Waaree Energies Limited IPO (Waaree Energies IPO) Detail Review –
Waaree Energies Limited IPO (Waaree Energies IPO) Detail is set to open from 21st Oct 2024 to 23rd Oct 2024. In this article we will analyze the financials , strengths and weaknesses of the Waaree Energies Limited IPO (Waaree Energies IPO). Keep scrolling below to read more!
Waaree Energies Limited IPO (Waaree Energies IPO) Overview –
Established in 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.
The product portfolio of solar energy products consists of the following PV modules
- Multicrystalline modules
- Monocrystalline modules; and
- TopCon modules include flexible bifacial modules (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.
As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.
The Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply, and installation of solar photovoltaic modules. The Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for solar photovoltaic module manufacturing, marketing, and supply.The company also comply with various safety standards for its PV modules.
As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the company served a total of 1,381, 716, 566, and 373 customers in India, respectively. Outside India, the company served 31, 26, 33, and 20 customers during the same periods.
Competitive Strength
- Largest Solar PV Module Manufacturer in India
- The diversified base of Indian and global customers with a large order book
- Advanced manufacturing facility with global accreditions
- Extensive Pan India retail network
- Consistent track record of financial performance
- Experienced management team
Waaree Energies Limited IPO (Waaree Energies IPO) Synopsis-
Waaree Energies Limited IPO (Waaree Energies IPO) is set to be open from 21st Oct 2024 to 23rd Oct 2024, offering combination of fresh issue of 2.4 crore shares aggregating to Rs 3,600 crores and offer for sale of 0.48 crore shares aggregating to Rs 721.44 crores. This NSE,BSE IPO follows a Book Built Issue IPO with tentative listing date fixed as Monday, October 28, 2024.
The total issue size of this IPO amounts to Rs. 4321.44 Crores. The company has allocated shares 35% to retail investors, 50% to institutional and 15% to non institutional investors.
| Particulars | Details |
| Opening Date | 21st Oct 2024 |
| Closing Date | 23rd Oct 2024 |
| Lot Size | 9 Shares |
| Face Value | Rs 10 |
| IPO Size | Rs. 4321.44 Cr |
| Fresh Issue | Rs. 3600.00 Cr |
| IPO Price Range | Rs. 1427 – 1503 |
| Min. Investment | Rs. 13,527 |
| Offer for Sale (OFS) | Rs. 721.44 Cr |
| Employee Discount | N/A |
| Basis of Allotment | 24th Oct 2024 |
| Refunds | 25th Oct 2024 |
| Listing Date | 28th Oct 2024 |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
Waaree Energies Limited IPO (Waaree Energies IPO) Market Lot
Waaree Energies Limited IPO (Waaree Energies IPO) minimum market lot is 9 shares with ₹13,527 application amount. The retail investors can apply up to 14 lots with 126 shares or ₹189,378 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 9 | ₹13,527 |
| Retail Maximum | 14 | 126 | ₹189,378 |
| S-HNI Minimum | 15 | 135 | ₹202,905 |
| S-HNI Maximum | 72 | 657 | ₹987,471 |
| B-HNI Minimum | 73 | 666 | ₹1,000,998 |
Waaree Energies Limited IPO (Waaree Energies IPO) Book Running Lead Managers –
- Axis Capital Limited
- IIFL Securities Limited
- Jefferies India Private Limited
- Nomura Financial Advisory and Securities (India) Private Limited
- SBI Capital Markets Limited
- Intensive Fiscal Services Private Limited
- ITI Capital Limited
Waaree Energies Limited IPO (Waaree Energies IPO) Registrar to the offer –
The registrar for the Waaree Energies Limited IPO (Waaree Energies IPO) is Link Intime India Private Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
The Objective Of The Issue –
The company desires to use the Net Proceeds from the Issue to fulfill its following goals:
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(“Project”).
- General corporate purposes.
Key Performance Indicator –
The market capitalization of Waaree Energies Limited is Rs 42939.36 Cr.
KPI as of March 31, 2024.
| KPI | Values |
| ROE: | 30.26% |
| ROCE: | 26.29% |
| EBITDA Margin: | 15.56% |
| PAT Margin: | 10.96% |
| Debt to equity ratio: | 0.08 |
| Earning Per Share (EPS): | ₹48.05 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 30.36% |
| Net Asset Value (NAV): | ₹154.96 |
Financial Status –
Waaree Energies Limited’s revenue increased by 70% and profit after tax (PAT) rose by 155% between the financial year ending with March 31, 2024 and March 31, 2023.
