Waaree Energies IPO

About the company

## **Waaree Energies IPO Details** ### **Waaree Energies IPO Date** According to the offer document filed by the company with the SEBI, the Waaree Energies IPO’s opening date – in other words, the Waaree Energies IPO launch date – will be 21st October 2024. The Waaree Energies IPO closing date is 23rd October 2024. After this, investors will be updated about the allotment status on 24th October 2024. Investors who have been allotted shares can expect them to be credited to their demat account on 25th October 2024. The Waaree Energies IPO listing date is 28th October 2024. The listing date is the date on which a company's shares are listed on the bourses—NSE and BSE. ### **Waaree Energies** **IPO Price Band** The IPO is a fresh issue and an offer for sale. The Waaree Energies IPO price band has been set between ₹1427 to ₹1503 per share. Interested investors can choose a price within this band to apply for the IPO. The Waaree Energies IPO listing price will be determined on 28th October 2024. The listing price is the price at which a company’s shares debut on the stock exchanges. **Waaree Energies IPO Lot Size** The Waaree Energies IPO details have been declared. The Waaree Energies IPO lot size is set at 9 shares, and an investor can apply for a minimum of 1 lot. Meanwhile, the Waaree Energies IPO issue size is approx ₹4,321.4 crore. **Waaree Energies IPO Objective** **The money raised from the fresh issue will be utilised to establish a 6GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha and for general corporate purposes.** ## **About Waaree Energies Limited** Incorporated in 1990, Waaree Energies Limited is the largest manufacturer of solar PV modules in India, with an aggregate installed capacity of 12 GW as of 30 June 2024. Its product portfolio includes multicrystalline PV modules, monocrystalline PV modules, and TopCon PV modules. Its sales and revenue channels include direct sales, export sales, retail sales, and others. Its products are used by enterprises, rooftop and MSME customer businesses. It provides EPC (Engineering, Procurement, and Construction) services to domestic utilities and enterprise customers. It is also engaged in O&M (Operations and Maintenance) services, trading in ancillary products, export incentives, generating electricity from renewable resources, and scrap sales. It operates five manufacturing facilities located at Surat, Tumb, Nandigram, and Chikhli in Gujarat, India, and one in Noida, Uttar Pradesh. The facilities are certified by ISO and the European Union. It maintains high standards for insurance approval as its product warranties are insured by external parties. As of 30 June 2024, it served 1,076 customers in India and 12 customers outside India. The company also has a substantial order book of solar PV modules. Its pending order book of solar PV modules stood at 16.6 GW as of June 30, 2024, while its subsidiary, Waaree Solar Americas Inc. has 3.75 GW of orders in the United States. Between FY22 and FY24, it saw a CAGR rise of over 58% in its revenue from operations and 152% in its profit. Moreover, solar capacity additions of 137 GW to 142 GW are expected over FY25 to FY29, which could indirectly benefit the company. Now, Waaree Energies Limited is launching its initial public offer (IPO). The total IPO issue size is ₹4,321.4 crore, comprising fresh issue, aggregating to ₹3600 crore, and an offer for sale, aggregating to ₹721.4 crore. Its shares will be listed on the NSE and BSE. Company Name **:  Waaree Energies Limited** Company Established On **: 1990** Company Type **: Private** CEO/MD **:   Amit Paithankar** **Financial snapshot** **Particulars**| **FY22**| **FY23**| **FY24** ---|---|---|--- Revenue|₹2,854 cr|₹6,750 cr|₹11,397 cr Net Profit|₹79.6 cr|₹500 cr|₹1,274 cr ## **Waaree Energies IPO Analysis** ### **Strengths and Opportunities** 1. Well-positioned to capture industry tailwinds as the largest manufacturer of solar PV modules in India.  1. A diverse base of Indian and global customers includes customers from the United States, Canada, Italy, Hong Kong, Turkey, and Vietnam. 1. The company has a backward integration strategy to further enhance its operations and increase profitability. 1. It integrates each stage of the production process to achieve cost savings and improve profit margins. 1. Advanced manufacturing facilities with global accreditations and a consistent Tier-1 rating from Bloomberg New Energy Finance between FY18 and FY24. 1. Extensive pan-India retail network with 369 franchisees across India as of 30 June 2024. 1. Consistent track record of financial performance with EBITDA margins of 6%, 13%, 15%, and 18% in FY22, FY23, FY24, and Q1 FY25, respectively. ### **Risks and threats** 1. Subject to export-related risks, such as the respective legal and regulatory environment, forex rate fluctuations, and political, social, or economic instability.  1.  Derives 37% of its total retail sales from Gujarat as of FY24, exposing it to risks related to geographical concentration. 1. It faces risks related to expanding in new geographies, such as high entry barriers and regulatory or financial risks. 1. It bids for solar projects with state power generation companies, which exposes it to delays that may result in a levy of damages and revenue losses. 1. The company has grown its business through acquisitions in the past and doing so subjects it to additional risks. 1. Imports 90% of its total purchases, and restrictions on import duties can significantly affect its finances. ## **How to apply for the Waaree Energies** **IPO?** If you are interested to invest in Waaree Energies IPO, following are the steps to apply: 1. Login to your Upstox account, using your six-digit PIN 1. After successfully logging in, click on ‘Discover’ 1. On the Discover tab, you will find the ‘Invest in IPO’ section 1. Under the Invest in IPO section, look for the ‘Waaree Energies IPO’ tab and click on it 1. Now fill in all the required information, like ‘bid price’ and ‘lot size’ 1. Confirm and click on ‘Apply’ 1. Accept the mandate on your UPI app

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   21 Oct 2024

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   23 Oct 2024

   Last day to place your bid

3. Basis of Allotment

   Completed
   23 Oct 2024

   Share allotment finalised

4. Refund Initiation

   Completed
   25 Oct 2024

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   24 Oct 2024

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   28 Oct 2024

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.