Waaree Energies IPO
Waaree Energies IPO — date, price band, lot size & details 2024
Waaree Energies listed on 28 Oct 2024 at ₹2,500, 66.3% above the ₹1,503 issue price.
Waaree Energies is a solar PV module maker in India with 12 GW of installed capacity on 31 March 2024. Its total income was Rs 11,632.76 crore in FY2024.
Stock price
Waaree Energies is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 21 Oct 2024
- Close 23 Oct 2024
- Allotment 24 Oct 2024
- Refund/credit 25 Oct 2024
- Listing 28 Oct 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 21 to 23 Oct, 2024 |
|---|---|
| Price Band | ₹1427 – ₹1503 |
| Face Value | ₹10 |
| Lot Size | 9 Shares |
| Issue Size | ₹4321.44 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 13,527 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 9 shares at the ₹1503 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 9 | ₹13,527 |
| Retail (max) | 14 | 126 | ₹1,89,378 |
| S-HNI (min) | 15 | 135 | ₹2,02,905 |
| S-HNI (max) | 73 | 657 | ₹9,87,471 |
| B-HNI (min) | 74 | 666 | ₹10,00,998 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 2,945.85 crore in FY2022 to Rs 11,632.76 crore in FY2024.
- 02Profit after tax rose from Rs 79.65 crore in FY2022 to Rs 1,274.38 crore in FY2024.
- 03Rs 3,600.00 crore of the issue was fresh capital for new capacity.
- 04Borrowing was low at Rs 261.24 crore on 30 June 2024, and the source puts debt to equity at 0.06.
- 05Net worth grew from Rs 427.35 crore on 31 March 2022 to Rs 4,471.71 crore on 30 June 2024.
Risks · 5
- 01The pre-issue P/E was 30.87 at the upper band of Rs 1,503, based on EPS of Rs 48.69.
- 02Capacity use was only 43.37% in FY2024.
- 03Solar module prices are volatile, and growth depends on government support for local makers across its 12 GW of capacity.
- 04The new integrated plant is large and carries execution risk. The source puts the PAT margin at 11.47%.
- 05Promoters and the promoter group held 71.8% before the issue and 64.3% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Waaree Energies offer document.
| Metric | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 11,989.48 | 11,313.73 | 7,419.92 | 2,237.40 |
| Total Income | 3,496.41 | 11,632.76 | 6,860.36 | 2,945.85 |
| Profit After Tax | 401.13 | 1,274.38 | 500.28 | 79.65 |
| NET Worth | 4,471.71 | 4,074.84 | 1,825.41 | 427.35 |
| Total Borrowing | 261.24 | 317.32 | 273.48 | 313.08 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Waaree Energies RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Waaree Energies IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹48.69 | ₹56.16 |
| P/E Ratio (x) | 30.87 | 26.76 |
| Market Cap at Offer Price (₹ Cr) | ₹12,382.39 | ₹10,735.37 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹1503 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹3,472.70 Cr of the issue is earmarked to named objects.
About the company
It had installed capacity of 12 GW on 31 March 2024, with capacity use of 43.37% in FY2024 and 45.01% in the three months to 30 June 2024. Its range includes multicrystalline and other PV modules.
Its promoters are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance.
The IPO was Rs 4,321.44 crore, with Rs 3,600.00 crore of fresh issue and Rs 721.44 crore of offer for sale by Waaree Sustainable Finance and Chandurkar Investments. Fresh money was mainly planned for a new ingot, wafer, cell and module plant in Odisha.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Waaree Energies IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
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Axis Capital
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Jefferies India Private Limited
34 issues handledBest listing: Nazara Technologies (+80.7%). Weakest: Turtlemint Fintech Solutions (-10.4%).
IIFL Capital Services Limited
113 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
20 issues handledBest listing: Nazara Technologies (+80.7%). Weakest: Shriram Properties (-23.7%).
Intensive Fiscal Services Pvt. Ltd
7 issues handledBest listing: Ami Organics (+49.2%). Weakest: Gopal Snacks (-12.5%).
ITI Capital Ltd
4 issues handledBest listing: Nureca (+53.8%). Weakest: Suraj Estate Developers (-5.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Waaree Energies?
The current Grey Market Premium is ₹1200, or 80% over the issue price.
What is the Waaree Energies IPO price band?
₹1427 to ₹1503, on a face value of ₹10.
When is the allotment?
The basis of allotment is 24 October 2024, with listing on 28 October 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
