Waaree Energies IPO: Price band set at ₹1,427-1,503 per share; check GMP, issue details, more

Waaree Energies IPO price band: The Waaree Energies Limited IPO price band has been fixed in the range of ₹1,427 to ₹1,503 per equity share of the face value of ₹10. The Waaree Energies IPO date of subscription is scheduled for Monday, October 21, and will close on Wednesday, October 23. The allocation to anchor investors for the Waaree Energies IPO is scheduled to take place on Friday, October 18.

The floor price and the cap price are 142.70 times and 150.30 times the face value of the equity shares respectively. The Waaree Energies IPO lot size is 9 equity shares and in multiples of 9 equity shares thereafter.

Waaree Energies IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee reservation portion includes up to 650 million equity shares.

Tentatively, Waaree Energies IPO basis of allotment of shares will be finalised on Thursday, October 24, and the company will inItiate refunds on Friday, October 25, while the shares will be credited to the demat account of allottees on the same day following refund. Waaree Energies share price is likely to be listed on BSE and NSE on Monday, October 28.

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.

As of June 30, 2023, the company has four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.

The company is promoted by Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited, both individuals and entities.

Websol Energy System Ltd and Premier Energies Ltd (with a P/E ratio of 151.13) are the company's listed peers.

Between the financial years ending on March 31, 2024, and March 31, 2023, Waaree Energies Limited saw a 70% increase in revenue and a 155% rise in profit after tax (PAT).

Waaree Energies IPO details

The company plans to raise up to ₹3,600 crore through an initial public offering by issuing fresh equity shares. Additionally, there will be an offer for sale of up to 4,800,000 equity shares with a face value of ₹10 each.

Promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Pvt Ltd are selling the OFS shares, as mentioned in the Red Herring Prospectus (RHP).

The book running lead managers for the Waaree Energies IPO include Axis Capital Limited, Iifl Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and Iti Capital Ltd. Additionally, Link Intime India Private Ltd is serving as the registrar for the issue.

Waaree Energies IPO GMP today

Waaree Energies IPO GMP today is +223. This indicates Waaree Energies share price was trading at a premium of ₹223 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Waaree Energies share price is indicated at ₹1,280 apiece, which is 85.16% higher than the IPO price of ₹1,503.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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