Waaree Energies is into Power and Energy Renewable Energy sector and is looking raise funds through Fresh Issue and Offer For Sale
IPO Summary
Waaree Energies IPO is a public offering of shares by Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited) . The IPO will open on October 21 and will close on October 23. The price band is ₹1,427 to ₹1,503 per share and the lot size is 9 shares. The issue size is ₹4,321.44 crore. The shares are expected to be listed on NSE, BSE on October 28 (^). Some additional information that you may find useful are:-
Financial Snapshot (Updated in Sep'2024)
- Revenue (Rs Crores): 3408.9 in Q1FY25 v/s 3328.3 in Q1FY24 (v/s 11397.6 in FY24 / 6860.4 in FY23 / 2945.8 in FY22)
- EBITDA (Rs Crores): 640 in Q1FY25 v/s 554.3 in Q1FY24 (v/s 1809.6 in FY24 / 944.1 in FY23 and v/s 202.5 in FY22)
- EBITDA Margins (%): 18.3 in Q1FY25 v/s 16.2 in Q1FY24 (v/s 15.6 in FY24 / 13.8 in FY23 and v/s 6.9 in FY22)
- PAT (Rs Crores): 401.1 in Q1FY25 v/s 457.4 in Q1FY24 (v/s 1274.4 in FY24 v/s 677.1 in FY23 and v/s 118.4 in FY22)
- PAT Margin (%): 11.5 in Q1FY25 v/s 9.9 in Q1FY24 (v/s 10.96 in FY24 v/s 7.3 in FY23 and v/s 2.7 in FY22)
- EPS (Rs/share): 14.93 in Q1FY25 v/s 13.64 in Q1FY24 (v/s 47.86 in FY24 v/s 21.57 in FY23 and v/s 3.84 in FY22)
- RoCE (%): 9.56 in Q1FY25 v/s 17.75 in Q1FY24 (v/s 36.95 in FY24 v/s 48.83 in FY23 and v/s 23.49 in FY22)
- RoE (%): 8.8 in Q1FY25 v/s 12.36 in Q1FY24 (v/s 30.26 in FY24 v/s 26.26 in FY23 and v/s 17.69 in FY22)
- Total Debt (Rs Crores): 261.2 in Q1FY25 v/s 233.3 in Q1FY24 (v/s 317.3 in FY24 v/s 273.4 in FY23 and v/s 313.1 in FY22)
Promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited) Currently promoters hold 71.8% stake in the company. While post-equity promoters stake will be 64.3%
- Company aims to raise between Rs 4,285 to 4,321 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Capex towards establishment of 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India - Rs 2775 crores and 2) General Corporate purpose
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 18-Oct-24.
- Price band for the IPO has been fixed at Rs 1,427 to 1,503 per share and bid lot are in multiple of 9 shares. The implied market cap post-issue at Rs 41,177 to 43,179 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on October 24 and share are expected to be listed on NSE, BSE on October 28.
- Company manufactures both mono-crystalline and multi-crystalline solar modules. Company believe none of the listed companies in India are engaged in the portfolio of business similar to it, however, there is one other listed company in India that only manufactures multi-crystalline solar modules i.e. Websol Energy System Limited
- Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, ITI Capital has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.
- Company has not undertaken Pre-IPO placement.
Key Pointers of Waaree Energies IPO:
| Waaree Energies Limited IPO Snapshot | UdhyamPitch on X | |||
|---|---|---|---|
| Established | City | Sector | Sub-Sector |
| 1990 | Mumbai | Power and Energy | Renewable Energy |
| Issue | Issue Type | Tentative Listing Date | Listing at |
| IPO (Fresh+OFS) | Book Building | 28-Oct-24 | NSE, BSE |
| IPO Dates | Price Band (Rs/sh) | Face Value (Rs/sh) | Min Lot Qty |
| 21-Oct-24 to 23-Oct-24 | ₹ 1,427 to 1,503 per sh | ₹ 10 per sh | 9 sh and in multiples |
| Retail App (min) | Retail App (max) | Non-Retail (Rs2-10L App) | Non-Retail (>Rs10L min App) |
| 9 shares ₹ 13,527 |
135 shares up to ₹ 202,905 |
144 to 657 shares ₹ 216,432 to 987,471 |
666 shares and above ₹ 1,000,998 and above |
There are highly chances of variation in data. Users are requested to visit BSE, NSE, SEBI to gather information or read DRHP / RHP for more information.
About Waaree Energies Limited
Established in 1990, Mumbai based Waaree Energies is manufacturer of
solar PV modules in India with an aggregate installed capacity of 12 GW
(Q1FY24) Company's portfolio of solar energy products consists of the
following PV modules: (i) multicrystalline modules; (ii) monocrystalline
modules; and (iii) TopCon modules, comprising flexible modules, which
includes bifacial modules (Mono PERC) (framed and unframed), and
building integrated photo voltaic (BIPV) modules. It has four
manufacturing facilities in India spread over an area of 136.30 acres
and are located at Surat, Tumb, Nandigram and Chikhli in Gujarat, India.
