Waaree Energies Limited IPO Allotment Status Announced: How to Check Allotment

The highly anticipated allotment status for Waaree Energies Limited’s IPO has been declared as of October 24, 2024. Investors who applied during the IPO window from October 21 to October 23 can now check if they have received the allotment of shares. Waaree Energies, the largest manufacturer of solar PV modules in India, launched its ₹4,321.44 crore IPO as a Book Built Issue, which attracted significant attention from retail investors, institutional investors, and high-net-worth individuals (HNIs).

IPO Subscription Recap: The Waaree Energies IPO witnessed overwhelming demand and was subscribed 76.34 times on the final day of bidding, reflecting the immense interest in the renewable energy sector. The IPO comprised a fresh issue of ₹3,600 crore and an offer for sale of ₹721.44 crore. The price band for the IPO was set between ₹1,427 to ₹1,503 per share, with the retail investors’ minimum lot size at 9 shares, requiring a minimum investment of ₹13,527. The IPO achieved strong demand from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

Steps to Check Waaree Energies IPO Allotment Status Online:

Investors can easily check their allotment status using the following methods:

1. Via the Registrar’s Website (Link Intime India Private Limited):

   • Navigate to the Link Intime website: https://linkintime.co.in
   • Select "Waaree Energies Limited IPO" from the dropdown menu.
   • Enter either your PAN, Application Number, or DP Client ID.
   • Submit the details to view the allotment status.

2. Via BSE Website:

   • Visit the BSE IPO Allotment page: https://www.bseindia.com/investors/appli_check.aspx
   • Choose Equity and select "Waaree Energies Limited" from the dropdown menu.
   • Enter your Application Number and PAN.
   • Click on Submit to view the status.

3. Via NSE Website:

   • Visit the NSE website and check under the IPO allotment section by following a similar process as above.

Once the allotment status is checked, investors can decide on further steps based on the number of shares allotted to them.

What Next for Investors?

Once investors confirm their allotment status, they can expect the shares to be credited to their demat accounts by October 26, 2024, ahead of the expected listing on October 28, 2024, on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The expected Market Capitalisation at the upper price band is estimated at ₹43,178.66 crore, based on the IPO price of ₹1,503 per share.

Waaree Energies Financial Overview:

Waaree Energies is a leading player in the solar energy sector in India, and their growth trajectory has been impressive over recent years. Below are some key financial highlights from their recent fiscal reports:

• Revenue for FY 2024 was ₹1,16,327.63 million, up from ₹68,603.64 million in FY 2023.
• Profit after Tax (PAT) for FY 2024 stood at ₹12,737.71 million, reflecting robust profitability growth from FY 2023's ₹4,994.55 million.
• EBITDA for FY 2024 amounted to ₹18,095.77 million, showcasing strong operational performance.

These financial metrics demonstrate Waaree Energies’ strong position within the renewable energy space, making it an attractive investment for both long-term and short-term investors. The IPO is expected to deliver listing gains based on a high Grey Market Premium (GMP) of around ₹1,080, which could potentially translate to about 72% gains on listing day, depending on market conditions.

Waaree Energies IPO Listing Date:

The shares of Waaree Energies Limited are scheduled to be listed on the stock exchanges by October 28, 2024. Given the company's robust financials, industry-leading position, and current market sentiment toward renewable energy stocks, there is considerable excitement around the stock's listing performance.

Objectives of Waaree Energies Limited IPO:

The net proceeds from the IPO will primarily be utilized for:

1. Establishing a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India. The estimated cost of setting up this facility is ₹90,499.59 million, of which ₹27,750 million will be deployed from the IPO proceeds.
2. General Corporate Purposes, including strategic growth initiatives and expansion plans.

Final Thoughts on Waaree Energies IPO:

Waaree Energies is uniquely positioned in India’s booming renewable energy market. Investors who have received share allotment are in a strong position, given the company’s significant market share, ongoing growth, and the renewable energy sector’s promising future in India. The IPO valuation appears fair, with a price-to-earnings (P/E) ratio of 31.40x (pre-issue) and 34.90x (post-issue), which is well-aligned with industry averages.

Given the Grey Market Premium (GMP) and Waaree Energies’ excellent financial metrics, the IPO holds potential for both listing gains and long-term growth. However, as always, investors are advised to evaluate their risk appetite before making final decisions.

Conclusion:

For investors who have been allotted shares, this IPO could offer significant returns, both in the short term and for long-term portfolio growth. Stay tuned for the listing on October 28, 2024, and plan your next steps accordingly.

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