Waaree Energies Limited ("WEL”) stands as India’s largest manufacturer of solar PV modules, boasting an impressive installed capacity of 12 GW as of June 30, 2024. Established in 2007, WEL has primarily focused on the manufacturing of solar PV modules, aiming to provide quality and cost-effective sustainable energy solutions. This commitment not only helps in reducing the carbon footprint but also enhances the overall quality of life through cleaner energy alternatives.

In a notable move, Waaree Energies launched its Book Built Issue amounting to ₹4321.44 Crores. This includes 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. The subscription period for this IPO opened on October 21, 2024, and closed on October 23, 2024. The allotment is scheduled for October 24, 2024, with shares expected to be listed on the BSE and NSE by October 28, 2024.

The price band for Waaree Energies IPO has been set at ₹1,427 to ₹1,503 per equity share, with a minimum lot size of 9 shares. For retail investors, the minimum investment requirement is ₹13,527, while High-Net-Worth Individuals (HNIs) must invest a minimum of 15 lots (135 shares), equating to ₹2,02,905. At the upper price of ₹1503, the market capitalization of Waaree Energies Limited at the time of the IPO will be approximately ₹43,178.66 Crores.

Waaree Energies Limited IPO GMP Today

The Grey Market Premium (GMP) for Waaree Energies Limited IPO currently stands at ₹1080, reflecting the financial performance and investor enthusiasm surrounding the company. It's crucial to note that trading based on the Grey Market Premium is speculative and not recommended as a reliable pricing mechanism prior to the official listing of shares. The GMP is driven by the demand and supply dynamics of the shares in an unregulated market and is provided solely for educational and informational purposes.

Waaree Energies Limited IPO Live Subscription Status Today: Real-Time Updates

As of 06:00 PM on October 23, 2024, the live subscription status for the Waaree Energies IPO indicated that the issue was subscribed 76.34 times on its final day. For real-time updates, investors can check the Waaree Energies IPO Live Subscription Status on the BSE.

Waaree Energies Limited IPO Anchor Investors Report

The company has successfully raised ₹425.64 Crores from Anchor Investors at the price of ₹1503 per share, as advised by the Book Running Lead Managers. A total of 84,95,887 equity shares have been allocated to these investors. It's important to clarify that shares allotted to Anchor Investors are taken from the Qualified Institutional Buyers (QIBs) reservation portion.

The allocation process is noteworthy; the number of shares shown in the IPO subscription section reflects the lower end of the price band, while the figures in the IPO details table are based on the upper end. This discrepancy arises from the assumption that shares are issued at the upper band, which aligns with the pricing strategy for Anchor Investors, who subscribe at this higher price.

Waaree Energies Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online

The allotment date for the Waaree Energies IPO is set for October 24, 2024. Investors can check their allotment status online through the registrar's website. To do so, 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 straightforward process allows investors to quickly verify their allotment and make informed decisions regarding their investments.

Objectives of Waaree Energies Limited IPO

The proceeds from the Fresh Issue of the Waaree Energies IPO will be allocated towards specific objectives, including:

1. ₹27,750.00 Million will be utilized to partially finance the establishment of a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha. The total estimated cost for this project stands at ₹90,499.59 million, with Waaree Energies planning to invest ₹27,750.00 million through equity or debt instruments.
2. Funds will also be directed towards general corporate purposes to support the company’s operational and growth strategies.

Waaree Energies IPO Review

Waaree Energies Limited ("WEL”) continues to strengthen its position as a leader in the solar industry. The company has demonstrated significant growth, particularly over the last few fiscal years. For instance, its revenue in Fiscal 2024 reached ₹1,16,327.63 million, compared to ₹68,603.64 million in Fiscal 2023. The EBITDA figures also reflect this upward trend, with ₹18,095.77 million in Fiscal 2024, an increase from ₹9,441.34 million in Fiscal 2023.

The company's Profit After Tax (PAT) figures further underscore its robust performance: ₹12,737.71 million in Fiscal 2024, compared to ₹4,994.55 million in the previous fiscal year. These financial results indicate a steady and promising growth trajectory.

For the Waaree Energies IPO, the company is offering shares at a pre-issue Earnings Per Share (EPS) of ₹47.86, with a post-issue EPS of ₹43.06. The pre-issue Price to Earnings (P/E) ratio stands at 31.40x, while the post-issue P/E ratio is 34.90x. This is quite attractive compared to the industry P/E ratio of 151.13x. Additionally, the company's Return on Capital Employed (ROCE) for FY24 is 26.29%, and the Return on Equity (RoE) is 30.26%, indicating solid financial health.

With a Grey Market Premium (GMP) indicating potential listing gains of 72%, Waaree Energies Limited's IPO is considered fairly priced. Based on the company's financial performance and valuation metrics, we recommend this IPO primarily for risk-tolerant investors looking for listing gains or long-term investment opportunities.

For more insights into global economic trends and developments, you can explore the Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi. To stay updated on significant market news, visit Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi.

Join our Trading with CA Abhay Telegram Channel for valuable trading insights, and subscribe to the Finance Saathi Telegram Channel for timely updates on share market news and IPO developments.

If you are looking to start investing, consider applying for a Free Demat Account in Choice Broking FinX today to explore new investment opportunities.