Waaree Energies Limited is launching an IPO to issue 2,39,52,095 shares for INR 3,600 crores and sell 48,00,000 shares worth INR 721.44 crores. The company aims to set up a manufacturing facility in Odisha and also use the funds for general corporate purposes.
Waaree Energies IPO – Important Dates
| Waaree Energies Limited IPO Date | October 21, 2024 to October 23, 2024 |
| Waaree Energies Limited IPO Listing Date | October 28, 2024 |
| Waaree Energies Limited IPO Price | INR 1,427-1,503 per share |
| Waaree Energies Limited IPO Lot Size | 9 shares |
| Waaree Energies Limited IPO Total Issue Size | INR 4,321.44 crores |
| Waaree Energies Limited IPO Basis of Allotment | October 24, 2024 |
| Waaree Energies Limited IPO Initiation of Refunds | October 25, 2024 |
| Waaree Energies Limited IPO Credit of Shares to Demat | October 25, 2024 |
| Waaree Energies Limited IPO Issue Type | Book Built Issue IPO |
| Waaree Energies Limited IPO Listing At | BSE NSE |
Read more about Waaree Energies Limited IPO GMP
Waaree Energies Limited IPO – Company Profile
Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW. For Fiscal 2024, the company had the second-best operating income among all the domestic solar PV module manufacturers in India.
The company commenced operations in 2007 focusing on solar PV module manufacturing to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon footprint paving the way for sustainable energy thereby improving quality of life.
As of date, the company operates 5 manufacturing facilities:
- Surat Facility
- Tumb Facility
- Nandigram Facility
- Chikhli Facility- Gujarat
- Indo Solar Facility- Noida
Waaree Energies Ltd IPO Fundamental Analysis
Based on the strong revenue and profit growth, low debt, rising equity, and increasing NAV per share, the company appears to be in a healthy financial position. However, as with any investment, potential investors should consider market conditions and their risk tolerance.
1. Revenue Growth:
- Revenue (₹ in millions):
- Revenue has shown impressive growth, increasing from ₹67,508.73 million in FY2023 to ₹1,13,976.09 million in FY2024, a 68.8% rise.
- For the first three months of FY2025, the company generated ₹34,089.01 million in revenue, indicating that it is on track for a solid year if it maintains this pace.
2. Expense Management:
- Expenses (₹ in millions):
- Expenses grew from ₹61,626.34 million in FY2023 to ₹1,02,399.04 million in FY2024, a 66.1% increase, which is in line with revenue growth.
- For the first three months of FY2025, expenses were ₹29,658.84 million, showing that the company is maintaining relatively efficient cost control while expanding.
3. Profitability:
- Profit After Tax (₹ in millions):
- PAT increased from ₹5,002.77 million in FY2023 to ₹12,743.77 million in FY2024, reflecting a 154.8% growth, a sign of strong profitability.
- For the first three months of FY2025, PAT is ₹4,011.25 million, which, if annualized, could potentially lead to another solid year of profitability.
- Diluted EPS:
- EPS jumped from ₹21.57 in FY2023 to ₹47.86 in FY2024, highlighting substantial earnings growth.
- For the first quarter of FY2025, EPS stands at ₹14.93 (not annualised), which indicates continued profitability but a slower rate of growth compared to the previous year.
4. Equity and NAV Analysis:
- Equity (₹ in millions):
- Equity nearly doubled from ₹18,384.10 million in FY2023 to ₹40,878.13 million in FY2024, indicating strong capital accumulation.
- By June 2024, equity further increased to ₹44,847.46 million, showing continued strengthening of the company’s financial position.
- NAV per Equity Share (₹):
- NAV per share increased significantly from ₹75.01 in FY2023 to ₹154.96 in FY2024 and further to ₹169.94 in June 2024, demonstrating an increasing asset value per share and providing investors with higher intrinsic value.
5. Return on Net Worth (RONW):
- Efficiency:
- RONW increased from 26.45% in FY2023 to 30.36% in FY2024, indicating an improvement in the company’s ability to generate returns from equity.
- For the first quarter of FY2025, RONW is 8.81% (not annualised), showing a temporary decline but still reflecting solid profitability.
