Waaree Energies IPO, the flagship company of Waaree Group, a Solar Module Manufacturer gets market regulators SEBI’s approval for ₹1500 Cr Initial Public Offer (IPO). The company had filed its DRHP with SEBI in September 2021.
Waaree Energies IPO comprises fresh issue of shares worth ₹1,350 crores, and an offer for sale (OFS) up to 4,007,500 equity shares by the company’s promoters and existing shareholders. Further the company may consider issue of equity shares aggregating up to ₹270 crores with the fresh issue size getting reduced.
Incorporated in 1989, Waaree energies Limited is headquartered in Mumbai. The company is said to be India’s largest solar module manufacturer with 14 years of excellence. It has India’s largest Solar PV Module manufacturing capacity of 2 GW’s at its plants in Surat and Umbergaon in Gujarat.
Waaree Energies provides EPC services, project development, rooftop solutions, and solar water pumps. The company is also an Independent Power Producer. With its presence across 350 locations in India and 68 countries internationally, Waaree Energies is amongst the top players in India.
Waaree Energies with its current factories at Surat, Nandigram, and Tumb now is in the process of setting up another manufacturing facility at Chikhli, Gujarat. The newly aimed project will be implementing its capacity expansion plans for PV modules as well as setting up facilities for backward integration into solar cell manufacturing.
5 Key Points about Waaree Energies IPO
- The company’s avant-garde automated production facility offers mono & polycrystalline PV Modules ranging from 3Wp to 450Wp for various on-grid and off-grid applications across India and exported globally.
- The company aims to provide high-quality and cost-effective sustainable energy solutions thereby reducing carbon footprint – paving way for sustainable energy thereby improving the quality of present and future human life.
- Waaree Energies’ peer’s in India are Vikram Solar Limited, Mundra Solar Private Limited (Adani), Premier Energies Limited, RenewSys India Private Limited, Emmvee Photovoltaic Power Private Limited, and Alpex Solar Private Limited.
- The company’s key clients in India are ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra.
- The company’s key international clients are Central 40 and Novel Energy.
Waaree Energies IPO Promoters
- Hitesh Chimanlal Doshi.
- VirenKumar Chimanlal Doshi.
- Mahavir Thermoequip Private Limited.
Waaree Energies IPO Details
| IPO Details | Waaree Energies |
| Issue Period | Opening Date: xx-xx-2022 Closing Date: xx-xx-2022 |
| Price Band | ₹ – ₹ per equity share |
| Issue Size | ₹1500 CR |
| Face Value | ₹10 per equity share |
| Issue Type | Book built issue |
| Fresh Issue | [.] Eq Shares of ₹10 face value (aggregating up to ₹1350 Cr) |
| Offer for sale | 4,007,500 Eq Shares of ₹10 face value (aggregating up to ₹ [.] Cr) |
| Listing | NSE and BSE |
| Registrar | Link Intime India Private Limited |
Waaree Energies IPO Timeline
Waaree Energies IPO issue date, issue price, allotment date, and the listing date, and all the details will be announced soon.
| IPO Opens | To be announced |
| IPO Ends | To be announced |
| Allotment Begins | To be announced |
| Refund Initiation | To be announced |
| Allotment Date | To be announced |
| Listing Date | To be announced |
Waaree Energies IPO Lot Size (Retail Individual Investors)
| Applications | Lots | Shares | Amount(Cut-off) |
| Minimum | – | – | – |
| Maximum | – | – | – |
Waaree Energies IPO Investor Category
Waaree Energies IPO has 35% of the net offer under the Retail Category.
| QIB (Qualified Institutional Buyers) | 50% of net offer |
| NII (Non-Institutional Investors) | 15% of net offer |
| RII (Retail Individual Investors) | 35% of net offer |
Waaree Energies IPO GMP
Waaree Energies IPO has not yet started trading in the grey market. Currently, the GMP is zero and will be updated once it starts trading in the grey market.
Waaree Energies IPO Review
Waaree Energies IPO review will be updated once all the details related to price band and valuations are announced. As of now, no reviews are available. Stay tuned for a detailed review soon.
Waaree Energies IPO Book Running Lead Manager(s)
- Axis Capital Limited.
- HSBC Securities and Capital Markets (India) Private Limited.
- ICICI Securities Limited.
- Intensive Fiscal Services Private Limited.
Waaree Energies IPO Registrar
- Link Intime India Private Limited.
Company Contact Details
Waaree Energies Ltd.
602, Western Edge-I,
Off Western Express Highway,
Borivali (E), Mumbai – 400066.
Maharashtra, India.
Tel. +91-22-6644 4444, Mob. +91-9324942400
Email: waaree@waaree.com