Waaree Energies IPO: Waaree Energies Limited has raised ₹1,276.93 crore from anchor investors ahead of its IPO subscription opening for bidding. The solar PV module manufacturer is all set to hit the D-Street for its three-day subscription on Monday, October 21, 2024 which will remain open for investors till Wednesday, October 23, 2024.
According to a circular uploaded on BSE's website, the company has allotted 84.96 lakh equity shares to 92 funds at RS 1,503 apiece, which is also the upper end of the price band. This aggregates the transaction size to ₹1,277 crore.
Out of the total allocation of 84.96 lakh equity shares to the anchor investors, 28.32 lakh equity shares, amounting to 33.33 per cent of the total, were allocated to 17 domestic mutual funds through a total of 45 schemes.
Also Read: Waaree Energies IPO: Price band set at ₹1,427-1,503 per share; check GMP, issue details, more
Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, The Prudential Assurance Company, National Pension Service (Managed by BlackRock Institutional Trust Company, NA), HDFC Mutual Fund (MF), ICICI Prudential MF, Canara Robeco MF, Tata MF and Bandhan MF are among the anchor investors.
Waaree Energies IPO is a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares worth ₹721.44 crore at the upper end of the price band by a promoter and existing shareholders. This translates into a total size of ₹4,321.44 crore.
Waaree Energies IPO price band has been fixed in the range of ₹1,427 to ₹1,503 per equity share of face value of ₹10. 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 employees consists of a maximum of 650 million equity shares.
In the public issue, shares valued at ₹65 crore have been reserved for the solar panel maker's employees. Under the upcoming OFS, promoter Waaree Sustainable Finance Private Limited and shareholder Chandurkar Investments Private Limited are offloading 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 is likely to 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.
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 the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023. It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.
