Waaree Energies Limited (WEL) stands out as India’s largest manufacturer of solar PV modules, boasting an impressive aggregate installed capacity of 12 GW as of June 30. Established in 2007, WEL has concentrated on solar PV module manufacturing with a clear goal: to deliver quality, cost-effective sustainable energy solutions across various markets. This initiative not only aims to reduce the carbon footprint but also strives to improve the quality of life for many.

IPO Overview

The upcoming Waaree Energies IPO, a Book Built Issue amounting to ₹4,321.44 Crores, includes a Fresh Issue of 239.52 Lakh Shares worth ₹3,600.00 Crores and an Offer for Sale of 48.00 Lakh Shares totaling ₹721.44 Crores. The subscription period for the Waaree Energies IPO opens on October 21, 2024, and closes on October 23, 2024. The allotment is expected to be finalized on or about Thursday, October 24, 2024, with shares slated for listing on the BSE and NSE around Monday, 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. This means that retail investors must invest a minimum of ₹13,527, while High-Net-Worth Individuals (HNIs) need to purchase a minimum of 15 lots (135 shares), amounting to ₹2,02,905.

The book-running lead managers for this IPO include 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. The registrar for the issue is Link Intime India Private Limited.

Waaree Energies Limited IPO GMP Today

Currently, the Grey Market Premium (GMP) for Waaree Energies Limited IPO is expected to be ₹497, based on the company’s financial performance. It is essential to note that real trading based on Grey Market Premium does not occur, which means no genuine price discovery can take place before the shares are listed on the stock exchange. The GMP is entirely dependent on the demand and supply dynamics of the shares in an unregulated market, and it is provided solely for educational and informational purposes.

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

The Waaree Energies IPO will be open for subscription on October 21, 2024. As this date approaches, investors are keen to gauge the interest and demand for this IPO.

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. Here’s how investors can check their allotment status online:

Navigate to the IPO allotment status page.

Select Waaree Energies Limited IPO from the dropdown list of IPOs.

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

Submit the details to check your allotment status.

By following these steps, investors can quickly determine 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 various objectives, primarily:

A significant ₹2,775.00 Million will be allocated to part-finance the cost of establishing a 6 GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India (“Project”).

The remaining funds will be directed towards general corporate purposes.

Waaree Energies IPO Review

Waaree Energies Limited, as mentioned earlier, is India's foremost manufacturer of solar PV modules with a robust installed capacity of 12 GW. The company's commitment to sustainable energy and reducing the carbon footprint is evident in its operations since its inception in 2007.

The Chairman, Managing Director, and one of the Promoters, Mr. Hitesh Chimanlal Doshi, boasts over 23 years of experience in the engineering industry. Another key figure, Mr. Viren Chimanlal Doshi, also a Promoter and the Whole-time Director, brings over 15 years of experience in the same field. Furthermore, Mr. Hitesh Pranjivan Mehta, the Whole-time Director, is a qualified chartered accountant with more than 24 years of experience across engineering, solar, and oil industries.

Financial Performance

WEL has shown impressive financial growth over recent years:

Revenue for Fiscal 2024 was ₹1,16,327.63 Million, compared to ₹68,603.64 Million in Fiscal 2023, ₹29,458.51 Million in Fiscal 2022, and ₹19,830.09 Million in Fiscal 2021.

The EBITDA figures reflect a steady upward trend, rising from ₹1,257.19 Million in Fiscal 2021 to ₹18,095.77 Million in Fiscal 2024.

Profit after Tax has also seen remarkable growth, reaching ₹12,737.71 Million in Fiscal 2024 from ₹457.30 Million in Fiscal 2021.

These figures indicate the company's robust financial performance, and the metrics also reveal that Waaree Energies is fairly priced for its IPO. For this offering, the company is issuing shares at 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 ratio is 34.90x compared to an industry average of 151.13x. Additionally, the company's ROCE for FY24 is 26.29%, and the RoE is 30.26%.

Given the impressive financial trajectory and the anticipated Grey Market Premium (GMP) indicating potential listing gains of 33%, investors are encouraged to approach the Waaree Energies IPO with caution. The recommendation is tailored for risk-aware investors looking for potential listing gains or long-term investment opportunities.

In conclusion, Waaree Energies Limited is set to make significant strides in the renewable energy sector, and its IPO represents a promising opportunity for investors keen on sustainable investments.

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