- Company has Installed capacity of 12GW in Q1FY24 (v/s 9GW in FY23 / 2GW in FY21).
- Operate manufacting facilities are four locations in Gujarat State at Surat (“Surat Facility”), Tumb (“Tumb Facility”), Nandigram (“Nandigram Facility”) and Chikhli (“Chikhli Facility”)
- Business and Revenue model: (i) Direct Sales to Utilities and Enterprises; (ii) Export Sales (iii) Retail Sales (comprising franchisee sales) and (iv) EPC services, O&M services, trading in ancillary products, export incentives, generation of electricity from renewable resources and scrap sale.
- Export sales constitutes 73.35% in Q1FY24 (v/s 68.38% in FY23 / 23.05% in FY22 of total sales
- Orderbook: Order book of solar PV modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for our Subsidiary, Waaree Solar Americas Inc. located in the USA.
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Financial Snapshot (Updated in Sep'2024)
- Revenue (Rs Crores): 3408.9 in Q1FY25 v/s 3328.3 in Q1FY24 (v/s 11397.6 in FY24 / 6860.4 in FY23 / 2945.8 in FY22)
- EBITDA (Rs Crores): 640 in Q1FY25 v/s 554.3 in Q1FY24 (v/s 1809.6 in FY24 / 944.1 in FY23 and v/s 202.5 in FY22)
- EBITDA Margins (%): 18.3 in Q1FY25 v/s 16.2 in Q1FY24 (v/s 15.6 in FY24 / 13.8 in FY23 and v/s 6.9 in FY22)
- PAT (Rs Crores): 401.1 in Q1FY25 v/s 457.4 in Q1FY24 (v/s 1274.4 in FY24 v/s 677.1 in FY23 and v/s 118.4 in FY22)
- PAT Margin (%): 11.5 in Q1FY25 v/s 9.9 in Q1FY24 (v/s 10.96 in FY24 v/s 7.3 in FY23 and v/s 2.7 in FY22)
- EPS (Rs/share): 14.93 in Q1FY25 v/s 13.64 in Q1FY24 (v/s 47.86 in FY24 v/s 21.57 in FY23 and v/s 3.84 in FY22)
- RoCE (%): 9.56 in Q1FY25 v/s 17.75 in Q1FY24 (v/s 36.95 in FY24 v/s 48.83 in FY23 and v/s 23.49 in FY22)
- RoE (%): 8.8 in Q1FY25 v/s 12.36 in Q1FY24 (v/s 30.26 in FY24 v/s 26.26 in FY23 and v/s 17.69 in FY22)
- Total Debt (Rs Crores): 261.2 in Q1FY25 v/s 233.3 in Q1FY24 (v/s 317.3 in FY24 v/s 273.4 in FY23 and v/s 313.1 in FY22)
About Industry
Solar energy potential is the greatest in India amongst all the
commercially available renewable energy sources. India is endowed with
vast solar energy potential. (Source: CRISIL Report) About 5,000
trillion kWh (kilo watt hour) per year of energy is incident over the
land area, with most parts receiving 4kWh to 7 kWh per square meter
per day. (Source: CRISIL Report) During Fiscals 2018 to 2023,
approximately 55 GW of solar capacity has been commissioned compared
with the expected commissioning of 60 GW to 65 GW.
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Key domestic solar module manufacturers with capacity in MW
- Waaree Energies: 12,000 MW
- Adani Mundra PV: 4,000 MW
- ReNew Power: 4,000 MW
- Saatvik: 3,800 MW
- Vikram Solar: 3,500 MW
| Waaree Energies Limited IPO Dates | UdhyamPitch on X | |
|---|---|
| Anchor Open | 18-Oct-24 |
| IPO Open | 21-Oct-24 |
| IPO Close | 23-Oct-24 |
| Allotment | 24-Oct-24 |
| Credit of Shares | 25-Oct-24 |
| Refund | 25-Oct-24 |
| Listing | 28-Oct-24 |
| Anchor Investor Lockin (50% of Anchor book investment) | |
| Anchor Investor Lockin (Balance 50% of Anchor book investment) | |
Kindly note UPI Mandate deadline is 5:00 pm IST on closing date. To avoid last minute issue, request you to approve UPI mandate before 4:00 pm IST on last day. In case, UPI mandate has not been approved during the prescribed time period, applications are liable to get rejected.
