WAREEE ENERGIES IPO
Table of Contents
1. Waaree Energies IPO – About the Company
Waree Energies IPO, India’s leading manufacturer of solar PV modules, boasting an installed capacity of 12 GW as of June 30, 2024 (Source: CRISIL Report). In Fiscal 2024, Waree Energies IPO, ranked second in operating income among domestic solar PV manufacturers. Since inception in 2007, the mission has been to deliver high-quality, cost-efficient solar energy solutions, contributing to a greener planet and enhancing the overall quality of life.
Waree Energies IPO, have rapidly grown our installed capacity from 4 GW in Fiscal 2022 to 12 GW by June 30, 2024, demonstrating efficiency in executing expansion plans. Following this, Waree Energies IPO added another 1.3 GW of solar module capacity at our Noida facility through subsidiary, Indosolar Limited.
Waree Energies IPO, specialize in manufacturing solar PV modules with advanced technologies such as:
- Multicrystalline cell technology
- Monocrystalline cell technology
- Tunnel Oxide Passivated Contact (TopCon) technology, which boosts efficiency and reduces energy loss
Waree Energies IPO, product lineup includes:
- Multicrystalline and monocrystalline modules
- TopCon modules with flexible options, including:
- Bifacial (Mono PERC) modules, available in framed and unframed versions
- Building-integrated photovoltaic (BIPV) modules
Manufacturing facilities:
As of the date of the Red Herring Prospectus, Waree Energies Limited operate five manufacturing facilities in India, covering an area of 143.01 acres:
- Surat Facility (located in Surat, Gujarat)
- Tumb Facility (located in Tumb, Gujarat)
- Nandigram Facility (located in Nandigram, Gujarat)
- Chikhli Facility (located in Chikhli, Gujarat)
- IndoSolar Facility (located in Noida, Uttar Pradesh)
Waree Energies : https://waaree.com/
2. Waaree Energies IPO – Company History
Waaree Energies Limited was initially incorporated as Anmol Fluid Connectors Private Limited in Mumbai, Maharashtra, on December 18, 1990.
The company underwent a series of name changes:
- Waaree Solar Private Limited on April 25, 2007
- Waaree Energies Private Limited on October 15, 2007
- Further correction to Waaree Energies Private Limited on December 12, 2007
On March 8, 2013, Waaree Energies Private Limited was converted into a public limited company, and the name was changed to Waaree Energies Limited on May 2, 2013.
3. Waaree Energies IPO – Book Lead Managers
The Waaree Energies IPO is backed by a strong team of lead managers, including 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, and ITI Capital Limited. These financial institutions are instrumental in ensuring the success of the offering.
- 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, and
- ITI Capital Limited.
Additionally, the registrar for the Waaree Energies IPO, Link Intime India Private Limited, will handle all administrative aspects of the process, ensuring a seamless experience for investors.
4. Waaree Energies IPO – IPO Key Dates
The Waaree Energies IPO is set to open on Monday, October 21, 2024, and will close on Wednesday, October 23, 2024. Investors can look forward to the basis of allotment being finalized on Thursday, October 24, 2024. Following this, the shares are expected to be listed on the stock exchange on Monday, October 28, 2024.
| Particulars | Dates |
| IPO Open Date | Monday, October 21, 2024 |
| IPO Close Date | Wednesday, October 23, 2024 |
| Basis of Allotment | Thursday, October 24, 2024 |
| Listing Date | Monday, October 28, 2024 |
5. Waaree Energies IPO – IPO Details
The Waaree Energies IPO is priced within a band of ₹1427 to ₹1503 per share, with a lot size of 9 shares. The total issue size amounts to 28,752,095 shares, potentially raising up to ₹4,321.44 crore. This includes a fresh issue of 23,952,095 shares worth approximately ₹3,600 crore, alongside an offer for sale of 4,800,000 shares with a nominal value of ₹10, aggregating to around ₹721.44 crore.
| Face Value | ₹10 per share |
| Price Band | ₹1427 to ₹1503 per share |
| Lot Size | 9 Shares (15,000/1,503 approx 9 Shsres) |
| Total Issue Size | 28,752,095 shares (aggregating up to ₹4,321.44 Cr) |
| Fresh Issue | 23,952,095 shares (aggregating up to ₹3,600.00 Cr) |
| Offer for Sale | 4,800,000 shares of ₹10 (aggregating up to ₹721.44 Cr) |
Waaree Energies IPO GMP : Shares of the company are available at a premium of ₹1,426 in the grey market today.
6. Waaree Energies IPO – IPO Objectives
The Objects of the Fresh Issue:
The net proceeds of the Fresh Issue, i.e., Gross Proceeds less the Offer expenses apportioned to our Company in relation to the Fresh Issue (“Net Proceeds”) are proposed to be utilised in the following manner:
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India by way of an investment in our wholly owned subsidiary, Sangam Solar One Private Limited (“Project”); and
- General corporate purposes.
7. Waaree Energies IPO – Financial Summary
A summary of the financial information of Waree Energies IPO based on the Restated Consolidated Summary Statements is as follows:
| Particulars | Year ended 31.03.2022 | Year ended 31.03.2023 | Year ended 31.03.2024 | Period ended 30.06.2024 |
| Revenue | 29,458.51 | 68,603.64 | 116,327.63 | 34,964.13 |
| Profit After Tax | 796.50 | 5,002.77 | 12,743.77 | 4,011.25 |
| Equity | 1,971.38 | 2,433.66 | 2,629.62 | 2,631.39 |
| Net worth | 4,273.51 | 18,254.13 | 40,748.37 | 44,717.10 |
| Total borrowings | 3,130.83 | 2,734.80 | 3,173.19 | 2,612.37 |
Key Revenue Highlights:
Waaree Energies has experienced remarkable revenue growth from FY 2022 to FY 2024, showcasing its strong position in the renewable energy market.
