence significantly through this IPO.
Financial Performance
For the fiscal year ending June 30, 2024, Waaree Energies reported impressive revenue figures:
- Revenue from operations: ₹3,408.90 crores
- Total revenue for FY24: ₹11,397.61 crores (up from ₹6,750.87 crores in FY23)
- Net profit: ₹394.14 crores in Q1 FY25
This growth trajectory indicates strong demand for solar products and reflects the company’s robust operational capabilities.
Market Outlook
With rising global concerns about climate change and a shift towards renewable energy sources, Waaree Energies is well-positioned to benefit from these trends. The Indian government’s push for clean energy solutions further supports the company’s growth potential.
Key Dates Summary
| Event | Date |
|---|---|
| IPO Opening Date | October 21, 2024 |
| IPO Closing Date | October 23, 2024 |
| Allotment Date | October 24, 2024 |
| Refunds Initiation | October 25, 2024 |
| Shares Credit to Demat | October 25, 2024 |
| Listing on BSE & NSE | October 28, 2024 |
Investors are keenly watching this IPO as it represents an opportunity to invest in a leading renewable energy company in India. With its solid financial performance and strategic growth plans, Waaree Energies could offer substantial returns in the future.
