October 17, 2024
New Delhi, India
Waaree Energies IPO
Waaree Energies Ltd, India’s largest solar module manufacturer, is gearing up for its much-anticipated initial public offering (IPO), scheduled to open for public subscription on Monday, October 21, 2024. Ahead of the IPO, the company’s unlisted shares are witnessing a significant surge in demand in the grey market, with the grey market premium (GMP) crossing the 100% mark.
Grey Market Premium Surges Over 100%
Waaree Energies’ shares are currently trading at a premium of ₹1,545 above the upper price band of ₹1,503 per share. This marks a GMP of 102.79%, indicating strong market sentiment and the potential for substantial listing gains.
- GMP: ₹1,545 (102.79% above the upper price band)
- Issue Price: ₹1,427 – ₹1,503 per share
The soaring GMP reflects the positive investor outlook for the IPO, making it one of the most talked-about public issues in recent times.
Waaree Energies IPO Details:
- Issue Size: ₹4,321.44 crore.
- Fresh Issue: 23,952,095 shares.
- Offer for Sale (OFS): Up to 4,800,000 shares of ₹10 face value.
- Price Band: ₹1,427 to ₹1,503 per share.
- Lot Size:
- Minimum of 9 shares for retail investors.
- For small non-institutional investors (sNIIs), the minimum investment is 15 lots (135 shares), while big non-institutional investors (bNIIs) must bid for at least 74 lots (666 shares).
IPO Timeline:
- Subscription Window: October 21, 2024 – October 23, 2024.
- Allotment Date: October 24, 2024.
- Credit to Demat Accounts: October 25, 2024.
- Listing Date: October 28, 2024, on BSE and NSE.
Use of Proceeds:
The funds raised through the fresh issue will be primarily used for:
- Setting Up a Solar Manufacturing Facility: Waaree plans to invest in a 6 GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha through its wholly owned subsidiary, Sangam Solar One.
- General Corporate Purposes: The remaining proceeds will be used for other business and corporate needs.
About Waaree Energies:
Founded in 1989, Waaree Energies is a leading green energy company, specializing in solar solutions such as modules, inverters, batteries, and solar rooftops. The company operates four manufacturing facilities across India and has expanded its reach globally, with a presence in 388 domestic and 68 international locations. With a production capacity of 12 GW, Waaree is well-positioned to meet growing demand for solar energy products.
Waaree recently bolstered its manufacturing capacity by acquiring Indo Solar, adding 5.4 GW to its portfolio. This acquisition further enhances Waaree’s leadership in the solar module manufacturing sector.
Lead Managers and Registrar:
- Book-Running Lead Managers: Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, ITI Capital.
- Registrar: Link Intime India.
Disclaimer:
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