Waaree Energies Limited (WEL) stands as India’s largest manufacturer of solar photovoltaic (PV) modules, boasting the largest installed capacity of 12 GW as of June 30, 2024. Established in 2007, WEL has dedicated itself to producing quality, cost-effective sustainable energy solutions aimed at reducing carbon footprints and enhancing the quality of life through renewable energy.

The Initial Public Offering (IPO) for Waaree Energies is a Book Built Issue amounting to ₹4,321.44 crores, which comprises a fresh issue of 239.52 lakh shares valued at ₹3,600.00 crores and an offer for sale of 48 lakh shares totaling ₹721.44 crores. The subscription period for this IPO opens on October 21, 2024, and closes on October 23, 2024. The allotment is expected to be finalized on or around October 24, 2024, with shares set to list on the BSE and NSE, aiming for a tentative listing date around October 28, 2024.

The share price band for the Waaree Energies IPO is set between ₹1,427 and ₹1,503 per equity share, with a minimum lot size of 9 shares. This translates to a minimum investment of ₹13,527 for retail investors, while High-Net-Worth Individuals (HNIs) must invest in 15 lots (135 shares), amounting to ₹2,02,905.

At the upper end of the price band, the market capitalization of Waaree Energies Limited will reach approximately ₹43,178.66 crores.

The IPO is managed by a consortium of book-running lead managers including 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. Link Intime India Private Limited serves as the registrar for the issue.

Waaree Energies Limited IPO Grey Market Premium (GMP)

The current Grey Market Premium (GMP) for Waaree Energies is estimated at ₹1,080, reflecting a strong sentiment surrounding the company’s financial health. However, it’s important to note that trading based on GMP is informal and may not reliably indicate future price movements.

Waaree Energies Limited IPO Live Subscription Status Today

As of 6:00 PM on October 23, 2024, the Waaree Energies IPO has been subscribed 76.34 times on its final day of the subscription period. Investors can check the live subscription status on the BSE website.

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. To check your allotment status, follow these steps:

• 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.

These steps will help investors quickly verify their allotment status and make informed decisions regarding their investments.

Objectives of Waaree Energies Limited IPO

The proceeds from the fresh issue will be utilized for:

1. ₹27,750 million to part-finance the establishment of a 6 GW facility for manufacturing ingots, wafers, solar cells, and PV modules in Odisha, India. The total estimated cost of the project is ₹90,499.59 million, with the company planning to invest this sum through its wholly-owned subsidiary, Sangam Solar One Private Limited.
2. General corporate purposes.

Waaree Energies IPO Review

WEL is helmed by Mr. Hitesh Chimanlal Doshi, Chairman and Managing Director, who brings over 23 years of experience in the engineering sector. Mr. Viren Chimanlal Doshi, a promoter and Whole-time Director, has over 15 years of experience, while Mr. Hitesh Pranjivan Mehta, also a Whole-time Director, is a chartered accountant with more than 24 years of experience in engineering and solar industries.

From a financial perspective, Waaree Energies has shown remarkable growth, with revenues for Fiscal 2024, 2023, 2022, and 2021 recorded at ₹116,327.63 million, ₹68,603.64 million, ₹29,458.51 million, and ₹19,830.09 million, respectively. The EBITDA figures for these periods were ₹18,095.77 million, ₹9,441.34 million, ₹2,025.32 million, and ₹1,257.19 million. The profit after tax surged to ₹12,737.71 million in Fiscal 2024, up from ₹4,994.55 million in 2023 and ₹798.71 million in 2022, indicating strong financial health.

For the Waaree Energies IPO, the company offers 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 an industry P/E ratio of 151.13x. The Return on Capital Employed (ROCE) for FY24 is 26.29%, and the Return on Equity (RoE) is 30.26%, suggesting that the IPO is reasonably priced.

With a Grey Market Premium (GMP) indicating potential listing gains of 72%, we recommend only risk-tolerant investors consider applying for the Waaree Energies Limited IPO for potential listing gains or as a long-term investment option.

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