Waaree Energies IPO: Day 1 Subscription Hits 2.35x!

Waaree Energies' initial public offering (IPO) has garnered significant investor interest on its opening day. The IPO witnessed a strong demand, resulting in a 2.35 times oversubscription by 2:39:09 PM on day one. This response indicates a positive initial sentiment towards Waaree Energies' shares, setting a promising stage for the remaining days of the subscription period.

The IPO, which opened on 21st October 2024, has seen varied interest across investor categories. The Non-Institutional Investors (NII) segment has shown exceptional demand, followed by strong interest from Retail Investors. However, the Qualified Institutional Buyers (QIB) have shown minimal participation as of the latest update.

This initial response to Waaree Energies' IPO comes amid the ongoing sentiment in the Indian stock market towards companies in the renewable energy sector. The company's position as India's largest solar PV module manufacturer appears to have resonated strongly with investors looking for exposure to India's growing solar energy industry.
 

Subscription Status of Waaree Energies IPO for Day 1 (21st October 2024):

Here are the subscription details for Waaree Energies IPO as of Day 1 (21st October 2024, 2:39:09 PM):

Total Applications: 1,783,981

Note: The total amount is calculated based on the upper price of the issue price range.

Key Highlights:

• Waaree Energies IPO is currently subscribed 2.35 times, with exceptional demand from Non-Institutional Investors.
• Non-Institutional Investors (NII) have shown overwhelming interest, with a subscription ratio of 4.99 times.
• Small Non-Institutional Investors (sNII) have shown particularly strong interest with a subscription ratio of 6.53 times.
• Retail investors have demonstrated significant enthusiasm, with a subscription ratio of 2.53 times.
• Qualified Institutional Buyers (QIB) have shown minimal interest so far, with a subscription ratio of 0.05 times.
• Employees have shown moderate interest, with a subscription ratio of 1.21 times.
• The overall subscription trend on Day 1 indicates strong retail and NII sentiment towards the issue.

About Waaree Energies Limited

Waaree Energies Limited, incorporated in December 1990, is India's largest manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. The company's product portfolio includes multicrystalline modules, monocrystalline modules, and TopCon modules, including flexible bifacial modules and building-integrated photovoltaic (BIPV) modules.

For the fiscal year 2024, Waaree Energies demonstrated strong financial performance with a revenue of ₹11,632.76 crore, marking a 70% year-over-year growth, and a Profit After Tax (PAT) of ₹1,274.38 crore, representing a significant 155% increase. The company's net worth stood at ₹4,074.84 crore as of March 31, 2024. Key performance indicators highlight the company's financial health, with a Return on Equity (ROE) of 8.79%, a Return on Capital Employed (ROCE) of 9.45%, and a PAT Margin of 11.47%.

As of 30th June 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres, located in Surat, Tumb, Nandigram, and Chikhli in Gujarat. Waaree Energies served 373 customers in India and 20 customers outside India in the quarter ending 30th June 2023. As of 30th June 2023, the company had 1,019 full-time employees.

Highlights of the Waaree Energies IPO

• IPO Date: 21st October 2024 to 23rd October 2024
• Listing Date: 28th October 2024 (Tentative)
• Face Value: ₹10 per share
• Price Band: ₹1427 to ₹1503 per share
• Lot Size: 9 Shares
• Total Issue Size: 28,752,095 shares (aggregating up to ₹4,321.44 Cr)
• Fresh Issue: 23,952,095 shares (aggregating up to ₹3,600.00 Cr)
• Offer for Sale: 4,800,000 shares (aggregating up to ₹721.44 Cr)
• Issue Type: Book Built Issue IPO
• Listing At: BSE, NSE
• Book Running Lead Managers: Axis Capital Limited, IIFL Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Ltd
• Registrar: Link Intime India Private Ltd