By Soni 
Waaree Energies IPO: The initial public offering (IPO) of the solar PV module manufacturer Waaree Energies Limited was subscribed over 76 times on the third and last day of the issue. Notably, the Waaree Energies IPO made history on Wednesday, October 23, receiving a record-breaking response from investors and the highest number of applications in India’s primary market history.
With 97.34 lakh applications received at the upper end of the price band until Wednesday, Waaree Energies IPO has broken the record set by the Bajaj Housing Finance IPO, Tata Technologies IPO, and the LIC IPO to become the only company to receive the highest-ever number of applications in a public issue in India.
The mainboard IPO opened for subscription on Monday, October 21, 2024, and closed on Wednesday, October 23, 2024. It aims to raise ₹4,321.44 crore via a fresh issue and an offer-for-sale (OFS). Waaree Energies IPO has set aside 50 per cent of the shares for qualified institutional buyers (QIB), 15 per cent for non-institutional investors (NII), and 35 per cent for retail investors. The portion reserved for the employees consists of a maximum of 650 million equity shares.
Waaree Energies IPO Subscription Status
On the second day of the issue, Waaree Energies IPO was subscribed 8.81 times. According to BSE data, the portion reserved for QIBs was booked 1.73 times, the portion reserved for NIIs was booked the highest at 24.38 times, and the portion reserved for retail investors was booked 6.39 times. The employee portion was booked 3.11 times. The IPO received 18,58,11,795 share applications against 2,10,79,384 shares offered on Tuesday. On the first day, the IPO was booked 3.47 times.
Waaree Energies IPO Details
Waaree Energies IPO combines a fresh issue of equity shares aggregating ₹3,600 crore and an OFS of 48 lakh equity shares worth ₹721.44 crore at the upper end of the price band by a promoter and existing shareholders for a total size of ₹4,321.44 crore. Waaree Energies’ IPO price band was fixed at ₹1,427 to ₹1,503 per equity share with a face value of ₹10. In the public issue, shares valued at ₹65 crore were reserved for the solar panel maker’s employees.
Under the OFS, promoter Waaree Sustainable Finance Private Limited and shareholder Chandurkar Investments Private Limited offloaded shares. Proceeds from the fresh issue will be used to set up the 6GW (gigawatt) Ingot Wafer, Solar Cell, and Solar PV module manufacturing facility in Odisha. A portion will also be used for general corporate purposes.
Tentatively, Waaree Energies IPO’s share allotment basis will be finalised on Thursday, October 24. The company will initiate refunds on Friday, October 25. The shares will be credited to the Demat account of allottees on the same day following the refund. Waaree Energies’ share price will likely be listed on BSE and NSE on Monday, October 28.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue. JFSL is promoted by Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited, which are both individuals and entities.
Waaree Energies Ltd Company Details
The company’s market valuation has been pegged at over ₹4,300 crore post-issue at the upper end of the price band. Established in December 1990, Waaree Energies Limited is an Indian firm that manufactures solar PV modules and operates with a combined installed capacity of 12 GW.
The assortment of solar energy products includes Multicrystalline modules, Monocrystalline modules, and TopCon modules, which consist of flexible bifacial modules (Mono PERC) in both framed and unframed versions, as well as building-integrated photovoltaic (BIPV) modules.
Waaree Energies, one of India’s major players in the solar energy industry, is focused on PV module manufacturing. As of June 30, 2023, its aggregate installed capacity was 12 GW. It operates five manufacturing facilities: one at Surat, Tumb, Nandigram, and Chikhli in Gujarat and the IndoSolar Facility in Noida, Uttar Pradesh.