Waaree Energies Limited is India’s largest solar panel manufacturing capacity of 12 GWs at its plants in Surat and Umbergaon in Gujarat. The company is among the top players in India in solar panel manufacturing, EPC services, project development, rooftop solutions, and solar water pumps, and it is also an independent power producer.
The product portfolio of solar energy products consists of the following PV modules:
- Multicrystalline modules
- Monocrystalline modules; and
- TopCon modules include flexible bifacial modules (Mono PERC), both framed and unframed, and building-integrated photovoltaic (BIPV) modules.
As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.
The Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015 for manufacturing, marketing, supplying, and installing solar photovoltaic modules. The Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for solar photovoltaic module manufacturing, marketing, and supply. The company also complies with various safety standards for its PV modules.
As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the company served a total of 1,381, 716, 566, and 373 customers in India, respectively. Outside India, the company served 31, 26, 33, and 20 customers during the same periods.
As of June 30, 2023, the company had 1,019 full-time employees.
Waaree Energies IPO – Details
| IPO Opening Date | 21 October 2024 |
| IPO Closing Date | 23 October 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,87,52,095 Shares Worth ₹4,321.44 Crore Fresh Issue: 2,39,52,095 Shares Worth ₹3600.00 Crore Offer For Sale: 48,00,000 Shares Worth ₹721.44 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹1427 – ₹1503 per share |
| Market Lot | 9 Shares |
| Min Order | 9 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Waaree Energies IPO – Date Schedule
| IPO Open Date | 21 October 2024 |
| IPO Close Date | 23 October 2024 |
| Basis of Allotment | 24 October 2024 |
| Initiation of Refund | 25 October 2024 |
| Credit of Shares to Demat Account | 25 October 2024 |
| IPO Listing Date | 28 October 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 23, 2024 |
Waaree Energies IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 9 | ₹13,527 |
| Retail (Max) | 14 | 126 | ₹1,89,378 |
| S-HNI (Min) | 15 | 135 | ₹2,02,905 |
| S-HNI (Max) | 73 | 657 | ₹9,87,471 |
| B-HNI (Min) | 74 | 666 | ₹10,00,998 |
Competitive Strengths
- Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally;
- Diversified base of global and Indian customers with a large order book;
- Advanced manufacturing facilities with global accreditations;
- Extensive pan-India retail network;
- Consistent track record of financial performance; and
- Experienced senior management team with demonstrated execution capabilities and a committed employee base.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | 2,945.85 | 2,827.47 | 79.65 | 313.08 |
| 31 March 2023 | 6,860.36 | 6,162.63 | 500.27 | 273.48 |
| 31 March 2024 | 11,632.76 | 10,239.90 | 1,274.37 | 317.32 |
| 30 June 2024 | 3,496.41 | 2,965.88 | 401.12 | 261.24 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 8.79% |
| ROCE | 9.45% |
| Debt/Equity | 0.06 |
| RoNW | 8.81% |
| P/BV | 8.84 |
| PAT Margin (%) | 11.47 |
| Pre IPO | Post IPO | |
| EPS (Rs) | 48.69 | 56.16 |
| P/E (x) | 30.87 | 26.76 |
Object Of The Issue
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(“Project”).
- General corporate purposes.
Waaree Energies IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | Websol Energy System Limited | 637.00 |
| 2 | 10 | Premier Energies Limited | 220.00 |
Waaree Energies IPO Promoter Holding
| Pre Issue Share Holding | 71.80% |
| Post Issue Share Holding | 64.30% |
Waaree Energies IPO Prospectus
Company Contact Information
| Waaree Energies Limited 602, 6th Floor, Western Edge I, Western Express Highway, Borivali (East), Mumbai -400066 Phone: +91 22 66444444 Email: investorrelations@waaree.com Website: https://waaree.com/ |
Waaree Energies IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: waaree.ipo@linkintime.co.in Website: https://linkintime.co.in/initial_offer/public-issues.html |
Waaree Energies IPO Lead Manager(s)
| 1. Axis Capital Limited 2. ITI Capital Limited 3. IIFL Securities Limited 4. SBI Capital Markets Limited 5. Jefferies India Private Limited 6. Intensive Fiscal Services Private Limited 7. Nomura Financial Advisory and Securities (India) Private Limited |
Waaree Energies IPO FAQs
| What is Waaree Energies IPO? Waaree Energies IPO is a main-board IPO. The issue is priced at ₹1427 to ₹1503 per equity share. The IPO is to be listed on BSE & NSE. |
| When Waaree Energies IPO will open? The IPO is to open on 21 October 2024 for QIB, NII, and Retail Investors. |
| What is Waaree Energies IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Waaree Energies IPO? You can apply Waaree Energies IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Waaree Energies IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Waaree Energies IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Waaree Energies IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Waaree Energies IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Waaree Energies IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Waaree Energies IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Waaree Energies IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Waaree Energies IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Waaree Energies IPO Size? Waaree Energies IPO size is ₹4,321.44 Crore. |
| What is the Waaree Energies IPO Price Band? Waaree Energies IPO Price Band is ₹1427 to ₹1503. |
| What is Waaree Energies IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 9 Shares with ₹13,527 amount while the maximum bid is 126 Shares with ₹1,89,378. |
| What is the Waaree Energies IPO Allotment Date? Waaree Energies IPO allotment date is 24 October 2024. |
| What is the Waaree Energies IPO Listing Date? Waaree Energies IPO listing date is 28 October 2024. The IPO is to be listed on BSE and NSE. |