There are highly chances of variation in dates. Users are requested to visit BSE, NSE, SEBI to gather information or read DRHP / RHP for more information.
| Waaree Energies Limited IPO - Management Details: | |
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Hitesh Chimanlal Doshi, Chairman and MD He holds a bachelor’s degree in commerce from the University of Mumbai. He also holds a doctorate in professional entrepreneurship in business project management from the European Continental University. He has been associated with the Company since October 1999 and is currently responsible for, inter alia, overseeing Company’s financial performance, investments and other business ventures, providing strategic advice to the Board, developing and executing our Company’s business strategies and establishing policies and legal guidelines. He has over 22 years of experience in the engineering industry. |
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Viren Chimanlal Doshi, Whole-time Director He has passed the higher secondary exams from the Maharashtra State Board of Secondary and Higher Secondary Education. He has been associated with the Company since November 26, 2007 and is currently responsible for overseeing the engineering, procurement and construction of the solar projects of the Company, its Subsidiaries and other companies within the group. He has over 15 years of experience in the engineering industry. |
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Hitesh Pranjivan Mehta, Whole-time Director He holds a bachelor’s degree in commerce from the University of Bombay and has been admitted to the Institute of Chartered Accountants of India as a member. He has been associated with the Company since April 1, 2011 as the director in Waaree Group. He is currently responsible for, inter alia, leading Company’s short and long-term strategy and setting strategic goals. He has over 23 years of experience in the field of engineering, solar and oil industries and was previously associated with Waaree Instruments Limited as director. |
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Sonal Shrivastava, Chief Financial Officer She has been associated with the Company since September 3, 2024. She holds a bachelor’s degree of science engineering (chemical) from Vinoba Bhave University and a master’s degree of management studies from the Jamnalal Bajaj Institute of Management Studies, University of Mumbai. She was previously associated with Sugati Holdings Private Limited, Duet Capital SA, Vedanta Limited, Lafarge India Limited, Suzlon Energy Limited and Holcim Services (South Asia) Limited in various capacities. |
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Rajesh Ghanshyam Gaur, Company Secretary and Compliance
Officer He holds a bachelor’s degree in commerce from the University of Mumbai and is a member of the institute of Company Secretaries of India. He has been associated with the Company since May 19, 2023 and is currently responsible for corporate secretarial and compliance functions of the Company. He was previously associated with Ambuja Cements Limited as a manager in the secretarial function. |
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Amit Paithankar, Chief Executive Officer He has been associated with the Company since March 1, 2024 and is responsible for the executive day to day functions of the Company. He holds a bachelor’s degree of engineering (electrical branch) from V. J. Technical Institute and a master’s degree in business administration (Global) from London School of Business and Finance. He also holds a doctor of philosophy (technology) in electrical engineering from Veermata Jijabai Technological Institute. He was previously associated with Emerson Electric Company (India) Private Limited as the managing director South Asia and vice president advanced design center. |
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Visit DRHP / RHP for more details on Board of Directors and
Management details.
| Waaree Energies Limited IPO - Details of Offer/Issue Breakup | UdhyamPitch on X | |||||
|---|---|---|---|---|---|
| Category | Quota (%) | No of Shares-Lower | No of Shares-Upper | Value (Rs Cr)-Lower | Value (Rs Cr)-Upper |
| QIB (Incl Anchor) | 50 | NA | 14,159,814 | NA | 2,128.22 |
| Non-Retail (NII) | 15 | NA | 4,247,944 | NA | 638.47 |
| Non-Retail (NII): >Rs10L | NA | 2,831,963 | NA | 425.64 | |
| Non-Retail (NII): Rs2L-Rs10L | NA | 1,415,981 | NA | 212.82 | |
| Retail | 35 | NA | 9,911,870 | NA | 1,489.75 |
| Employee | NA | 432,468 | 65. | 65. | |
| Shareholder | NA | . | . | ||
| NA=Not Available or Not Calculated | Upper= Upper Price Band | Lower=Lower Price Band | |||||
There are highly chances of variation in data. Users are requested to visit BSE, NSE, SEBI to gather information or read DRHP / RHP for more information.
| Waaree Energies Limited - IPO Merchant Bankers: |
|---|
| Axis Capital |
| IIFL Securities |
| Jefferies India |
| Nomura Financial Advisory |
| SBI Capital Markets |
| Intensive Fiscal Services |
| ITI Capital |
| Waaree Energies Limited - IPO Registrar & Transfer Agent (RTA): |
|---|
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Link Intime India Pvt. Ltd. C-101, 247 Park, L.B.S. Marg, Vikhroli (West) Mumbai Maharashtra 400083 |
Check IPO Allotment status of Waaree EnergiesIPO:
| Waaree Energies Limited - Anchor Lockin Dates and Details | |
|---|---|
| Anchor Investor Lockin (50% of Investment for 30 days) release of | |
| Anchor Investor Lockin (Balance Investment for 90 days) release of | |
Above information is automatically calculated based on estimations. Chances of errors/changes could be possible due to holidays and/or other conditions. Users are requested to Visit BSE, NSE, SEBI for more information or contact the Company/Merchant Banker/RTA for more information.
| Waaree Energies Limited - Documents | |
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Disclaimer:
Above article only publishes details on the companies and about forthcoming / upcoming IPO' and are solely intended for educational purpose. We don't solicit or invite any interest of user to invest in any of the investment products. Please review DRHP/RHP/Prospectus for more details about the company, fundamentals and other details. Please visit respective sources to verify and know more details about the IPO. SME IPOs can be more volatile due to smaller market capitalization and liquidity. Prices may fluctuate significantly in response to market conditions. We advise users and/or investors to take opinion from certified and SEBI registered experts before taking any investment decisions.
| Source: SEBI, BSE, NSE |
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