The subscription period for Waaree Energies IPO begins on October 21, 2024, and ends on October 23, 2024. On Thursday, October 24, 2024, the allotment for the Waaree Energies IPO is anticipated to be completed.
On the first day of bidding, Waaree Energies‘ initial public offering (IPO), which began on October 21, received over 3.32 subscriptions. The general public can still make an offer till October 23.
The public offering got 6,98,85,360 applications by 5 PM on the first day of bidding, compared to the 2,10,79,384 shares that were offered. According to information available on BSE, the retail portion of the book build issue was booked 3.17 times, and the NII segment was subscribed 8.09 times.
Waaree Energies IPO Details
Waaree Energies is set to have its initial public offering (IPO) on October 21, 2024, and each share would have a face value of Rs 10. The initial public offering (IPO) pricing range is fixed at Rs 1427 to Rs 1503 per share, with a minimum lot size requirement of 9 shares for retail investors. 28,752,095 shares overall, with a maximum value of Rs 4,321.44 crore.
This amount includes an offer to sell 4,800,000 shares, valued at roughly Rs 721.44 crore, and a new issuance of 23,952,095 shares, with a maximum value of Rs 3,600.00 crore. Following its listing on the BSE and NSE, the book-built issuance would increase the company’s shareholding from 263,331,104 to 287,283,199 shares.
| IPO Date | October 21, 2024 to October 23, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹1427 to ₹1503 per share |
| Lot Size | 9 Shares |
| Total Issue Size | 28,752,095 shares (aggregating up to ₹4,321.44 Cr) |
| Fresh Issue | 23,952,095 shares (aggregating up to ₹3,600.00 Cr) |
| Offer for Sale | 4,800,000 shares of ₹10 (aggregating up to ₹721.44 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 263,331,104 |
| Share holding post issue | 287,283,199 |
As a major participant in the solar energy industry in India, Waaree Energies has strengthened its position by producing photovoltaic (PV) modules, with an installed capacity of 12 GW as of June 30, 2023. The company runs the IndoSolar Facility in Noida, Uttar Pradesh, and five production facilities in Gujarat, including Surat, Tumb, Nandigram, and Chikhli. Waaree Energies continues to establish its domination in the solar module export business in India, with a market share of more than 44%.
Waaree Energies Company’s net profit of last 3 years
Regarding financial performance, the company reported a total income of Rs 2945.85 crore for the previous three fiscal years, with a net profit of Rs 79.65 crore in FY22. In FY23, it declared a net profit of Rs 500.28 crore and total income of Rs 6,860.36 crore. In FY24, it reported net profit of Rs 1,274.38 crore and total income of Rs 11,632.76 crore. With a total revenue of Rs 3496.41 crore, it made a net profit of Rs 401.12 crore during the first quarter of FY25, which concluded on June 30, 2024. In FY23 and beyond, there was a significant increase in both its top and bottom lines.
Is it Profitable or Not?
Waaree Energies is the country’s largest solar PV module manufacturer. Market guru Anil Singhvi said that one can invest in this IPO for big listing gains. The size of Waaree Energies’ IPO is large, so the chances of getting allotment are also high, apart from this, the presence in the global and Indian market is strong, the financial track record is good and the valuation is also quite attractive, all these plus points will help it to give a strong start on the stock market platform and will encourage investors.
Waaree Energies IPO Timeline
| IPO Open Date | Monday, October 21, 2024 |
| IPO Close Date | Wednesday, October 23, 2024 |
| Basis of Allotment | Thursday, October 24, 2024 |
| Initiation of Refunds | Friday, October 25, 2024 |
| Credit of Shares to Demat | Friday, October 25, 2024 |
| Listing Date | Monday, October 28, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 23, 2024 |