Waaree Energies Limited (WEL) is recognized as India’s largest manufacturer of solar PV modules, boasting the largest aggregate installed capacity of 12 GW as of June 30, 2024. Established in 2007, WEL has been at the forefront of solar PV module manufacturing, aiming to provide quality, cost-effective, and sustainable energy solutions. Their commitment to reducing the carbon footprint contributes significantly to the promotion of sustainable energy, thereby enhancing the overall quality of life.

The forthcoming Waaree Energies IPO represents a Book Built Issue totaling ₹4321.44 Crores, which 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, amounting to ₹721.44 Crores. The subscription period for this IPO opens on October 21, 2024, and closes on October 23, 2024. Investors can expect the allotment to be finalized on or about October 24, 2024, with the shares listed on the BSE and NSE on a tentative date of 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 are required to invest a minimum of ₹13,527, while High-Net-Worth Individuals (HNIs) need to invest in 15 lots (135 shares), totaling ₹2,02,905. At an IPO price of ₹1503 per share, the market capitalization of Waaree Energies Limited will be ₹43,178.66 Crores.

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited are the book-running lead managers for the issue, while Link Intime India Private Limited serves as the registrar.

Waaree Energies Limited IPO GMP Today

The Grey Market Premium (GMP) for Waaree Energies Limited IPO is anticipated to be around ₹1,080, reflecting the company's robust financial performance. It's essential to understand that the GMP is not an accurate predictor of market performance, as it depends heavily on unregulated demand and supply dynamics. The GMP is provided here for educational purposes, enabling investors to make informed choices.

Waaree Energies Limited IPO Live Subscription Status Today

As of 12:30 PM on October 21, 2024, the live subscription status for the Waaree Energies IPO shows that it has been subscribed 1.53 times on its first day. Investors can monitor the Waaree Energies IPO Live Subscription Status on the BSE for real-time updates.

Waaree Energies Limited IPO Anchor Investors Report

Waaree Energies has successfully raised ₹425.64 Crore from Anchor Investors at a price of ₹1,503 per share, following consultations with the book-running lead managers. A total of 84,95,887 equity shares have been allocated to these Anchor Investors. It's crucial to note that shares allotted to Anchor Investors are taken from the Qualified Institutional Buyers (QIBs) reservation portion.

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 (Thursday). Once the allotment is finalized, investors can check their status on the Registrar's Website. Here’s how to check your allotment status:

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 view your allotment status.

This method enables investors to efficiently verify their allotment status and proceed with their investment plans.

Objectives of Waaree Energies Limited IPO

The proceeds from the Fresh Issue will be utilized for the following objectives:

₹27,750.00 Million will partly finance the establishment of a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India. The total estimated cost for this project is ₹90,499.59 Million, with the sum of ₹27,750.00 Million proposed to be deployed from the net proceeds as an investment in their wholly owned subsidiary, Sangam Solar One Private Limited.

Funds will also be allocated for general corporate purposes.

Waaree Energies IPO Review

Financially, Waaree Energies Limited has shown consistent growth over the years. The company reported revenues of ₹1,16,327.63 Million, ₹68,603.64 Million, ₹29,458.51 Million, and ₹19,830.09 Million for the fiscal years 2024, 2023, 2022, and 2021, respectively. The EBITDA figures for the same periods were ₹18,095.77 Million, ₹9,441.34 Million, ₹2,025.32 Million, and ₹1,257.19 Million. The Profit After Tax also saw substantial growth, with figures of ₹12,737.71 Million, ₹4,994.55 Million, ₹798.71 Million, and ₹457.30 Million across the same fiscal years.

For the Waaree Energies IPO, the company is offering shares with a pre-issue EPS of ₹47.86 and a post-issue EPS of ₹43.06. The pre-issue P/E ratio stands at 31.40x, while the post-issue P/E ratio is 34.90x, compared to the industry P/E ratio of 151.13x. The company's Return on Capital Employed (ROCE) for FY24 is 26.29%, and the Return on Equity (RoE) is 30.26%. These metrics indicate that the IPO is attractively priced in comparison to industry standards.

The Grey Market Premium (GMP) for Waaree Energies suggests potential listing gains of 72%. Given the company’s financial performance and the IPO valuation, we recommend that only risk-tolerant investors consider applying for the Waaree Energies Limited IPO for potential listing gains or long-term investment.

In conclusion, the Waaree Energies IPO presents a considerable opportunity in the renewable energy sector. However, investors should thoroughly evaluate the associated risks and market conditions before making investment decisions. For further insights into investment opportunities, explore the best IPOs to apply now and stay updated with the latest IPO news and stock market developments.

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