Thu Oct 24 14:17:15 UTC 2024: **Summary of Waaree Energies IPO Article**

– **Record Applications**: Waaree Energies Limited’s IPO, which ran from October 21 to 23, 2024, received 97.34 lakh applications, surpassing the previous record held by Bajaj Housing Finance’s IPO that garnered nearly 90 lakh applications.

– **Offer Details**: The IPO was valued at ₹4,321.44 crore, receiving bids for over 160.91 crore shares against the 2.1 crore shares available.

– **Market Context**: The immense demand for Waaree’s IPO occurred despite a declining trend in stock markets influenced by foreign fund outflows, mixed Q2 results, and geopolitical tensions.

– **Company Performance**: In Q1FY25, Waaree Energies reported revenue of ₹3,496.41 crore and a profit-after-tax of ₹401.13 crore. The company’s FY24 revenue grew by over 69% year-on-year, and net profit surged by 154%.

– **Industry Standing**: As India’s largest solar module manufacturer by capacity, Waaree holds a significant market share of 21.09% in solar PV modules, far outpacing competitors like Vikram Solar and Adani Mundra Solar.

– **Innovative Technology**: The company employs both traditional and advanced technologies in manufacturing solar cells, including multi-crystalline, monocrystalline, and Tunnel Oxide Passivated Contact (TopCon) technologies.

– **Investment Potential**: Waaree’s subsidiary, Waaree Renewables Technologies, has provided substantial returns of over 68,000% over five years. The company has an order book of ₹3,200 crore and holds potential through upcoming solar installations.

– **Listing Date**: Shares of Waaree Energies Limited are set to be listed on the NSE and BSE, tentatively on October 28, 2024.

This summary captures the key insights and significant details regarding Waaree Energies’ IPO and its market implications.

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