Waaree Energies, established in December 1990, is India’s largest manufacturer of solar PV modules, boasting an installed capacity of 12 GW. With clients across India and international markets, Waaree has shown strong financial growth in recent years. Its net profit rose sharply from ₹79.65 crore in FY 2022 to ₹1,274.38 crore in FY 2024, with revenue increasing at an impressive CAGR of over 982%, reaching ₹11,632.76 crore. In the first quarter of FY 2024-25, Waaree has already achieved a net profit of ₹401.13 crore and revenue of ₹3,496.41 crore.
IPO Details
- Issue Price: ₹1503 per share
- Listing Date: Monday, October 28, 2024
- Stock Exchanges: BSE and NSE
- IPO Size: ₹4,321.44 crore
- New Shares: ₹3,600 crore
- Offer for Sale: 48 lakh shares, proceeds to existing shareholders
Purpose of IPO Funds
The funds from new shares will support Waaree in:
- Expanding solar cell and PV module manufacturing facilities in Odisha
- Establishing a 6 GW ingot wafer manufacturing unit
- General corporate purposes
Market Response
The IPO received a phenomenal response, being oversubscribed by 79.44 times:
- Qualified Institutional Buyers (QIB): 215.03 times
- Non-Institutional Investors (NII): 65.25 times
- Retail Investors: 11.27 times
- Employees: 5.45 times
GMP (Grey Market Premium) Update
- On the allotment day, the GMP was ₹1,590, indicating a 105.79% premium.
- Recently, the GMP has fallen to ₹1,225, representing an 81.5% premium (down by 23%).
While earlier predictions indicated a strong potential for doubling investors’ money, recent market conditions have caused some concern. Experts suggest focusing on Waaree’s robust financials and business prospects over grey market signals, as the listing gains will likely depend on the market sentiment on listing day.
Something went wrong. Please refresh the page and/or try again.
