The Waaree Energies IPO has not yet been announced. The company plans to raise approximately ₹[.] crores through a book-built issue, which includes a fresh issue of ₹3,000 crores and an offer for sale (OFS) of up to 3,200,000 equity shares with a face value of ₹10 each. According to the DRHP, the retail investor quota is 35%, with 50% allocated to Qualified Institutional Buyers (QIBs) and 15% to High Net-Worth Individuals (HNIs). The IPO will be listed on both NSE and BSE.
Waaree Energies, the largest solar panel manufacturer in India, has obtained approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company submitted its draft IPO papers on December 29 of last year and is expected to launch the IPO in October.
The initial share offering consists of a fresh issue of equity shares totaling up to ₹3,000 crores, along with an offer for the sale of up to 3,200,000 equity shares with a face value of ₹10 each. Additionally, 450,000 shares will be offered by Chandurkar Investments Private Limited and 50,000 shares by Samir Surendra Shah.
Founded in 1989 and headquartered in Mumbai, India, Waaree Energies has the largest installed capacity in the country, totaling 12 GW as of June 30, 2023. The company operates plants in Chikhli, Surat, Tumb, and Nandigram, Gujarat. The solar energy sector holds significant potential for powering industries and providing homes with free electricity.
According to analysis, the company invested approximately ₹711.48 million in the previous year (2023), while its other financial assets increased to around ₹763.79 million, up from ₹534.91 million the prior year.
Additionally, Waaree Energies reported total non-current and current assets of ₹113,137.27 million, compared to ₹74,199.20 million the previous year. Its total revenue reached ₹113,976 million, a substantial rise from ₹67,508.73 million in 2023.
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Waaree Energies IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Waaree Energies Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2021 | ₹ 1,983.01 | ₹ 1,920.52 | ₹ 45.61 |
| 2022 | ₹ 2,945.85 | ₹ 2,827.48 | ₹ 79.65 |
| 2023 | ₹ 6,860.36 | ₹ 6,162.63 | ₹ 500.28 |
| Jun-23 | ₹ 3,415 | ₹ 2,957.64 | ₹ 338.27 |
Waaree Energies IPO Valuation – FY2023
Waaree Energies IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹21.82 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.44% |
| Net Asset Value (NAV): | ₹ 75.03 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Websol Energy System Limited | -6.31 | NA | -12,628.95 | 0.05 | 17.22 Cr. |
Objects of the Issue
Partially finance the establishment of a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha, India.
General corporate purposes.
IPO Lead Managers (Merchant Bankers)
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