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Waaree Energies IPO is a book-built issue of Rs 4,321.44 crores. It consists of a fresh issue of 2.4 crore shares aggregating Rs 3,600.00 crores and an offer for sale of 0.48 crore shares aggregating Rs 721.44 crores.
The IPO opens for subscription on October 21, 2024, and closes on October 23, 2024. The price band for the IPO is set at ₹1427 to ₹1503 per share and the minimum lot size for an application is 9 Shares.
Company Summary
Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.
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), 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 in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.
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.
Company Strengths
- Largest Solar PV Module Manufacturer in India
- The diversified base of Indian and global customers with a large order book
- Advanced manufacturing facility with global accreditations
- Extensive Pan India retail network
- Consistent track record of financial performance
- Experienced management team
- As of June 30, 2023, the company had 1,019 full-time employees.
Company Financials
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 11,989.48 | 11,313.73 | 7,419.92 | 2,237.4 |
| Revenue | 3,496.41 | 11,632.76 | 6,860.36 | 2,945.85 |
| Profit After Tax | 401.13 | 1,274.38 | 500.28 | 79.65 |
| Net Worth | 4,471.71 | 4,074.84 | 1,826.02 | 427.13 |
| Reserves and Surplus | 2,464.69 | 3,825 | 585.96 | 230.43 |
| Total Borrowing | 261.24 | 317.32 | 273.48 | 313.08 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The net proceeds of the Fresh Issue are proposed to be utilized in the following manner:
- 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.
Promoters of the company
The Promoters of our Company are Hitesh Chimanlal Doshi, VirenChimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited.
Hitesh ChimanlalDoshi holds 14,104,082 Equity Shares, VirenChimanlal Doshi holds 10,954,007 Equity Shares, Pankaj Chimanlal Doshi holds 24,604,384 Equity Shares and Waaree Sustainable Finance Private Limited holds 57,117,331Equity Shares, representing 5.36%, 4.16%, 9.34%and 21.69%, respectively, of the pre-Offer issued, subscribed and paid-up Equity Share capital of our Company.
IPO details
| IPO Date | October 21, 2024 to October 23, 2024 |
| Listing Date | Monday, October 28, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹1427 to ₹1503 per share |
| Lot Size | 9 Shares |
| Total Issue Size | 28,752,095 shares (aggregating up to ₹4,321.44 Cr) |
| Fresh Issue | 23,952,095 shares (aggregating up to ₹3,600.00 Cr) |
| Offer for Sale | 4,800,000 shares of ₹10 (aggregating up to ₹721.44 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 9 | ₹13,527 |
| Retail (Max) | 14 | 126 | ₹189,378 |
| S-HNI (Min) | 15 | 135 | ₹202,905 |
| S-HNI (Max) | 73 | 657 | ₹987,471 |
| B-HNI (Min) | 74 | 666 | ₹1,000,998 |
Allotment Schedule
| Basis of Allotment | Thursday, October 24, 2024 |
| Initiation of Refunds | Friday, October 25, 2024 |
| The credit of Shares to Demat | Friday, October 25, 2024 |
| Listing Date | Monday, October 28, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 23, 2024 |
Ipo Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Net Issue |
| Retail Shares | Not less than 35.00% of the Net Issue |
| NII (HNI) Shares | Not less than 15.00% of the Net Issue |
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