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Waaree Energies IPO Details, Financials, Valuation & Peers
By IPOBase •Last Updated on
Explore Waaree Energies IPO details, including IPO dates, financial statements, valuation, peer comparison and more.
Status
Listed
Biding Dates
21 Oct - 23 Oct 2024
Price Range
₹1,427 - ₹1,503
Min Investment
₹13,527
Lot Size
9 shares
Issue Size
₹4,321.44 crore
Listed Price
₹2,50066.33%
Overview
Waaree Energies Limited is India's largest manufacturer of solar photovoltaic (PV) modules, with an installed production capacity of 12 GW as of June 30, 2023. Since its inception in 2007, the company has been committed to delivering cost-effective, sustainable energy solutions while reducing carbon footprints. Waaree has significantly expanded its production capabilities, growing from a 2 GW capacity in 2021 to 12 GW in 2023. The company focuses on manufacturing solar PV modules using advanced technologies like monocrystalline, multicrystalline, and Tunnel Oxide Passivated Contact (TopCon), enhancing energy efficiency. Waaree operates four advanced manufacturing facilities across Gujarat, India. The company has built a strong domestic and international presence, exporting to global markets while maintaining a leading position in India.
Key Points:
- Largest Solar PV Manufacturer: Waaree Energies is India's largest manufacturer of solar PV modules with an installed capacity of 12 GW as of June 2023.
- Product Range: The company produces multicrystalline, monocrystalline, and TopCon solar modules, including bifacial and building-integrated photovoltaic (BIPV) modules.
- Global and Domestic Reach: Waaree has expanded its footprint both in India and internationally, with exports contributing 73.35% of its revenue for the three months ending June 30, 2023.
- Manufacturing Facilities: Waaree operates four factories in Gujarat, covering over 136 acres, all of which are certified for ISO quality and environmental standards.
- Technological Innovation: The company continually invests in cutting-edge solar technologies like Mono PERC and large-size silicon wafer technologies to enhance efficiency.
- Customer Base: As of June 2023, Waaree served 373 customers in India and 20 international clients, demonstrating its broad market penetration.
Objects of the Issue
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India
- General corporate purposes
IPO Details
Discover essential information crucial for understanding an IPO, including the Price Band, Fresh Issue, Offer For Sale, Total IPO Size and more. Explore these key details to gain insight into the company's public offering.
| Fields | Details |
|---|---|
| IPO Dates | 21 Oct - 23 Oct 2024 |
| IPO Price Band | ₹1,427 - ₹1,503 per share |
| Fresh Issue | ₹3,600 crore |
| Offer For Sale | 4,800,000 shares (₹721.44 crore) |
| Total IPO Size | ₹4,321.44 crore |
| Face Value | ₹10 |
| Listing On | BSE, NSE |
IPO Timeline
Explore important dates like IPO opening, closing, listing and others, outlining the journey of the Public Offering. This will help you grasp the entire IPO journey effortlessly.
| Event | Date |
|---|---|
| IPO Opening Date | 21 Oct 2024 |
| IPO Closing Date | 23 Oct 2024 |
| Basis Of Allotment | 24 Oct 2024 |
| Refunds | 25 Oct 2024 |
| Demat Transfer | 25 Oct 2024 |
| IPO Listing Date | 28 Oct 2024 |
Financial Statements
Explore a comprehensive financial data table showcasing key metrics including revenue, expenses, net income, and others. Gain valuable insights about the company's financial performance at a glance, facilitating informed decision-making and strategic planning for subscribing to the IPO.
| Period Ended | 31st March 2022 | 31st March 2023 | 31st March 2024 | Jun 2024 |
|---|---|---|---|---|
| Total Income | 2,945.85 | 6,860.36 | 11,632.76 | 3,496.41 |
| Total Expenses | 2,827.48 | 6,162.63 | 10,239.90 | 2,965.88 |
| Net Profit/Loss | 79.65 | 500.28 | 1,274.38 | 401.13 |
| NPM (*) | 2.70 | 7.29 | 10.96 | 11.47 |
| Total Assets | 2,237.40 | 7,419.92 | 11,313.73 | 11,989.48 |
| Total Liabilities | 1,797.54 | 5,558.07 | 7,165.24 | 7,437.08 |
* NPM represents the net profit margin, calculated as a percentage. All other figures are presented in crore (₹cr)
Valuation
Uncover significant valuation metrics such as EPS (Earnings Per Share), ROE (Return on Equity), ROCE (Return on Capital Employed), D/E Ratio (Debt-to-Equity Ratio), Current Ratio, and EBITDA Margin. These key indicators offer insights into the company's financial standing and performance, aiding in informed investment decisions.
