₹ 13527 / 9 shares
IPO Details
RHP/DRHPIssue Date
21 Oct - 23 Oct'24
Investment/lot
₹ 13527
Price Range
1427 - 1503
Lot Size
9
IPO Size
₹ 4321.44 Cr
IPO Listing Details
Listing On
28 Oct'24
Issue Price
1503
Listed Price
₹ 2500
Retail Gain/Listing Gain
â–²66.33%
IPO Timeline
Waaree Energies Limited Company Background
Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12GW, as of June 30, 2023. (Source: CRISIL Report).
The company manufactures multicrystalline modules, monocrystalline modules, and TopCon modules, consisting of flexible modules, that include bifacial modules (Mono PERC) (framed and unframed). The company is also involved in building integrated photo voltaic (BIPV) modules.
Waaree Energies IPO Key Points
Objectives of the IPO:
-
Repayment/prepayment, in full or part, of certain borrowings availed by our Company;
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Funding of working capital requirements of their company; and
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General corporate purposes.
Subscription Details:
Qualified Institutional Buyer: 50%
NIB: Non-Institutional Buyer: 15%
Retail: 35%
Potential Benefits for Investors:
- The Indian Government is investing heavily in renewable and green energy. Waaree Energies is a key contributor in the green energy space and thus investors can be a part of a company that can make huge strides in the renewable energy market.
- Waaree Energies has several ISO-accredited facilities and incorporates top technologies like TopCon and Mono PERC into its manufacturing processes. Thus, by investing in Waaree Energies, one can be a part of a group that is at the cutting edge of technology.
- Waaree Energies has a strong base in the domestic and international markets and a strong brand recall across geographies.
Waaree Energies Limited Key Financials
Presentation of key financial metrics and indicators to assess Waaree Energies' financial health.
| Particulars | As of March 2024 | As of March 2023 | As of March 2022 |
|---|---|---|---|
Revenue from Operations | 113,976.09 | 67,508.73 | 28,542.65 |
Total Equity and Liability | 1,13,137.27 | 74,199.20 | 22,373.99 |
Return on average net worth | 30.36 | 26.45 | 17.70 |
All Financial Information about Waaree Energies
Comprehensive financial data, including revenue, profit/loss statements, EBITDA, and other critical metrics.
Particulars (in Rs. million)
Particulars (in Rs. million)
Promoters of Waaree Energies Limited
| Name | Designation |
|---|---|
Hitesh Chimanlal Doshi | Chairman and Managing Director |
Viren Chimanlal Doshi | Whole-time Director |
Pankaj Chimanlal Doshi | Director |
Waaree Energies IPO Strengths
Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally
Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12GW, as of June 30, 2023. (Source: CRISIL Report). Over the years, they have significantly expanded their aggregate installed capacity from 2 GW in Fiscal 2021 to 9 GW, as of March 31, 2023 which further increased to 12 GW as of June 30, 2023, as evidenced by their ability to quickly complete expansion plans efficiently.
Diversified base of global and Indian customers with a substantial order book
The company has over the years established relationships with a diversified set of customers globally and within India. Their revenue from operations increased at a CAGR of 85.92% from ₹ 19,530.39 million in Fiscal 2021 to ₹ 67,508.73 million in Fiscal 2023. As of March 31, 2021, 2022 and 2023 and as of June 30, 2023, the total number of customers served by them in India was 1,381, 716, 566 and 373, while 31, 26, 33, and 20 customers outside India were served in the same periods, respectively.
Advanced manufacturing facilities with global accreditations
Their manufacturing facilities at Tumb and Surat are certified with ISO 9001:2015 for the manufacture, marketing, and supply of solar photovoltaic modules. Their Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015 and ISO 14001:2015 certificates for the manufacture, marketing, and supply of solar photovoltaic modules.
Waaree Energies IPO Risk Factors
The 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 hurt the business.
The export sales make their operations subject to risks and uncertainties of various international markets, in particular the United States. Further, their revenue from operations is significantly dependent on export sales and there is no assurance that they may be able to continue their export sales going forward.
The proposed project is dependent on various government subsidies. In the event such subsidies do not materialize or the state or central government does not approve the entire subsidy amount, they may have to raise additional working capital, which may hurt their business.
Key Strategies of Waaree Energies
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
Continue to grow and diversify our export markets
Conclusion
Waaree Energies is the largest PV Module manufacturer in India, has strong domestic and international customers and is in the ‘in the hottest sector currently’. However, a regime change in the United States, regulatory risks and other such aspects pose a challenge for the Solar manufacturer.
Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
How To Apply for Waaree Energies Ltd IPO?
Here are the steps to apply for Waaree Energies Ltd IPO:
Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.
Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.
Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.
Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
Waaree Energies Limited IPO FAQs
When is Waaree Energies Limited IPO listing date?
Waaree Energies Limited IPO will list on 2024-10-28.
What is the issue size of Waaree Energies Limited IPO?
4321.44 is the issue size of Waaree Energies Limited IPO.
What is the minimum lot size required for Waaree Energies Limited IPO?
The minimum lot size is 9 shares and the investment required is ₹13527.
What is the price band of the Waaree Energies Limited IPO?
The price band of Waaree Energies Limited IPO is ₹1427 to ₹1503.
Where can I read more about Waaree Energies Limited business?
You can read more about Waaree Energies Limited and its IPO from the company’s red herring prospectus (RHP) here.
What is the Waaree Energies Limited IPO?
The Waaree Energies IPO has an issue size of ₹4,321.44 crores. The IPO opens for subscription on 21/10/2024 and closes on 23/10/2024.
Who is the Registrar for Waaree Energies Limited IPO?
Link Intime India Private Limited is the registrar for Waaree Energies Limited IPO
