Waaree Energies IPO Day 1: GMP, Subscription Status, Price Band And More
High net worth individuals and retail investors led demand in first leg of the Waaree Energies IPO.
The initial public offering of India's biggest solar module manufacturer, Waaree Energies Ltd., was fully subscribed within two hours of opening, The issue was subscribed 1.46 times by 12:21 pm on its first day, led by non-institutional and retail investors.
The IPO of Waaree Energies—the parent entity of listed company Waaree Renewable Technologies Ltd.—is a mix of a fresh issue of shares worth Rs 3,600 crore and an offer for sale of 48 lakh shares of face value of Rs 10 each.
Promoter Waaree Sustainable Finance Pvt. will offload 43.5 lakh shares via OFS. Chandurkar Investments Pvt. will sell 4.5 lakh shares, or its entire 0.17% stake.
The public offering will open at a price band of Rs 1,427 to Rs 1,503 per share and the minimum lot size for bidding will be nine shares, with further bids to be made in multiples. Shares will be listed on the BSE and NSE. At the upper price band, the company is valued at a Rs 43,179-crore market capitalisation.
Waaree Energies raised approximately Rs 1,277 crore from anchor investors on Friday, ahead of its initial public offering.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt., SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.
Issue Details
Issue opens: Oct. 21.
Issue closes: Oct. 23.
Total offer size: Rs 4,321.4 crore.
Fresh issue size: Rs 3,600 crore.
Offer for sale size: Rs 721 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 1,427–1,503 per share.
Lot size: 9 shares.
Listing: NSE, BSE.
Use Of Proceeds
The majority of the proceeds from the IPO as per the red herring prospects will be used to:
Partly finance the cost of establishing the company's 6 GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha. This financing will be done via an investment in its wholly owned subsidiary, Sangam Solar One Pvt.
General corporate purposes.
Business
Waaree Energies, founded in 1990 and headquartered in Mumbai, is the parent company of listed Waaree Renewable Technologies. The company has India's largest aggregate solar module manufacturing installed capacity of 12 gigawatts and enjoyed a domestic market share of 20% in fiscal 2024.
The company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are spread across Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.
Waaree Energies IPO Subscription Status: Day 1
The IPO was subscribed 1.46 times as of 12:24 p.m. on Monday.
Qualified institutional buyers: Nil.
Non-institutional investors: 3.13 times.
Retail investors: 1.59 times.
Employees reserved: 0.77 times, 77%.
Waaree Energies IPO GMP Today
The grey market premium of Waaree Energies was Rs 1,480 as of 11:56 a.m., implying a 98.47% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 2,983 per share.
GMP is not an official price quote for the stock and is based on speculation.
Watch IPO Adda Here:
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