| Period Ended | 31st March 2022 | 31st March 2023 | 31st March 2024 | Jun 2024 |
|---|---|---|---|---|
| EPS | 3.84 | 21.57 | 47.86 | 14.93 |
| ROE (%) | 17.69 | 26.26 | 30.26 | 8.79 |
| ROCE (%) | 21.89 | 31.61 | 26.29 | 9.45 |
| D/E Ratio | 0.72 | 0.15 | 0.08 | 0.06 |
| Current Ratio | 0.90 | 1.11 | 1.48 | 1.39 |
| EBITDA MARGIN (%) | 6.88 | 13.76 | 15.56 | 18.30 |
* Compiled from DRHP/RHP for valuation purposes.
Peer Comparison
Compare key financial metrics with industry peers to gain valuable insights into the company's performance compared to its competitors.
| Name | Total income | P/E | EPS | RoNW | NAV |
|---|---|---|---|---|---|
| Waaree Energies Limited | 11,397.61 | 31.40 | 47.86 | 30.36 | 154.96 |
| Websol Energy System Limited | 25.9 | NA | -29.99 | NA | NA |
| Premier Energies Limited | 3,143.8 | 151.13 | 5.48 | 37.46 | 14.63 |
* Revenue in (₹cr), RoNW in (%), EPS, NAV in (₹). P/E ratio is based on the highest price from the IPO price band.
IPO Reservation
| Investor Type | Shares Offered |
|---|---|
| Qualified Institutional Buyer (QIB) | Not more than 50% |
| Non-Institutional Investor (NII/HNI) | Not less than 15% |
| Retail Individual Investor (RII) | Not less than 35% |
Subscription Data from NSE and BSE
| Investor Type | Subscribed |
|---|---|
| Qualified Institutional Buyer (QIB) | 215.03 |
| Non-Institutional Investor (NII/HNI) | 65.25 |
| Retail Individual Investor (RII) | 11.27 |
| Total | 79.44 |
* All figures represent multiples of the subscription. Check subscriptions for other ongoing issues here.
IPO Registrar
Link Intime India Private Ltd
Phone: + 91 810 811 4949
Email: ipo.helpdesk@linkintime.co.in
Website: https://linkintime.co.in/
Company Promoters
- HITESH CHIMANLAL DOSHI
- VIREN CHIMANLAL DOSHI
- PANKAJ CHIMANLAL DOSHI
- WAAREE SUSTAINABLE FINANCE PRIVATE LIMITED (FORMERLY KNOWN AS MAHAVIR THERMOEQUIP PRIVATE LIMITED)
Lead Managers
- Axis Capital Limited
- IIFL Securities Limited
- Jefferies India Private Limited
- Nomura Financial Advisory and Securities (India) Private Limited
- SBI Capital Markets Limited
- Intensive Fiscal Services Private Limited
- ITI Capital Limited
Company Address
Waaree Energies Limited
602, 6th Floor, Western Edge – I, Western Express Highway, Borivali (East), Mumbai - 400 066, Maharashtra, India
Phone: +91 22 6644 4444
Email: investorrelations@waaree.com
Website: www.waaree.com
FAQs
- What is the issue size of the Waaree Energies IPO?The Waaree Energies IPO has an issue size of ₹4,321.44 crore. This includes a fresh issue of ₹3,600 crore and an offer for sale (OFS) of 4,800,000 shares (₹721.44 crore).
- What is the price band of the Waaree Energies IPO?The price band for the Waaree Energies IPO is ₹1,427 - ₹1,503 per share.
- What are the bidding dates for the Waaree Energies IPO?The Waaree Energies IPO will open for bidding on 21 Oct 2024 and close on 23 Oct 2024.
- What is the allotment date for the Waaree Energies IPO?The allotment date for the Waaree Energies IPO is 24 Oct 2024.
- What is the minimum lot size and investment required for the Waaree Energies IPO?The minimum lot size for the Waaree Energies IPO is 9 shares and the minimum investment required is ₹13,527.
- What is the listing date for the Waaree Energies IPO?The listing date for the Waaree Energies IPO is 28 Oct 2024.
- What is the Waaree Energies IPO grey market premium?The grey market premium (GMP) for the Waaree Energies IPO is currently at ₹1,295, with an expected listing gain of approximately 86.16%. Remember, the grey market premium is not an official indicator, but it reflects market perception and demand for the IPO shares.