Waaree Energies ₹4321 Crore IPO Set to Fuel Solar Expansion with Strong Market Buzz

Waaree Energies is launching a ₹4,321 crore IPO from October 21-23, 2024, with a strong grey market premium indicating high demand. The company plans to use the proceeds to build a 6 GW solar manufacturing plant in Odisha and for general corporate purposes. Shares are expected to list on the BSE and NSE on October 28, 2024.

CONTENTS:

• Waaree Energies IPO draws demand.
• Waaree Energies expands solar manufacturing capacity.

Waaree Energies ₹4321 Crore IPO Set to Fuel Solar Expansion with Strong Market Buzz

Waaree Energies IPO draws demand

The unlisted shares of Waaree Energies, a major player in the green energy sector, are drawing significant attention in the grey market ahead of its upcoming IPO, which opens for public subscription on Monday, October 21, 2024. The IPO is valued at ₹4,321.44 crore and structured as a book-built issue. Market sources report that Waaree Energies’ shares are trading at a premium of ₹1,280 above the upper price band of ₹1,503 per share, indicating a grey market premium (GMP) of 85.16%. This strong GMP reflects high demand for the IPO and suggests potential listing gains.

Waaree Energies ₹4321 Crore IPO Set to Fuel Solar Expansion The IPO consists of a fresh issue of 23,952,095 shares along with an offer for sale where promoters and shareholders will offload up to 4,800,000 shares, each with a face value of ₹10. The price band is set between ₹1,427 and ₹1,503 per share, with a lot size of 9 shares, meaning retail investors will need a minimum of ₹13,527 to bid. For non-institutional investors (sNII and bNII), the minimum investment sizes are ₹202,905 for 135 shares (15 lots) and ₹1,000,998 for 666 shares (74 lots), respectively.

Waaree Energies expands solar manufacturing capacity

Waaree Energies ₹4321 Crore IPO Set to Fuel Solar Expansion Waaree Energies plans to use the proceeds from its fresh issue to partially fund the construction of a 6 GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing plant in Odisha, through its wholly owned subsidiary, Sangam Solar One. The remaining funds will be allocated for general corporate purposes. The IPO bidding window, which opens on October 21, 2024, will close on Wednesday, October 23, 2024. The allotment of shares is expected to be finalized on Thursday, October 24, 2024, with shares credited to investors’ demat accounts by Friday, October 25, 2024. The company’s shares are anticipated to list on the BSE and NSE on Monday, October 28, 2024.

Waaree Energies ₹4321 Crore IPO Set to Fuel Solar Expansion Link Intime India is the IPO registrar, while the lead managers include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital. Established in 1989, Waaree Energies is India’s largest solar module manufacturer with a 12 GW capacity, providing a wide range of solar solutions like modules, inverters, batteries, and solar rooftops. With four manufacturing plants and a presence in over 388 locations in India and 68 international markets, Waaree has also expanded its capacity to 5.4 GW by acquiring Indo Solar.