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Waaree Energies Ltd IPO: Rs 3600 crore fresh issue, 4.8 million shares for sale, revenue reaches Rs 3,408.9 crore in FY24

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Waaree Energies Ltd, India’s largest solar PV module manufacturer, is launching its highly anticipated Initial Public Offering (IPO). Here are the essential details that investors need to know:

IPO structure

Fresh issue: Rs 3600 crore
Offer for Sale (OFS): Up to 4.8 million shares by existing shareholders and promoters.
Waaree Sustainable Finance: Offering up to 4.35 million shares.
Chandurkar Investments Pvt Ltd: Offering up to 4.5 lakh shares.
IPO subscription period: Opens on October 21, 2024, and closes on October 23, 2024.
Anchor bidding: Begins on October 18, 2024.
Allotment finalization: Scheduled for October 24, 2024.
Market debut: The company’s shares are expected to be listed on October 28, 2024.

The funds raised from the IPO will be used to finance a 6GW Ingot Wafer, Solar Cell, and Solar PV Module facility in Odisha. This project will be executed through Sangam Solar One Private Limited, a subsidiary of Waaree Energies Ltd. The investment is aimed at expanding Waaree’s production capacity, enhancing its role in India’s renewable energy sector.

The IPO is being managed by a consortium of top financial institutions, including:
Axis Capital
IIFL Securities
Jefferies India
Nomura Financial Advisory and Securities
SBI Capital Markets
Intensive Fiscal Services
ITI Capital

Waaree Energies Ltd is the largest solar PV module manufacturer in India, with an installed production capacity of 12GW as of June 30, 2024. Since its establishment in 2007, the company has focused on providing cost-effective and sustainable solar energy solutions. Over the years, it has grown its operations significantly, including adding a 1.3GW facility in Noida through its subsidiary Indosolar.

The company operates five factories across Gujarat and Uttar Pradesh. It specializes in a range of technologies, including multi-crystalline, monocrystalline, and advanced Tunnel Oxide Passivated Contact (TOPCon) technology for higher efficiency. Waaree’s product lineup includes flexible and bifacial designs, as well as building-integrated PV modules, catering to diverse customer needs.

Waaree Energies Ltd has demonstrated strong financial growth:
FY24rRevenue: Rs 3408.9 crore, up from Rs 3328.29 crore in FY23.
EBITDA: Rs 639.98 crore in FY24, compared to Rs 554.29 crore in FY23.
Net profit: Rs 401.12 crore in FY24, up from Rs 338.27 crore in FY23.
Total debt: Rs 513.24 crore in FY24, increasing from Rs 277.99 crore in FY23.

Waaree Energies Ltd’s upcoming IPO offers investors an opportunity to participate in India’s renewable energy growth story. As the country’s largest solar PV module manufacturer, Waaree is well-positioned to benefit from the increasing demand for solar energy. The funds raised through this IPO will allow the company to expand its production capabilities, supporting India’s transition to cleaner energy sources.

 

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