Waaree Energies Limited IPO Opens On October 21. Check IPO Details Issue Date Price

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Waaree Energies Limited IPO Opens On October 21. Check IPO Details Issue Date Price

October 21, 2024
Waaree Energies Limited IPO Opens On October 21. Check IPO Details Issue Date Price

Waaree Energies Limited is coming out with an initial public offer to raise Rs. 4321.44 crores from the market.

Below are the details of the Waaree Energies Limited IPO:

  • Issue opens – October 21 (Monday)
  • Issue closes – October 23 (Wednesday)
  • Issue size – Rs. 4321.44 crores
  • Price band – Rs. 1427 to 1503 per equity share
  • Bid lot – 9 shares and in multiples thereof.

And here are some details of the company and further details on the IPO.

Company Details:

  • Waaree Energies Limited is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2024. (Source: CRISIL Report, page 165) For Fiscal 2024, they had the second-best operating income among all the domestic solar PV module manufacturers in India. (Source: CRISIL Report, page 179) They commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. Over the years, they have significantly expanded their aggregate installed capacity from 4 GW in Fiscal 2022 to 12 GW, as of June 30, 2024, as evidenced by their ability to quickly complete their expansion plans efficiently. Subsequent to June 30, 2024, they have commissioned 1.3 GW of solar module manufacturing facility at Noida, Uttar Pradesh through their subsidiary, Indosolar Limited (“IndoSolar Facility”).
  • Their solar PV modules are currently manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (“TopCon”) which helps reduce energy loss and enhances overall efficiency. Their portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.
  • They operated five manufacturing facilities in India spread over an area of 143.01 acres. They operate one factory each located at Surat (“Surat Facility”), Tumb (“Tumb Facility”), Nandigram (“Nandigram Facility”), Chikhli (“Chikhli Facility”) in Gujarat, India and the IndoSolar Facility, in Noida, Uttar Pradesh.
  • Their sales and revenue channels include: (i) Direct Sales to Utilities and Enterprises; (ii) Export Sales, which includes solar PV module sales to international customers as well as international EPC revenue; (iii) Retail Sales (comprising franchisee sales), which includes solar PV module sales through their extensive franchisee network focused on rooftop and MSME customer business vertical as well as franchisee EPC revenue; and (iv) Other Revenue from Operations, which includes EPC services for domestic utilities and enterprise customers, O&M services, trading in ancillary products, export incentives, generation of electricity from renewable resources and scrap sale.

Issue Size: Rs. 4321.44 Cr

Employee Reservation: Equity shares aggregating upto Rs. 65.00/- crores

Issue break-up:

QIB – 50 % of the net offer – Rs. 2128.22 Cr.
NIB – 15 % of the net offer – Rs. 638.47 Cr.
RET – 35 % of the net offer – Rs. 1489.75 Cr.

Listing: BSE & NSE

Registrar: Link Intime India Private Limited

UPI : All Retail & NII Bidders (bids up to Rs. 5,00,000) Applications through brokers are compulsorily in UPI Mode

Note

Application made using third party UPI or ASBA Bank A/c are liable to be rejected.

The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs. 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e., Wednesday, October 23rd, 2024.

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