Waaree Energies IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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Waaree Energies

CMP

2,890.10

+168.00 (6.17%)

  • DRHP
₹1,503

Offer Price

₹ 4,321.44 Cr

Issue Size

₹ 13,527

Min Investment

76.34x

Times Subscribed

9

Lot size

Time Line

  • 21
    Oct 2024
    Open
  • 23
    Oct 2024
    Close
  • 24
    Oct 2024
    Finalisation of Basis of Allotment
  • 25
    Oct 2024
    Initiation of Refunds
  • 25
    Oct 2024
    Transfer of Shares to Demat Account
  • 28
    Oct 2024
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • 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.

Products & Services

  • Waaree Energies Ltd manufactures and sells its PV modules under the "Waaree" brand.

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.

Risks

  • 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.

  • The company intend to utilise a major portion of the Net Proceeds for funding its capital expenditure requirements. This includes part financing the cost of establishing the proposed fully integrated 6 GW facility by way of an investment in its wholly owned subsidiary Sangam Solar One Private Limited which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks and uncertainties.

  • The proposed Project is dependent on various government subsidies. In the event such subsidies does not materialize or the state or central government does not approve the entire subsidy amount, its may have to raise additional working capital, which may materially impact its cash flows, financial condition and results of operations.

Company Promoters

Promoters Holding

Issue For IPO
7.52%
Pre Holding

71.80%

Post Holding

64.28%

Top Promoters Holding

Financials

All values in Cr

Mar-2022 Mar-2023 Mar-2024 3-Yr trend
Revenue 2,854.27 (-) 6,750.87 (136.50%) 11,397.61 (68.80%)
Gross Profit 161.65 (-) 841.28 (420.40%) 2,011.01 (139.00%)
Net Income 75.64 (-) 482.76 (538.20%) 1,237.18 (156.30%)
Assets 845.10 (-) 2,579.14 (205.20%) 6,096.79 (136.40%)
Liabilities 417.45 (-) 740.73 (77.40%) 2,008.98 (171.20%)

Peers

Company Name Revenue (Cr) Net Profit (Cr) Assets (Cr) Liabilities (Cr) ROE EPS BVPS Current Ratio Debt to Assets
Waaree Energies Ltd 11,397.61 1,237.18 6,096.79 2,008.98 30.36 47.05 155.45 1.53 0.09
Websol Energy System Ltd 25.86 -120.96 352.75 352.75 -112.29 -29.99 25.52 -34.29 1.70
Premier Energies Ltd 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Book Running Managers

  • Axis Capital Ltd
  • IIFL Securities Ltd
  • Jefferies India Pvt Ltd
  • Nomura Financial Advisory & Securities (India) P L
  • SBI Capital Markets Ltd
  • Intensive Fiscal Services Pvt Ltd
  • ITI Capital Ltd

Registrar & Transfer Agent

Link Intime India Pvt Ltd

C-101 247 Park,
L B S Marg,
Vikhroli West - Mumbai-400083
Phone : 91-22-49186000 Fax: 91-22-49186060

Company Contact Information

602 6th Floor Western Edge-I,
Western Exp.Highway Borivali(E,
Mumbai - 400066
Phone : 91-22-6644 4444 Email : investorrelations@waaree.com www.waaree.com

Offer Related Information

Initial public offering of 28,752,095 equity shares of face value of Rs. 10 each of the company ("Equity Shares") for cash at a price of Rs. 1,503 per equity share (including a share premium of Rs. 1,493 per equity share) ("Offer Price") aggregating to Rs. 4321.44 crores (the "Offer") comprises a fresh issue of 23,952,095 equity shares aggregating to Rs. 3600.00 crores ("Fresh Issue") and an offer for sale of 4,800,000 equity shares ("Offered Shares") aggregating to Rs. 721.44 crores comprising... More

News

  • No Data Found.

Waaree Energies FAQ's

The shares of Waaree Energies were first listed on the stock exchanges on June 26, 2024.

The total issue size of the Waaree Energies IPO was 1,10,00,000 shares, amounting to Rs. 132 crore. they

The minimum lot size for Waaree Energies public issue was 125 shares.

The price band of the IPO of Waaree Energies was Rs. 114 to Rs. 120 per equity share.

Waaree Energies IPO is a public issue through which the company raised approximately Rs. 132 crore by issuing around 1.1 crore equity shares to the public. After a successful IPO, the company’s shares are currently listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), where they are freely traded without restrictions.

Bigshare Services Private Limited is the registrar and share transfer agent of Waaree Energies IPO.

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