6. Financial Health Indicators:
- Debt-Equity Ratio:
- The debt-equity ratio decreased from 0.15 in FY2023 to 0.08 in FY2024 and further to 0.06 in June 2024, reflecting a very low level of debt. This indicates strong financial health, with minimal reliance on external borrowing.
- Total Assets and Liabilities:
- Total assets increased from ₹74,199.20 million in FY2023 to ₹1,13,137.28 million in FY2024, showing a significant expansion in the company’s asset base.
- Total liabilities increased from ₹55,815.10 million in FY2023 to ₹72,259.15 million in FY2024, but the company’s low debt-equity ratio indicates that it has been able to finance its growth largely through equity rather than debt.
Waaree Energies IPO Financial Analysis
| Particular | As of 31 March 2023 | As of 31 March 2024 | As of 30 June 2024 (3 months) |
| Revenue (₹ in million) | 67,508.73 | 1,13,976.09 | 34,089.01 |
| Equity (₹ in million) | 18,384.10 | 40,878.13 | 44,847.46 |
| Expenses (₹ in million) | 61,626.34 | 1,02,399.04 | 29,658.84 |
| Profit and Loss After Tax (₹ in million) | 5,002.77 | 12,743.77 | 4,011.25 |
| Diluted EPS only (₹) | 21.57 | 47.86 | 14.93 |
| Return on Net Worth (%) | 26.45 | 30.36 | 8.81 (not annualised) |
| NAV per Equity Share (₹) | 75.01 | 154.96 | 169.94 |
| Total Assets (in millions) | 74,199.20 | 1,13,137.28 | 1,19,894.78 |
| Total Liabilities (in millions) | 55,815.10 | 72,259.15 | 75,047.32 |
| Debt- Equity Ratio (in times) | 0.15 | 0.08 | 0.06 |
Waaree Energies Limited IPO Peer Comparison
Waaree Energies Limited reported a total income of ₹116,327.63 million with an EPS of ₹47.86 and RoNW of 30.36%. Websol Energy System Limited had a total income of ₹268.10 million but a negative EPS of ₹(29.99).
| Company | Total Income (₹ in million) | Face Value per Equity Share (₹) | P/E Ratio | EPS (Basic) (₹) | EPS (Diluted) (₹) | RoNW (%) | NAV per Equity Share (₹) |
| Waaree Energies Limited | 116,327.63 | 10 | NA | 48.05 | 47.86 | 30.36 | 154.96 |
| Websol Energy System Limited | 268.10 | 10 | NA | (29.99) | (29.99) | NA | NA |
| Premier Energies Limited | 31,713.11 | 10 | 151.13 | 6.93 | 5.48 | 37.46 | 14.63 |
Waaree Energies Ltd IPO Objective
The main objective of Waaree Energies Limited is to utilize INR 2,775 crore from the net proceeds to partially finance the establishment of a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha through its subsidiary, Sangam Solar One Private Limited.
- To part finance the set up of a new manufacturing facility: Partially finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India by way of an investment in the wholly owned subsidiary, Sangam Solar One Private Limited. For the said purpose the company plans to utilise INR 2775 crore from the net proceeds.
Waaree Energies IPO Risks And Challenges
Waaree Energies’ growth in retail sales, particularly in commercial, industrial, and residential sectors, relies on franchise relationships. Dependency on raw material imports from China poses operational risks, while auditors raised concerns regarding loans and government dues.
- The ability to grow Retail Sales, particularly, commercial industrial, and residential business verticals, depends on the success of the relationship with the franchisees, and an inability to maintain or further expand the retail network, could negatively affect the business, cash flows, and results of operations.
- The company imports a major portion of its raw material supply from China. Restrictions on or import duties relating to materials and equipment imported can impact the operations of the business.
- The statutory auditors have made some comments on the loan availed, government dues, etc in their audit report.
Waaree Energies Ltd IPO – Industry & Market Potential
India aims to build its presence across all stages of PV manufacturing over the next two to three years. In November 2020, the GoI introduced the PLI scheme for manufacturing high-efficiency solar PV modules with a financial outlay of ₹45 billion. It later enhanced the outlay by ₹195 billion under the Union Budget for Fiscal 2023.
