Waaree Energies IPO: 5 key things to know from RHP before bidding starts

Waaree Energies IPO size  

Waaree Energies IPO comprises a fresh issue of shares worth Rs 3,600 crore, and an offer for sale (OFS) of up to 4.8 million shares by promoters and existing shareholders. The OFS includes Waaree Sustainable Finance, a promoter entity, selling 4.35 million shares, and Chandurkar Investments, another shareholder, offloading 450,000 shares.

The company has not yet announced the price band and lot size for the IPO.

Waaree Energies IPO objective  

The company outlines in the RHP that it will not receive any proceeds from the offer for sale. However, Waaree Energies proposes to utilise the net proceeds from the fresh issue to partly finance the cost of establishing a 6 GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India, by investing in its wholly owned subsidiary, Sangam Solar One. The remaining amount will be used for general corporate purposes.

In addition to the above objectives, Waaree Energies also expects to benefit from the listing of its equity shares on stock exchanges and the creation of a public market for the company’s equity shares in India.

Waaree Energies IPO timeline  

As per the RHP, the bidding for anchor investors is expected to take place on Friday, October 18, 2024.

 

The three-day subscription window to bid for the Waaree Energies IPO, which opens on October 21, 2024 is likely to conclude on Wednesday, October 23, 2024. 

After the subscription window closes, the basis of allotment for Waaree Energies shares is expected to be finalised on Thursday, October 24, 2024, and the company’s shares will be credited to demat accounts on Friday, October 25, 2024.

Waaree Energies shares are slated to debut on the market on Monday, October 28, 2024, by listing on the BSE, and NSE.

Waaree Energies financial details  

Waaree Energies’ revenue from operations for the period ended June 30, 2024, stood at Rs 3,408.90 crore. The company’s revenue surged to Rs 11,397.61 crore in FY24, compared to Rs 6,750.87 crore in FY23 and Rs 2,854.26 crore in FY22, as per the DRHP.

Waaree Energies’ total expenses for Q1FY25 were reported at Rs 2,965.88 crore. In FY24, total expenses stood at Rs 10,239.90 crore, up from Rs 6,162.63 crore in FY23, and Rs 2,827.47 crore in FY22.

The company’s net profit attributable to parent company owners stood at Rs 394.14 crore in Q1FY25. In FY24, it was recorded at Rs 1,237.17 crore, Rs 482.76 crore in FY23, and Rs 75.64 crore in FY22.

Waaree Energies IPO registrar details  

Link Intime India is the registrar for the Waaree Energies IPO. The book-running lead managers of the public issue include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.

About Waaree Energies  

Waaree Energies, established in 1990, is India’s leading solar PV module manufacturer. The company evolved from Anmol Fluid Connectors, undergoing name changes in 2007 and 2013. Headquartered in Mumbai, Waaree boasts a 12 GW installed capacity across Gujarat-based plants. Its five Indian manufacturing facilities and global presence support sustainable energy solutions. 

All India Solar Industries Association, Dhari Solar Park, ITEC Measures, Jain International Trade Organisation, SGP Industrial Infrastructure (formerly known as Waaree Renewables Private Limited), Shalibhadra Energies, Waa Cables, Waa Motors and Pumps, Waaree ESS, and Waaree Technologies are group companies of Waaree Energies.

First Published: Oct 15 2024 | 12:32 PM IST