Waaree Energies Raises Rs 1,277 Crore From Anchor Investors Ahead Of IPO

Waaree Energies Ltd. has raised approximately Rs 1,277 crore from anchor investors on Friday ahead of its initial public offering. The company allotted 84.96 lakh shares at Rs 1,503 apiece to 92 anchor investors, according to a statement on Friday.

Nomura India Investment Fund Mother Fund, Leading Light Fund VCC- The Triumph Fund, Necta Bloom VCC- The Regal Fund, ValueQuest Scale Fund and VQ Fastercap Fund secured the highest allocation with a 3.13% stake each.

Quant Mutual Fund - Quant Large Cap Fund, and Mirae Asset Large Cap Fund received the second-highest allotment of 2.62% equity each.

Waaree Energies will launch its Rs 4,321.4-crore IPO on Monday. It has set a price band of Rs 1,427 to 1,503 per share for its three-day IPO, which is a mix of a fresh issue of shares worth Rs 3,600 crore and an offer for sale for 48 lakh shares of face value of Rs 10 each. The minimum application lot size is nine shares.

Seventeen domestic mutual funds have applied through 45 schemes, the company said in an exchange filing on Friday. They have collectively netted 33.33% of the anchor portion. ICICI Prudential, HDFC, Tata, Motilal Oswal, and Quant were among the top fund houses in this category.

Axis Capital Ltd., IIFL Securities Ltd., Jefferies India Pvt., Nomura Financial Advisory and Securities (India) Pvt., SBI Capital Markets Ltd., Intensive Fiscal Services Pvt. and ITI Capital Ltd. are the book running lead managers of the IPO, while Link Intime India Pvt. is the registrar for the issue.

The offer will conclude on Wednesday, after which the shares will list on the BSE and the National Stock Exchange. Promoter Waaree Sustainable Finance Pvt. will offload 43.5 lakh shares via the OFS. Chandurkar Investments Pvt. will sell 4.5 lakh shares or its entire 0.17% stake, according to the price band advertisement.

Earlier, the company had filed preliminary papers with SEBI in September 2021, for floating an IPO but deferred the maiden public issue.