Waaree Energies Ltd

Waaree Energies Ltd IPO

IPO Price Range: ₹1427 - 1503

Waaree Energies Limited is one of the major players in the solar energy industry in India focused on PV module manufacturing, with an aggregate installed capacity of 2 GW as of March 31, 2021. Its solar energy productportfolio consists of the following PV modules: (i) multicrystalline modules; and (ii) monocrystalline modules, comprising Merlin flexible modules and monocrystalline passivated emitter and rear cell modules, which includes bifacial modules (framed and unframed), building integrated photo voltaic modules. The Company operates three manufacturing facilities comprising four factories at Surat, Tumb and Nandigram in Gujarat, India.

Min Investment

₹13,527

IPO Size

₹4,321 Cr

IPO Status

Closed

Quantity in 1 Lot

9

Max Bid allowed

14

Listing Exchange

NSE

IPO Application Timeline of Waaree Energies Ltd

Open Date21 Oct 2024
Close Date23 Oct 2024
Allotment Date24 Oct 2024
Listing Date28 Oct 2024

IPO subscribed over

🚀 76.34x

This IPO has been subscribed by 10.79x in retail and 208.63x in QIB.

Subscription Rate

Total Subscription76.34x
Retail Individual Investors10.79x
Qualified Institutional Buyers208.63x
Non Institutional Investors62.49x

Key Statistics

Bid Opening DateBid Opening Date21 Oct 2024
Bid Closing DateBid Closing Date23 Oct 2024
Allotment DateAllotment Date24 Oct 2024
Issue SizeIssue Size₹4,321.44Cr
Quantity in 1 lotQuantity in 1 lot9

Strength and risks

Strength

Strength

  • Consistent track record of financial performance leading to strong balance sheet position

  • High quality manufacturing with stringent quality control and global accreditations

  • Experienced senior management team with a committed employee base

  • Leading solar PV module manufacturer in India well positioned to capture strong industry tailwinds and growth prospects for solar energy

  • Marquee customer base in India and globally

  • Deep penetration into the rooftop segment through its pan-India franchisee network


Risk

Risk

  • The companys 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.

  • Its ability to grow the company Retail Sales particularly, commercial and industrial, and residential business verticals, depends on the success of its relationship with the company franchisees and an inability to maintain or further expand its retail network, could negatively affect the companys business, cash flows and results of operations.

  • The company, through its Subsidiary, Waaree Solar Americas Inc., are in the process of expanding its manufacturing operations in the United States. The proposed facility is to be funded through its internal accruals as well financing agreements with lenders, which are yet to be finalized. Any failure to properly implement its manufacturing operations may have an adverse impact on the companys business, financial condition, and cash flows.

  • The company import a portion of its raw material supply from China. Restrictions on or import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on the company products in its export markets may adversely affect the companys business prospects, financial performance and cash flows.

  • The company bid for solar projects for power supply with state power generation companies and for EPC and O&M projects through a competitive bidding process that expose it to risks, the occurrence of which may delay or prevent completion of such projects and may lead to unforeseen increases in costs and could adversely impact its business, financial condition, cash flows, and results of operations.

  • Growing its business through acquisitions or joint ventures may subject it to additional risks that may adversely affect its business, financial condition, cash flows, results of operations and prospects.

Promoters Holding

Investors Holdings %
Hitesh Chimanlal Doshi5.36%
Viren Chimanlal Doshi4.16%
Pankaj Chimanlal Doshi9.34%
Waaree Sustainable Finance P L21.69%
Bindiya Kirit Doshi7.53%

About Waaree Energies Ltd

OrganisationWaaree Energies Ltd
HeadquartersMumbai
IndustryCapital Goods - Electrical Equipment

Frequently Asked Questions

  • What is the size of the Waaree Energies Ltd IPO?

    The size of the Waaree Energies Ltd IPO is ₹4,321.44Cr .

  • What is 'pre-apply' for Waaree Energies Ltd IPO?

    'Pre-apply' for Waaree Energies Ltd IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

  • When will my Waaree Energies Ltd IPO order be placed?

    Your Waaree Energies Ltd IPO order will be placed on 21 Oct 2024.

  • What are the open and close dates of the Waaree Energies Ltd IPO?

    The open and close dates of the Waaree Energies Ltd IPO are 21 Oct 2024 to 23 Oct 2024.

  • What is the lot size and minimum order quantity of the Waaree Energies Ltd IPO?

    The lot size and minimum order quantity of the Waaree Energies Ltd IPO are 9 and 9 respectively.

  • What would be the listing gains on the Waaree Energies Ltd IPO?

    The potential listing gains on the Waaree Energies Ltd IPO will depend on various market factors and cannot be predicted with certainty.