India is expected to add around 175-180 GW of solar capacity over Fiscals 2025 to 2030. Considering the average module price of USD 0.22/Wp, this capacity addition provides a total opportunity of approximately $38 to 40 billion over Fiscals 2025-2030.
Waaree Energies Limited IPO – Type of Offer
Waaree Energies Limited is launching an IPO with an offer size of 2,39,52,095 shares for INR 3,600 crores and a sale of 48,00,000 shares worth INR 721.44 crores. The proceeds will finance a manufacturing facility in Odisha and general corporate purposes.
- Fresh Issue: The company plans to issue 2,39,52,095 new shares worth INR 3,600 crores. The proceeds will be utilised to set up a manufacturing facility in Odisha and for general corporate purposes.
- Offer for sale: The company is coming up with an offer to sell 48,00,000 existing shares. Along with the other shareholders, the below are the details of the promoter selling their existing shares:
| Name of the selling shareholder | Maximum number of offered shares for sale |
| Waaree Sustainable Finance Private Limited | 43,50,000 |
| Chandurkar Investments Private Limited | 4,50,000 |
Waaree Energies IPO Offer Size
The offer size of Waaree Energies Limited’s IPO is 2,39,52,095 shares worth INR 3,600 crores, along with an offer for sale of 48,00,000 shares worth INR 721.44 crores. Proceeds will fund a manufacturing facility in Odisha and general corporate purposes.
Waaree Energies Limited IPO Allotment Structure
Waaree Energies Limited’s allocation will be as follows: 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII) according to SEBI regulations. A portion of the offer is also reserved for eligible employees.
● Qualified Institutional Buyers (QIB): As per SEBI regulations, 50% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.
● Non-Institutional Investors (NII): 15% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs.2 lakhs.
● Retail Individual Investors (RII): The remaining 35% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs.2 lakhs.
How to apply for the Waaree Energies IPO?
To apply for the Waaree Energies Limited IPO through Alice Blue, you would typically follow these steps:
Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.
- Check for IPO Details: Once your account is active, you can check for the Waaree Energies Limited IPO details in the IPO section of the Alice Blue platform.
- Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
- Submit the Application: Confirm all your details and submit your application.
You can apply for the Waaree Energies Limited IPO at Alice Blue in just a few clicks!
Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.
Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.
Read more about Waaree Energies Limited Day 1 Subscription
How do you check Waaree Energies Limited’s IPO Allotment Status?
Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:
- Log in to your Alice Blue Account: You can do this through the Alice Blue website or the trading app.
- Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
- Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
- Select the Waaree Energies Limited IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the Waaree Energies Limited IPO.
- Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.
If you face any issues, we request you reach out to our customer support team at Alice Blue for detailed assistance.
Apart from Alice Blue, there are other ways to check the allotment status of the Waaree Energies Limited IPO:
● Registrar’s Website: Visit the website of Link Intime India Private Limited, the registrar of the Waaree Energies Limited IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status.
● BSE NSE: You can also check the allotment status on the official websites of the Bombay Stock Exchange (BSE) National Stock Exchange (NSE). You would need your application number and PAN to check the status.
Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.
Read more about Waaree Energies Limited Day 2 Subscription
Waaree Energies Limited Ltd IPO Offer Registrar
The registrar for the Waaree Energies Limited IPO is Link Intime India Private Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
Contact information for the registrar:
Link Intime India Private Limited
C-101, 247 Park LBS Marg, Surya Nagar,
Gandhi Nagar Vikhroli (West) Mumbai – 400 083
E-mail: [email protected]
Website: www.linkintime.co.in
Waaree Energies Limited Limited IPO – FAQs
1. What is Waaree Energies Limited’s allotment date?
The allotment date of the Waaree Energies Limited IPO is October 24, 2024.
2. What is the price band of the Waaree Energies Limited IPO?
The price band for the issue is INR 1,427- 1,503 per share.
3. What is the size of the Waaree Energies Limited IPO?
The offer size of Waaree Energies Limited’s IPO is 2,39,52,095 shares worth INR 3,600 crores, along with an offer for sale of 48,00,000 shares worth INR 721.44 crores. Proceeds will fund a manufacturing facility in Odisha and general corporate purposes.
4. What is the listing date of the Waaree Energies Limited IPO?
The listing date of Waaree Energies Limited’s IPO is October 28, 2024.
