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Waaree Energies Ltd IPO

We are a manufacturer of solar PV modules in India with an aggregate installed capacity of 12 GW and utilized capacity of 43.37%, as of and for the year ended March 31, 2024 and an aggregate installed capacity of 12 GW and utilized capacity of 45.01%, as of and for the three months ended June 30, 2024 (on an unannualized basis). Our 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.

Waaree Energies Ltd IPO Details

Total Shares Offered

₹ 2,87,52,095

Offer to Public

48,00,000

Retail Max (Shares)

₹ 99,11,869

Pre Issue Promoters Holding

₹ 18,90,82,083

Exchange

BSE

Issue size

₹ 4321.44 Cr

IPO Open Date

Oct 21, 2024

Close Date

Oct 23, 2024

Lot Size

Min Investment

₹ 12,843

Issue Type

Book Building

Listing Date

Oct 28, 2024

Waaree Energies Ltd IPO Dates

Oct 21, 2024

Opening date

Oct 23, 2024

Closing date

Oct 24, 2024

Basis of Allotment

Oct 25, 2024

Initiation of Refunds

Oct 25, 2024

Credit of Shares

Oct 28, 2024

Listing date

Details

Sector	Type
Sector	Electric Equipment
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	86.01x	14159814	1217937402
NII	65.25x	4247944	277175268
Retail	11.27x	9911869	111701664
Employee	5.45x	432468	2356299
Total	55.97x	28752095	1609170633

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

86.01x

65.25x

11.27x

5.45x

55.97x

14159814

4247944

9911869

432468

28752095

1217937402

277175268

111701664

2356299

1609170633

Waaree Energies Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	14,444.50	11,397.61	6,750.87
EBITDA	3,038.16	2,086.85	926.65
PAT	1,781.17	1,148.35	460.19
Total Assets	11,099.15	7,662.49	5,385.07
Share Capital	287.28	262.96	243.37
Total Borrowings	1,967.82	863.55	866.53
Operating Activities (Net Cash)	2,102.07	1,412.81	614.72
Investing Activities (Net Cash)	-1,497.88	-921.86	-199.64
Financing Activities (Net Cash)	1,967.82	863.55	866.53
Net Cashflow	7,019.53	3,615.98	1,714.84

About Waaree Energies Ltd

Waaree Energies Limited was originally incorporated as `Anmol Fluid Connectors Private Limited' at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 18, 1990, issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). The name of the Company was changed to `Waaree Solar Private Limited', pursuant to a fresh certificate of incorporation issued by the RoC on April 25, 2007. The name of the Company was further changed to `Waaree Energies Priave Limited', pursuant to a fresh certificate of incorporation issued by the RoC on October 15, 2007. The name of the Company was further changed to `Waaree Energies Private Limited', pursuant to a fresh certificate of incorporation issued by the RoC on December 12, 2007. Thereafter, the Company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of the Shareholders held on March 8, 2013, and consequently the name of the Company was changed to its present name i.e., `Waaree Energies Limited', pursuant to a fresh certificate of incorporation issued by the RoC on May 2, 2013.

The Indian commercial and industrial solar sector added approximately 10GW over Fiscal 2019 and 2023, with total installed capacity as of December 2023 at approximately 25 GW. The commercial & industrial segment accounts for 70%-80% of the country's rooftop solar installations and is making headway in the utility-scale solar space as well through open access and group captive routes. Capacity additions picked up in the last two years in response to the easing of pandemic restrictions and increasing power demand.

Peer Comparison:

Websol Energy System Ltd
Premier Energies Ltd

Waaree Energies Ltd Key Points

Strengths

Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally.

Diversified base of global and Indian customers with a large order book.

Advanced manufacturing facilities with global accreditations.

Extensive pan-India retail network.

Consistent track record of financial performance.

Risk

The company's business is dependent on certain key customers and the loss of any of these customers or loss of revenue from sales to any key customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Its customer agreements include terms relating to liquidated damages and the company has paid liquidated damages and other related claims in Fiscal 2023 and Fiscal 2024 and the three months ended June 30, 2023 and June 30, 2024. In the event the company is unable to reduce such liquidated damages and other related claims its business, financial condition, results of operations and cash flows may be adversely impacted.

Its export sales make the company operations subject to risks and uncertainties of various international markets, in particular the United States. Further, its revenue from operations is significantly dependent on export sales and there is no assurance that its may be able to continue its export sales going forward.

Strategy

Implement strategic backward integration to enhance operations and increase profitability.

Maintain leadership position in the utility and enterprise modules sales market with continued capacity expansion in India and abroad.

Comparative cost of solar module facilities executed in the past.

Focus on technology upgrades to manufacture high quality modules.

Continue to grow and diversify our export markets.

How To Apply for Waaree Energies Ltd IPO Online?

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FAQs on IPO (Initial Public Offering)

What is the issue size of the Waaree Energies Ltd IPO?

Waaree Energies Ltd's IPO offers shares for up to 3,600 It begins on Oct 21, 2024 and ends on Oct 23, 2024.

What is the price of the Waaree Energies Ltd IPO?

The price of Waaree Energies Ltd IPO ranges between ₹1,427 to ₹1503 per share.

What are the open and close dates for the Waaree Energies Ltd IPO?

The Waaree Energies Ltd IPO opens on Oct 21, 2024 and closes on Oct 23, 2024.

When will the Waaree Energies Ltd IPO be allotted?

The allotment for the Waaree Energies Ltd IPO will be finalised on Oct 24, 2024. The shares will be listed on BSE and NSE on Oct 28, 2024.

What is the minimum lot size required for Waaree Energies Ltd IPO?

The minimum lot size for Waaree Energies Ltd IPO is 9 shares, priced between ₹1427 to ₹1503 per share.

What is the GMP of Waaree Energies Ltd IPO?

The GMP (Grey Market Premium) of Waaree Energies Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Waaree Energies Ltd IPO?

To check the allotment status of Waaree Energies Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Waaree Energies Ltd IPO getting listed?

The Waaree Energies Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Oct 21, 2024, and closes on Oct 23, 2024. The allotment is finalised on Oct 24, 2024.

How do you apply for the Waaree Energies Ltd IPO?

To apply for the Waaree Energies Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.