The initial public offering (IPO) of Waaree Energies shall kick-off for bidding on Monday, October 21. The solar player shall be offering its shares in the range of Rs 1,427-1,503 apiece. Investors can apply for a minimum of 9 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, October 23.
Incorporated in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. The product portfolio of solar energy products consists of the PV modules such as multicrystalline modules; monocrystalline modules; and TopCon modules include flexible bifacial modules, both framed and unframed.
The IPO of Waaree Energies includes a fresh share sale of Rs 3,600 crore and an offer-for-sale (OFS) of up to 48,00,000 equity shares amounting to Rs 721.44 crore by its promoter Waaree Sustainable Finance and investor Chandurkar Investments. At the upper end of the price band, Waaree Energies shall be raising Rs 4,321.44 crore via its IPO.
The net proceeds from the fresh issue shall be utilized towards the cost of establishing the 6GW of ingot wafer, solar cell and solar PV module manufacturing facility in Odisha, India and general corporate purposes. Proceeds from OFS shall go to the selling shareholders. Anchor book for the issue opens on Friday, October 18.
As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India. The company also complies with various safety standards for its PV modules.
Waaree Energies reported a net profit of Rs 401.13 crore with a revenue of Rs 3,496.41 crore for the three-months ended on June 30, 2024. The company reported a net profit of Rs 1,274.38 crore with a revenue of Rs 11,632.76 crore for the financial year ended on March 31, 2024.
The issue includes a reservation of equity shares worth Rs 65 crore for the eligible employees of the company. Hyundai Motor India has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per cent of the allocation. Retail investors will get the remaining 35 per cent.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital Ltd are the book running lead managers of the Waaree Energies IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on Monday, October 28.