About Waaree Energies:
The company is a manufacturer of solar PV modules in India, with an aggregate installed capacity of 12 GW and a utilized capacity of 43.37%, as of and for the year ended March 31, 2024. For the three months ended June 30, 2024 (on an unannualized basis), the aggregate installed capacity remained 12 GW, while the utilized capacity increased to 45.01%. As on date, the company operates five manufacturing facilities in India, covering an area of 143.01 acres. These facilities are in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as the IndoSolar Facility in Noida, Uttar Pradesh.
About the Industry in which Waaree Energies operates:
The Indian commercial and industrial solar sector added approximately 10 GW between Fiscal 2019 and 2023, bringing the total installed capacity to around 25 GW as of December 2023. The commercial and industrial segment accounts for 70%-80% of the country’s rooftop solar installations and is gaining traction in the utility-scale solar market through open access and group captive models. Capacity additions have accelerated in the past two years, driven by the relaxation of pandemic-related restrictions and rising power demand.
| Important Information and Timelines of the IPO of Waaree Energies: | |
|---|---|
| Open Date | 21 October 2024 |
| Close Date | 23 Ocotber 2024 |
| Total Issue Size – Number of Shares | 28752095 |
| Minimum Bid Price | 1427 |
| Maximum Bid Price | 1503 |
| Lot Size | 9 |
| Basis of Allotment | 24 October 2024 |
| Initiation of Refunds and Credit of Shares to Demat | 25 October 2024 |
| Listing Date | 28 October 2024 |
| Listing Exchange(s) | NSE and BSE |
Minimum and Maximum Lot Sizes for the IPO of Waaree Energies:
| Category | Lots | Shares | Amount (in ₹) |
|---|---|---|---|
| Retail – Minimum | 1 | 9 | 13527 |
| Retail – Maximum | 14 | 126 | 189378 |
| sHNI – Minimum | 15 | 135 | 202905 |
| sHNI – Maximum | 73 | 657 | 987471 |
| bHNI – Minimum | 74 | 666 | 1000998 |
Objective of the IPO of Waaree Energies:
-
Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha.
-
General corporate purposes.
Financials of Waaree Energies:
| Particulars | As at and for the Fiscal ended March 31, 2022 | As at and for the Fiscal ended March 31, 2023 | As at and for the Fiscal ended March 31, 2024 | As at and for the three months ended June 30, 2023 | As at and for the three months ended June 30, 2024 |
|---|---|---|---|---|---|
| Equity Share Capital | 1,971.38 | 2,433.66 | 2,629.62 | 2,532.24 | 2,631.39 |
| Net worth | 4,273.51 | 18,254.13 | 40,748.37 | 27,047.93 | 44,717.10 |
| Revenue from operations | 28,542.65 | 67,508.73 | 113,976.09 | 33,282.92 | 34,089.01 |
| Total income | 29,458.51 | 68,603.64 | 116,327.63 | 34,149.98 | 34,964.13 |
| Restated Profit for the period/year | 796.50 | 5,002.77 | 12,743.77 | 3,382.73 | 4,011.25 |
| Restated Earnings per equity share of ₹ 10/- each - Basic | 3.84 | 21.82 | 48.05 | 13.78 | 14.98 |
| Restated Earnings per equity share of ₹ 10/- each - Diluted | 3.84 | 21.57 | 47.86 | 13.64 | 14.93 |
| Net asset value per Equity Share | 21.68 | 75.01 | 154.96 | 106.81 | 169.94 |
| Total borrowings | 3,130.83 | 2,734.80 | 3,173.19 | 2,333.06 | 2,612.37 |
For more details on the IPO, refer to the DRHP here.
Did you know that you can now Pre-Apply for an IPO on Dhan? You can place your IPO Bid on Dhan and the order will be pushed to the Exchange as soon as the Bidding starts for Waaree Energies. You will receive a UPI mandate after 10:00 AM on 21 October 2024.
###1. How to apply for the IPO of Waaree Energies on Dhan?
You can apply for the IPO of Waaree Energies from either Dhan Mobile App or Web
On Dhan Mobile App you can find the IPO under the Money Section > IPO Tab
On Dhan Web you can find the IPO under Markets Tab > IPOs
###2. In case of successful allotment, when the IPO shares of Waaree Energies be visible on Dhan?
The CDSL will intimate you regarding the credit of shares into your Demat account by 25 October 2024. However, you will be able to see the shares of Waaree Energies on Dhan before the market starts on the listing date which is 28 October 2024.