Waaree Energies has announced a price band of Rs 1,427-1,503 for its initial public offering (IPO), which will open for public subscription on Monday, October 21, and will be available for bidding until October 23.
Bids can be made for a minimum quantity of 9 shares in one lot and multiples of 9 thereafter.
The issue will consist of a combination of fresh equity shares worth Rs 3,600 crore and an offer for sale (OFS) of up to 48 lakh shares by the selling shareholders.
Waaree Sustainable Finance and Chandurkar Investments will be offloading their stakes via the OFS.
At the upper end of the price band, the OFS amount stands at Rs 721.44 crore, bringing the total IPO size to Rs 4,321.44 crore.
Waaree Energies IPO GMP
Waaree Energies' shares are trading at a premium of Rs 1,280 in the unlisted market, indicating a grey market premium (GMP) of 85% over the upper price band of Rs 1,503.
Waaree Energies IPO Details
Up to 50% of the net offer will be reserved for Qualified Institutional Buyers (QIBs), at least 15% of the issue will be reserved for Non-Institutional Investors (NIIs), and at least 35% will be reserved for retail participants.
The shares of the company are proposed to be listed on both the BSE and NSE.
The funds raised from the IPO are earmarked for key initiatives, including establishing a 6-gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as supporting general corporate purposes. As of June 30, 2023, Waaree Energies has an aggregate installed capacity of 12 GW, positioning itself as a market leader in the solar energy sector.
Waaree Energies Financials
Waaree Energies has demonstrated impressive financial growth. For the fiscal year ending March 31, 2023, the company reported revenue from operations of Rs 6,750 crore, a substantial increase from Rs 2,854 crore in FY22. Profit after tax was Rs 500.2 crore, nearly five times higher than Rs 79.6 crore in FY22, with net cash reserves of Rs 642 crore, indicating a positive cash flow.
About the company
Established in 2007, Waaree Energies has positioned itself as the largest manufacturer of solar PV modules in India. The company aims to deliver high-quality, cost-effective, and sustainable energy solutions globally, contributing to the reduction of carbon footprints. It is also expanding its footprint by establishing a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.
Waaree Energies IPO Book-running lead managers & Registrar
Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited are the Book Running Lead Managers (BRLM) for the issue.
Link Intime India Private Limited is the registrar.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Bids can be made for a minimum quantity of 9 shares in one lot and multiples of 9 thereafter.
The issue will consist of a combination of fresh equity shares worth Rs 3,600 crore and an offer for sale (OFS) of up to 48 lakh shares by the selling shareholders.
Waaree Sustainable Finance and Chandurkar Investments will be offloading their stakes via the OFS.
At the upper end of the price band, the OFS amount stands at Rs 721.44 crore, bringing the total IPO size to Rs 4,321.44 crore.
Waaree Energies IPO GMP
Waaree Energies' shares are trading at a premium of Rs 1,280 in the unlisted market, indicating a grey market premium (GMP) of 85% over the upper price band of Rs 1,503.
Waaree Energies IPO Details
Up to 50% of the net offer will be reserved for Qualified Institutional Buyers (QIBs), at least 15% of the issue will be reserved for Non-Institutional Investors (NIIs), and at least 35% will be reserved for retail participants.
The shares of the company are proposed to be listed on both the BSE and NSE.
The funds raised from the IPO are earmarked for key initiatives, including establishing a 6-gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as supporting general corporate purposes. As of June 30, 2023, Waaree Energies has an aggregate installed capacity of 12 GW, positioning itself as a market leader in the solar energy sector.
Waaree Energies Financials
Waaree Energies has demonstrated impressive financial growth. For the fiscal year ending March 31, 2023, the company reported revenue from operations of Rs 6,750 crore, a substantial increase from Rs 2,854 crore in FY22. Profit after tax was Rs 500.2 crore, nearly five times higher than Rs 79.6 crore in FY22, with net cash reserves of Rs 642 crore, indicating a positive cash flow.
About the company
Established in 2007, Waaree Energies has positioned itself as the largest manufacturer of solar PV modules in India. The company aims to deliver high-quality, cost-effective, and sustainable energy solutions globally, contributing to the reduction of carbon footprints. It is also expanding its footprint by establishing a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.
Waaree Energies IPO Book-running lead managers & Registrar
Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited are the Book Running Lead Managers (BRLM) for the issue.
Link Intime India Private Limited is the registrar.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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