Waaree Energies Limited ("WEL") is India’s largest manufacturer of solar PV modules, boasting an impressive installed capacity of 12 GW as of June 30, 2024. Established in 2007, Waaree has consistently focused on solar PV module manufacturing, aiming to provide quality, cost-effective sustainable energy solutions across various markets. Their commitment to reducing carbon footprints is paving the way for a more sustainable energy future, thus improving the quality of life.

IPO Details: Waaree Energies is set to launch a Book Built Issue amounting to ₹4,321.44 Crores, comprising a Fresh Issue of 239.52 Lakh Shares valued at ₹3,600.00 Crores and an Offer for Sale of 48.00 Lakh Shares, totaling ₹721.44 Crores.

Subscription Period: The IPO opens for subscription on October 21, 2024, and closes on October 23, 2024.

Allotment Date: The allotment is expected to be finalized on or around October 24, 2024, with shares tentatively listed on the BSE and SME by October 28, 2024.

The Share Price Band for the Waaree Energies IPO is set between ₹1,427 to ₹1,503 per equity share, with a minimum lot size of 9 shares. Retail investors must invest a minimum of ₹13,527, while High-Net-Worth Individuals (HNIs) must invest in 15 lots (135 shares), totaling ₹2,02,905.

The book-running lead managers for this issue include Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited. The registrar for the issue is Link Intime India Private Limited.

Grey Market Premium (GMP): As of now, the Grey Market Premium for Waaree Energies Limited IPO is anticipated to be between ₹494 to ₹497 based on the company’s financial performance. The GMP indicates potential listing gains; however, it is important to note that no real trading occurs based solely on this premium, as it relies on the demand and supply of shares in an unregulated market. This information is provided for educational purposes only.

Live Subscription Status: The IPO will be open for subscription starting October 21, 2024. Investors can track the live subscription status on platforms such as BSE to gauge interest and participation.

Allotment Process: The Waaree Energies IPO allotment date is set for October 24, 2024. To check allotment status, follow these steps:

Navigate to the IPO allotment status page.

Select Waaree Energies Limited IPO from the dropdown list.

Enter your application number, PAN, or DP Client ID.

Submit the details to check your allotment status.

This process ensures investors can easily determine their allotment status and plan their investments accordingly.

Objectives of the Waaree Energies Limited IPO: Proceeds from the Fresh Issue will be utilized for:

Establishing a 6GW manufacturing facility for ingots, wafers, solar cells, and solar PV modules in Odisha, India, amounting to ₹90,499.59 Million.

General corporate purposes to support the company’s growth and expansion strategies.

Financial Performance: Waaree Energies has shown significant growth over the years:

The number of customers served in India has increased from 1,381 in FY2021 to 373 in FY2023, reflecting the company's expanding footprint.

Export sales also rose dramatically, from ₹4,809.10 million (24.62% of revenue) in FY2021 to ₹46,165.39 million (68.38% of revenue) in FY2023.

IPO Review: Given the financial performance and growth trajectory of Waaree Energies, the Grey Market Premium indicates potential listing gains of 30% to 33%. This strong performance, coupled with the company's commitment to sustainable energy solutions, makes it an appealing investment opportunity.

In light of these factors, we encourage all investors to consider applying for the Waaree Energies Limited IPO, as it presents a robust opportunity for both listing gains and long-term investment.

The current active IPO is Lakshya Powertech Limited IPO, Hyundai Motor India Limited.

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