Below is the synopsis of the company’s financial data for the financial year that concluded on 31 March 2024.
The company’s total assets are Rs. 11,313.73 crore.
The company’s total revenue is Rs. 11,632.76 crore.
The company’s PAT is Rs. 1,274.38 crore.
The company’s net worth is Rs. 4,074.84 crore
| Particulars(in Rs. Crores) | 30 June 2024 | 31 MAR 24 | 31 MAR 23 | 31 MAR 22 |
|---|---|---|---|---|
| Revenue From Operations | 3,946.41 | 11,632.76 | 6,860.36 | 2,945.85 |
| PAT | 401.13 | 1,274.38 | 500.28 | 79.65 |
| Net Worth | 4,471.71 | 4,074.84 | 1,826.02 | 427.13 |
| Total Assets | 11,989.48 | 11,313.73 | 7,419.92 | 2,945.85 |
| Total Borrowings | 261.24 | 317.32 | 273.48 | 313.08 |
Evaluation of P/E Ratio :
The P/E Ratio of Waaree Energies Limited is 31.28
Comparative Analysis with Listed Peers :
In simple words, the P/E ratio of Waaree Energies IPO (31.28x), compared with the industry’s average P/E of 151.13x, has an undervaluation (on a P/E Ratio basis only). Hence the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.
Peers of Waaree Energies Limited IPO (Waaree Energies IPO) –
| Company Name | EPS | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Waaree Energies Limited | 48.05 | 154.96 | 30.36 | Consolidated | ||
| Websol Energy System Ltd. | -29.99 | Consolidated | ||||
| Premier Energies Limited | 6.93 | 14.63 | 151.13 | 37.46 | 74.79 | Consolidated |
Dividend Policy
The company has not paid any dividends in the last three fiscals.
Waaree Energies Limited IPO (Waaree Energies IPO) Strengths –
India’s largest producer of solar PV modules, well-positioned to take advantage of market trends and future growth opportunities for solar energy both domestically and internationally.
An extensive pan-Indian retail network.
A diversified base of global and Indian customers with a sizable order book.
Sophisticated manufacturing facilities with international accreditations.
A consistent track record of financial performance.
An accomplished senior management team with proven execution skills and a dedicated workforce.
Waaree Energies Limited IPO (Waaree Energies IPO) Weakness –
The company stated in its RHP that because of its export sales, it is subject to the risks and uncertainties associated with operating in several international markets, including the US. The business also stated that export sales account for a large portion of its operating revenue.
Additionally, the company stated in the DRHP that its capacity to increase retail sales in the residential, commercial, and industrial sectors would depend on the success of its franchisee relationships. Failure to sustain or grow its retail network would also hurt the company.
The company added that since some of its raw materials are imported from China, any limitations or import taxes on raw materials would probably harm its prospects for business.
The company went on to say that to manufacture its products, it is mostly dependent on outside suppliers of raw materials and components. Any interruption in the supply chain, such as changes in component costs, could harm the operations of the organization.
Waaree Energies Limited IPO (Waaree Energies IPO) Status
Hyundai Motor India Limited IPO (Hyundai Motor IPO) allotment status will be available on Link Intime India Private Limited.
Click on Link Link Intime India Private Limited to get allotment status.
Waaree Energies Limited IPO (Waaree Energies IPO) GMP Today –
IPO’s last GMP is ₹1250, last updated 18th Oct 2024. With the price band of 1503.00, IPO’s estimated listing price is ₹2753(cap price + today’s GMP). The expected percentage gain/loss per share is 83.17%.
Note : The GMP prices shown here are only news related to the grey market. We do not trade/deal in grey market or subject to rates, nor do we recommend trading in grey market.
Conclusion –
Hope the details presented in this blog will assist you in learning about the financial performance of the company. Before making an investment in the company’s upcoming initial public offering (IPO), thoroughly research the company, its finances, business prospects, and market trends.
Also, investors should consult their financial advisor, conduct further due diligence, analyze industry trends and the competitive landscape, and consider risk factors before making an investment decision.
For all such latest information on upcoming IPOs, keep visiting our website.