- FY 2022: Revenue stood at ₹29,458.51 million.
- FY 2023: This figure surged to ₹68,603.64 million, reflecting a 132% increase.
- FY 2024: Revenue further escalated to ₹116,327.63 million, marking a 70% growth compared to the previous fiscal year.
- Q1 FY 2025: The company reported revenue of ₹34,964.13 million, indicating a solid start to the new fiscal year.
Profit After Tax (PAT) Analysis:
Waaree Energies has demonstrated remarkable growth in its Profit After Tax (PAT) figures over recent fiscal years, signaling a robust operational performance and strategic effectiveness.
Yearly Growth:
- FY 2022: PAT was ₹796.50 million.
- FY 2023: PAT surged to ₹5,002.77 million, reflecting an increase of approximately 527%.
- FY 2024: PAT further escalated to ₹12,743.77 million, marking a growth of about 155% compared to FY 2023.
Recent Period Performance:
As of June 30, 2024, the PAT stands at ₹4,011.25 million. Although this figure is lower than the full-year PAT for FY 2024, it indicates strong profitability in the initial quarter of the new fiscal year.
8. Waaree Energies IPO – Key Financial Ratios
A summary of the Key financial information of Waree Energies IPO based on the Restated Consolidated Summary Statements is as follows:
| Particulars | Year ended 31.03.2022 | Year ended 31.03.2023 | Year ended 31.03.2024 | Period ended 30.06.2024 |
| – Earnings Per Share – Basic | 3.84 | 21.82 | 48.05 | 14.98 |
| – Earnings Per Share – Diluted | 3.84 | 21.57 | 47.86 | 14.93 |
| Net asset value per Equity Share | 21.68 | 75.01 | 154.96 | 169.94 |
| Debt Equity ratio | 0.72 | 0.15 | 0.08 | 0.08 |
| Return on Capital Employed (ROCE) (%) | 21.89% | 31.61% | 26.29% | 15.86% |
| Return on Equity (ROE) (%) | 17.69% | 26.26% | 30.26% | 12.36% |
9. Waaree Energies IPO – Listed Industry Peers
Waree Energies IPO, manufactures both mono-crystalline and multi-crystalline solar modules. Waree Energies Limited IPO believe none of the listed companies in India are engaged in the portfolio of business similar to Waree Energies IPO, however, there are two other listed companies in India that only manufactures multi-crystalline solar modules.
10. Waaree Energies IPO – Management
Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies, holding a bachelor’s degree in commerce and a doctorate in business project management. With over 22 years of experience, he has significantly contributed to the solar industry, earning awards such as the “Global Solar Leaders Award” in 2024. Under his leadership, Waaree Energies has expanded its operations to over 68 countries, solidifying its position in renewable energy.
Viren Chimanlal Doshi is the Whole-time Director of our Company. He has passed the higher secondary exams from the Maharashtra State Board of Secondary and Higher Secondary Education. He has been associated with our Company since November 26, 2007 and is currently responsible for overseeing the engineering, procurement and construction of the solar projects of our Company, its Subsidiaries and other companies within the group. He has over 15 years of experience in the engineering industry.
Hitesh Pranjivan Mehta is the Whole-time Director of our Company. 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 our Company since April 1, 2011 as the director in Waaree Group. He is currently responsible for, inter alia, leading our 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.
Dr. Arvind Ananthanarayanan is the Non-Executive Director of our Company. He holds a master’s degree of science in physics and a doctorate in philosophy (science) from University of Mumbai. He has been associated with our Company since May 16, 2023. He was previously associated with Bhabha Atomic Research Centre as a scientific officer. He has over 18 years of experience in applied physics.
Sujit Kumar Varma is an Independent Director of our Company. He holds a bachelor’s degree in arts from the Ranchi University. He has been associated with our Company since 2021. He has been associated with the State Bank of India in various capacities since 1987. He has over 35 years of experience in the banking industry and has held board positions in several banks, such as State Bank of India as the deputy managing director, SBI, New York branch as the chief executive officer, SBI Mauritius Limited and SBI UK Limited as director
Rajender Mohan Malla is an Independent Director of our Company. He holds a bachelor’s degree in commerce and a master’s degree in business administration from the University of Delhi. He is also a certified associate of Indian Institute of Bankers. He has been associated with our Company since 2019. He has previously held the position of a director in various companies, such as SIDBI Venture Capital Limited, IDBI Capital Markets and Securities Limited and IDBI Asset Management Limited.
Jayesh Dhirajlal Shah is an Independent Director of our Company. He holds a bachelor’s degree in commerce from the University of Mumbai. He is a practising chartered accountant and a fellow member of the Institute of Chartered Accountants of India. He has been associated with our Company since 2015. He is the founding partner of J.D. Shah Associates, Chartered Accountants in 1988. He has over 34 years of experience in the field of taxation, audit, project finance and compliance services.
Richa Manoj Goyal is an Independent Director of our Company. She holds a bachelor’s degree in commerce from H.A. Commerce College and a bachelor’s degree in law from Gujarat University and is a practising company secretary. She has been associated with our Company since 2021. She is certified trademarks agent and she is currently the managing partner of the law firm ‘Richa Goyal and Associates’.
Waree Energies IPO Documents:
RHP – https://www.sebi.gov.in/filings/public-issues/oct-2024/waaree-energies-limited-rhp_87562.html
Annual Financials: https://waaree.com/investor/
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