Waaree Energies Ltd IPO
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Waaree Energies Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 287.52 L | ₹ 48 L | ₹ 99.12 L | ₹ 1,890.82 L | BSE | ₹ 4321.44 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 21 Oct, 24 | 23 Oct, 24 | 9 | ₹ 12,843 | Book Building | 28 Oct, 24 |
Waaree Energies Ltd IPO Dates
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 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Waaree Energies Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 11,397.61 | 6,750.87 | 2,854.27 |
| EBITDA | 2,086.87 | 926.65 | 175.05 |
| PAT | 1,148.35 | 460.19 | 69.67 |
| Total Assets | 7,662.49 | 5,385.07 | 1,088.62 |
| Share Capital | 262.96 | 243.37 | 197.14 |
| Total Borrowings | 972.54 | 866.53 | 422.94 |
| Operating Activities (Net Cash) | 1,412.82 | 614.72 | 109.27 |
| Investing Activities (Net Cash) | -921.88 | -199.64 | 53.77 |
| Financing Activities (Net Cash) | 972.54 | 866.53 | 422.94 |
| Net Cashflow | 3,615.99 | 1,714.84 | 324.08 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
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.
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.
Peer Comparison:
- Websol Energy System Ltd
- Premier Energies Ltd
Waaree Energies Ltd IPO 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.
- 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.
How To Apply for Waaree Energies Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.