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.

Open Demat Account

50years

Waaree Energies Ltd IPO Details

Details

Total Shares OfferedOffer to PublicRetail Max (Shares)Pre Issue Promoters HoldingExchangeIssue size
₹ 287.52 L₹ 48 L₹ 99.12 L₹ 1,890.82 LBSE₹ 4321.44 Cr
IPO Open DateClose DateLot SizeMin InvestmentIssue TypeListing Date
21 Oct, 2423 Oct, 249 ₹ 12,843 Book Building28 Oct, 24

Waaree Energies Ltd IPO Dates

  • 21 Oct 2024

    Opening date

  • 23 Oct 2024

    Closing date

  • 24 Oct 2024

    Basis of
    Allotment

  • 25 Oct 2024

    Initiation of
    Refunds

  • 25 Oct 2024

    Credit of
    Shares

  • 28 Oct 2024

    Listing date

Details

SectorType
SectorElectric Equipment
Sub SectorNA
Issue TypeBook Building

Subscription Status

*Values are in Lakhs

Investor TypeSubscription TimesShares Offered*Shares Bid*
QIB86.01x141598141217937402
NII65.25x4247944277175268
Retail11.27x9911869111701664
Employee5.45x4324682356299
Total55.97x287520951609170633

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)FY23FY22FY21
Revenue from operations1,822.40772.12135.45
EBITDA2,086.87926.65175.05
PAT1,148.35460.1969.67
Total Assets7,662.495,395.141,088.62
Share Capital262.96243.37197.14
Total Borrowings972.54876.59422.94
Operating Activities (Net Cash)1,412.82614.72109.27
Investing Activities (Net Cash)-921.88-199.6453.77
Financing Activities (Net Cash)972.54876.59422.94
Net Cashflow3,615.991,714.84324.08

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.

Get your FAQs right

Waaree Energies Ltd's IPO offers shares for up to ₹ 0.04 L It begins on Oct 21, 2024 and ends on Oct 23, 2024.

The price of Waaree Energies Ltd IPO ranges between ₹1427 to ₹1503 per share.

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

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.

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

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

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.'

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.

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.