Thu Oct 17 15:31:08 UTC 2024: ## Waaree Energies IPO to Raise ₹3,600 Crore, Sets Price Band at ₹1,427-₹1,503

**Mumbai, October 17, 2023:** Indian solar energy company Waaree Energies Limited is set to launch its Initial Public Offering (IPO) on Monday, October 21, with a price band of ₹1,427 to ₹1,503 per equity share. The IPO will close on Wednesday, October 23, with anchor investor allocation taking place on Friday, October 18.

The company aims to raise up to ₹3,600 crore through the IPO, which includes fresh equity share issuance and an offer for sale (OFS) of up to 4,800,000 equity shares. Promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Pvt Ltd will be selling the OFS shares.

The IPO lot size is 9 equity shares and in multiples of 9 thereafter. The company has reserved 50% of the shares for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors. The employee reservation portion includes up to 650 million equity shares.

Waaree Energies, established in 1990, manufactures solar PV modules and operates with a combined installed capacity of 12 GW. The company’s product portfolio includes multicrystalline, monocrystalline, and TopCon modules, including flexible bifacial modules (Mono PERC) and building-integrated photovoltaic (BIPV) modules.

The company has four manufacturing facilities in Gujarat, covering a total area of 136.30 acres. In the financial year ending March 31, 2024, Waaree Energies witnessed a 70% increase in revenue and a 155% rise in profit after tax (PAT) compared to the previous year.

The book running lead managers for the IPO include Axis Capital Limited, IIFL Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and Iti Capital Ltd. Link Intime India Private Ltd is serving as the registrar for the issue.

Currently, the grey market premium for Waaree Energies is +223, indicating investor eagerness to pay more than the issue price. Analysts estimate the listing price to be around ₹1,280, 85.16% higher than the IPO price.

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