Waaree Energies Limited ("WEL") stands as India’s largest manufacturer of solar PV modules, boasting an impressive aggregate installed capacity of 12 GW as of June 30. Since its inception in 2007, Waaree has been committed to providing quality, cost-effective sustainable energy solutions, aimed at reducing the carbon footprint and enhancing the quality of life through sustainable energy.

Currently, Waaree Energies is conducting 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 totaling ₹721.44 Crores. The IPO subscription period is set to open from October 21 to October 23, 2024, with share allotments expected to be finalized on or about Thursday, October 24, 2024. The shares are scheduled to list on both the BSE and NSE with a tentative listing date of Monday, October 28, 2024.

The share price band for the Waaree Energies IPO is established between ₹1,427 to ₹1,503 per equity share, with a minimum lot size of 9 shares. Retail investors will need to invest a minimum of ₹13,527, while High-Net-Worth Individuals (HNIs) must invest at least ₹2,02,905 for 15 lots (135 shares). At the upper price band of ₹1,503, Waaree Energies will have a market capitalization of ₹43,178.66 Crores.

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

The Grey Market Premium (GMP) for Waaree Energies Limited is currently projected at ₹1,080, based on the company's financial performance. It’s essential to note that the GMP is influenced by the dynamics of demand and supply in the unorganized market and should not be regarded as an official trading price indicator. The GMP is shared purely for educational and informational purposes.

Waaree Energies Limited IPO Live Subscription Status

As of 11:15 AM on October 22, 2024, the live subscription status for the Waaree Energies IPO shows a subscription rate of 5.04 times on the second day of the subscription period. For real-time updates, investors can check the Waaree Energies IPO live subscription status at the BSE.

Waaree Energies Limited IPO Anchor Investors Report

Waaree Energies has successfully raised ₹425.64 Crores 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 the anchor investors, reflecting substantial institutional interest in the IPO.

Objectives of Waaree Energies Limited IPO

The proceeds from the fresh issue will be directed towards the following objectives:

₹27,750.00 Million will partially finance the establishment of a 6GW manufacturing facility for Ingot Wafer, Solar Cell, and Solar PV Module in Odisha, India. The total estimated project cost is ₹90,499.59 million, and Waaree intends to deploy ₹27,750.00 million from the net proceeds as equity or debt investment in its wholly-owned subsidiary, Sangam Solar One Private Limited.

General corporate purposes.

Waaree Energies IPO Review

Waaree Energies Limited is led by experienced industry professionals, including Mr. Hitesh Chimanlal Doshi, Chairman and Managing Director, who has over 23 years in the engineering industry. Alongside him is Mr. Viren Chimanlal Doshi, one of the promoters and Whole-time Director, with over 15 years of experience, and Mr. Hitesh Pranjivan Mehta, a qualified chartered accountant with over 24 years in the solar and oil industries.

Financially, Waaree Energies has demonstrated robust growth, with revenues for the past four fiscal years as follows:

Fiscal 2024: ₹1,16,327.63 Million

Fiscal 2023: ₹68,603.64 Million

Fiscal 2022: ₹29,458.51 Million

Fiscal 2021: ₹19,830.09 Million

The EBITDA figures show significant improvement:

Fiscal 2024: ₹18,095.77 Million

Fiscal 2023: ₹9,441.34 Million

Fiscal 2022: ₹2,025.32 Million

Fiscal 2021: ₹1,257.19 Million

Profit After Tax (PAT) figures also reflect steady growth:

Fiscal 2024: ₹12,737.71 Million

Fiscal 2023: ₹4,994.55 Million

Fiscal 2022: ₹798.71 Million

Fiscal 2021: ₹457.30 Million

For the Waaree Energies IPO, shares are being issued 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 company's ROCE for FY24 is 26.29%, and its RoE is 30.26%, indicating that the IPO is fairly priced.

The GMP suggests potential listing gains of 72%, making this IPO a compelling opportunity for investors. Given the company’s financial performance and valuation metrics, we recommend that only risky investors consider applying for the Waaree Energies Limited IPO for potential listing gains or long-term investment purposes.

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