The initial public offer (IPO) of Waaree Energies received 1,60,91,70,633 bids for shares as against 2,10,79,384 shares on offer. The issue was subscribed 76.34 times.
The Qualified Institutional Buyers (QIBs) category was subscribed 208.63 times. The Non Institutional Investors (NIIs) category was subscribed 62.49 times. The Retail Individual Investors (RIIs) category was subscribed 10.79 times.
The issue opened for bidding on 21 October 2024 and it closed on 23 October 2024. The price band of the IPO was fixed between Rs 1,427 to 1,503 per share.
The IPO comprised offer for sale (OFS) of 4800000 equity shares and fresh issue of equity shares, aggregating to Rs 3600 crore. Of the OFS, sales by the promoter shareholders constitute 4350000 equity shares [all by Waaree Sustainable Finance] and balance by Investor selling shareholders [450000 equity share by Chandurkar Investments]. On post issue expanded equity Chandurkar Investments will hold 0% stake.
Of the net proceeds from the fresh issue, about Rs 2,775 crore will be used to part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha by way of an investment in Sangam Solar One, a wholly owned subsidiary of the company and balance towards general corporate purposes.
Ahead of the IPO, Waaree Energies on 18 October 2024, raised Rs 1,276.93 crore from anchor investors. The board allotted 84.95 lakh shares at Rs 1,503 each to 92 anchor investors.
Waaree Energies is the largest manufacturer of solar PV modules in India, in terms of installed capacity. It manufactures solar PV modules using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) which helps reduce energy loss and enhances overall efficiency.
The company manufactures and sells its PV modules under the 'Waaree' brand. Its 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.
The firm reported a consolidated net profit (from Continuing Biz) of Rs 401.13 crore and sales of Rs 3,408.90 crore for the three months ended on 30 June 2024.
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