Waaree Energies Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹1,503
Per ShareLot Size
9 Shares
Minimum Investment
₹13,527
Issue Size
₹4,321.44 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Waaree Energies Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
71.8%
Promoter Holding (Post-Issue)
64.28%
Issue Type
Book Building
ISIN
INE377N01017
About the Company
We are a manufacturer of solar PV modules in India with an aggregate installed capacity of 12 GW and utilized capacity of 43.37%, as of and for the year ended March 31, 2024 and an aggregate installed capacity of 12 GW and utilized capacity of 45.01%, as of and for the three months ended June 30, 2024 (on an unannualized basis). Our portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.
Industry Overview
The Indian commercial and industrial solar sector added approximately 10GW over Fiscal 2019 and 2023, with total installed capacity as of December 2023 at approximately 25 GW. The commercial & industrial segment accounts for 70%-80% of the country's rooftop solar installations and is making headway in the utility-scale solar space as well through open access and group captive routes. Capacity additions picked up in the last two years in response to the easing of pandemic restrictions and increasing power demand.
Company History
Waaree Energies Limited was originally incorporated as `Anmol Fluid Connectors Private Limited' at Mumbai, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated December 18, 1990, issued by the Registrar of Companies, Maharashtra at Mumbai ("RoC"). The name of the Company was changed to `Waaree Solar Private Limited', pursuant to a fresh certificate of incorporation issued by the RoC on April 25, 2007. The name of the Company was further changed to `Waaree Energies Priave Limited', pursuant to a fresh certificate of incorporation issued by the RoC on October 15, 2007. The name of the Company was further changed to `Waaree Energies Private Limited', pursuant to a fresh certificate of incorporation issued by the RoC on December 12, 2007. Thereafter, the Company was converted into a public limited company pursuant to a special resolution passed in the extraordinary general meeting of the Shareholders held on March 8, 2013, and consequently the name of the Company was changed to its present name i.e., `Waaree Energies Limited', pursuant to a fresh certificate of incorporation issued by the RoC on May 2, 2013.
Products & Services
- Waaree Energies Ltd manufactures and sells its PV modules under the "Waaree" brand.
Growth Strategy
- 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.
- Comparative cost of solar module facilities executed in the past.
- Focus on technology upgrades to manufacture high quality modules.
- Continue to grow and diversify our export markets.
- Continue our focus on maintaining leadership position in commercial and industrial, and residential business verticals.
Customer Base
The Company's utility and enterprise clients in India include ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra. The Company's international clients include Central 40, Novel Energy and Merlin Solar Technologies.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 28,752,095 equity shares of face value of Rs. 10 each of the company ("Equity Shares") for cash at a price of Rs. 1,503 per equity share (including a share premium of Rs. 1,493 per equity share) ("Offer Price") aggregating to Rs. 4321.44 crores (the "Offer") comprises a fresh issue of 23,952,095 equity shares aggregating to Rs. 3600.00 crores ("Fresh Issue") and an offer for sale of 4,800,000 equity shares ("Offered Shares") aggregating to Rs. 721.44 crores comprising 4,350,000 equity shares by Waaree Sustainable Finance Private Limited aggregating to Rs. 653.81 crores ("Promoter Selling Shareholder") and 450,000 equity shares by Chandurkar Investments Private Limited aggregating to Rs. 67.64 crores ("Other Selling Shareholder" and together with the promoter selling shareholder, the "Selling Shareholders", and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale"). The offer included a reservation of 432,468 equity shares aggregating to Rs. 65.00 crores, for subscription by eligible employees (as defined hereinafter) (the "Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer constituted 10.01% and 9.86% of the post-offer paid up equity share capital of the company, respectively. The face value of the equity share is Rs. 10 each. The offer price is 150.30 times the face value of the equity shares.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally.
- Diversified base of global and Indian customers with a large order book.
- Advanced manufacturing facilities with global accreditations.
- Extensive pan-India retail network.
- Consistent track record of financial performance.
- The company's 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.