Schedule of Waaree Energies
| Issue open date | 21 Oct 2024 |
| Issue close date | 23 Oct 2024 |
| UPI mandate deadline | 23 Oct 2024 (5 PM) |
| Allotment finalization | 24 Oct 2024 |
| Refund initiation | 25 Oct 2024 |
| Share credit | 25 Oct 2024 |
| Listing date | 28 Oct 2024 |
| Mandate end date | 07 Nov 2024 |
| Lock-in end date for anchor investors (50%) | 23 Nov 2024 |
| Lock-in end date for anchor investors (remaining) | 22 Jan 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Waaree Energies
Founded in 1989, Waaree Energies is engaged in solar panel manufacturing and providing complete solar EPC solutions, having commissioned 1+ GW of solar EPC projects. It has a wide range of innovative products, including solar inverters, lithium-ion batteries for energy storage with a production capacity of 400MWh, solar thermal, and Solar & Industrial cables. The company is also aiming to be a vertically integrated company with cell manufacturing. It has recently acquired Indosolar and expanding its cell manufacturing to 5.4 GW. It has a strong presence in providing solar rooftops and solar water pumping solutions. The company has significantly expanded its aggregate installed capacity from 2 GW in Fiscal 2021 to 9 GW, as of March 31, 2023, which further increased to 12 GW as of June 30, 2024. After June 30, 2024, It has further commissioned 1.3 GW of solar module manufacturing facility at Noida, Uttar Pradesh through its subsidiary, Indosolar Limited. As of June 30, 2023, The company is operating five manufacturing facilities in Surat, Tumb, Nandigram, Chikhli in Gujarat and Noida spread over an area of 143.01 acres.
Financials of Waaree Energies
IPO Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹4321.44 crores |
| Fresh Issue | ₹3600 crores |
| Offer for sale | ₹721.44 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Establishing a manufacturing facility in Odisha | 2775 (77.08%) |
| General corporate purposes | 825 (22.92%) |
Strengths
- The company is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2024. It is well-positioned to capture industry tailwinds and growth prospects for solar energy in India and globally.
- It has a diversified base of global and Indian customers with a substantial order book.
- The company’s manufacturing facilities include NABL- accredited laboratory and automated production lines. Its automated production lines follow strict process control guidelines and international industry standards and practices.
- The company has a pan-India retail network consisting of franchisees. As of March 31, 2022, 2023, 2024, and as of June 30, 2024, The retail network consisted of 373, 253, 335, 284 and 369 franchisees across India, respectively.
Risks
- The company is dependent on its top 10 customers for nearly 40% of its revenues. The loss of any of these customers could have a material adverse effect on the business.
- Export sales make its operations subject to risks and uncertainties of various international markets, in particular the United States.
- The company’s projects are dependent on various government subsidies. In the event such subsidies do not materialize or the state or central government does not approve the entire subsidy amount, It may have to raise additional capital, which may materially impact its cash flows.
- It derives 40% of its domestic retail sales from Gujarat and 85% from its top 5 states. Any adverse change in the demand in Gujarat or other states may hurt the business.
- Restrictions on import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on its products in the export markets may adversely affect the business prospects.
Frequently Asked Questions (FAQs)
1. When is the Waaree Energies IPO date?
The Waaree Energies IPO opens for subscription on October 21, 2024, and closes on October 23, 2024.
2. What is the share price of the Waaree Energies IPO?
The price band for the Waaree Energies IPO is set at ₹1427 to ₹1503 per share.
3. What is the lot size of the Waaree Energies IPO?
The lot size for the Waaree Energies IPO is 9 shares, and the minimum order quantity is 9 shares.
4. How to apply for Waaree Energies IPO?
To buy Waaree Energies IPO shares, follow these steps:
- Login to your Zerodha account.
- Tap on Bids.
- Tap on IPO.
- Select the Hyundai IPO from the ongoing list of IPOs and tap on Apply.
- Tap on Apply again and enter the UPI ID.
- Enter or edit the Quantity and the Price.
- Tap on the undertaking tick box and swipe the Submit button.
- Accept the mandate on the UPI app.
For more detailed guidance, please refer to the How to Apply for IPO support article.
5. How can I pre-apply for the Waaree Energies IPO?
To pre-apply for the Waaree Energies IPO in Zerodha Kite, follow these steps:
- Click on “Bids.”
- Select “IPO.”
- A list of IPOs will be displayed select the Hyundai IPO and tap on “Pre-apply.”
- Choose your investor type: Individual or Employee.
- Tap on “Pre-apply.”
- Enter your UPI ID.
- Enter or edit the quantity and price.
- Tick the undertaking box and swipe on the “Submit” button.
Accept the mandate on the UPI app; it will be sent after 10 AM on the IPO start date.
For more detailed guidance, please refer to the How to pre-apply for IPO support article.
6. Where to check Waaree Energies IPO allotment status?
The allotment status will be available by October 25, 2024, on the registrar’s website and the exchange website. Read more.