Waaree Energies Limited, a leading solar energy solutions provider in India, is set to launch its Initial Public Offering (IPO) in October 2024.

Key Details:

• Issue Type: Main Board IPO
• Issue Size: ₹4,321.44 Cr
• Fresh Issue:₹3,600.00 Cr
• OFS: ₹721.44 Cr
• Lot Size:9 Shares
• Face value:₹10 per share
• Price Band: ₹1427 to ₹1503 per share
• Issue Open Date: October 21, 2024
• Issue Close Date: October 23, 2024
• Listing Date: October 28, 2024
• Registrar: Kfin Technologies Limited

Timeline

IPO Open Date:	21 Oct 2024
IPO Close Date:	23 Oct 2024
Basis of Allotment:	24 Oct 2024
Refunds:	25 Oct 2024
Credit to Demat Account:	25 Oct 2024
IPO Listing Date:	28 Oct 2024

About Company

Waaree Energies Limited is a leading solar energy solutions provider in India. The company offers a wide range of solar products and services, including solar panels, solar inverters, and solar power plants.

Core Business:

• Solar Energy Solutions: Waaree Energies provides comprehensive solar energy solutions for both residential and commercial applications.
• Solar Power Plants: The company develops and installs large-scale solar power plants.
• Solar Products: Waaree Energies offers a range of solar products, including solar panels, solar inverters, and batteries.

Market Position:

• Waaree Energies is one of the leading players in the Indian solar energy market.
• The company has a strong brand presence and a wide distribution network.
• Waaree Energies has a focus on quality products and customer satisfaction.

Future Outlook:

• The company may also invest in research and development to develop innovative solar energy technologies
• The Indian solar energy market is expected to grow, driven by government policies and increasing awareness of renewable energy.
• Waaree Energies aims to expand its operations, diversify its product offerings, and explore new market opportunities.

Read DRHP Here

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Objective

The primary objectives of the Waaree Energies IPO are:

1. Raising Capital: The company aims to raise ₹1,500 crores through the IPO, which will be used for:
   • Expansion: Funding the expansion of manufacturing facilities, distribution networks, and research and development activities.
   • Working Capital: Meeting the day-to-day operational expenses of the business.
   • General Corporate Purposes: Supporting other growth initiatives and strategic investments.
2. Brand Visibility: The IPO will increase the visibility of Waaree Energies among investors and the general public, enhancing its brand recognition and credibility.
3. Part Exit for Existing Shareholders: The IPO includes an Offer for Sale (OFS) component, allowing existing shareholders to partially exit their investment.

By achieving these objectives, Waaree Energies Limited aims to strengthen its financial position, expand its business, and enhance its market presence.

POSITIVE

• Growth Potential: The Indian solar energy market is expected to grow significantly, driven by government policies and increasing awareness of renewable energy.
• Established Player: Waaree Energies is a well-established player in the Indian solar energy market with a strong brand presence.
• Diverse Product Offerings: The company offers a wide range of solar products and services to cater to different customer needs.
• Focus on Quality: Waaree Energies has a reputation for providing high-quality solar products and solutions.

NEGATIVE

• Competition: The solar energy market is competitive, with both domestic and international players.
• Government Policies: Changes in government policies related to renewable energy or subsidies can impact the industry.
• Technological Advancements: The rapid pace of technological advancements in the solar energy sector can make it challenging to stay competitive.

Financial Review of Waaree Energies Limited

So, How Does Waaree Energies Limited IPO Fare in Terms of Financials ?

Period Ended	30 Jun 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	11,989.48	11,313.73	7,419.92	2,237.4
Revenue	3,496.41	11,632.76	6,860.36	2,945.85
Profit After Tax	401.13	1,274.38	500.28	79.65
Net Worth	4,471.71	4,074.84	1,826.02	427.13
Reserves and Surplus	2,464.69	3,825	585.96	230.43
Total Borrowing	261.24	317.32	273.48	313.08
Amount in ₹ Crore

Financial Highlights

Key Observations:

• Revenue Growth: The company has experienced significant revenue growth, particularly from Q1 2024 to Q2 2024, indicating strong market penetration and project execution.
• Profitability: Profit after tax (PAT) has also increased, although at a slower pace than revenue. This suggests that the company is managing costs effectively.
• Asset Growth: Assets have grown steadily over the past two years, reflecting investments in the business.
• Net Worth and Reserves: A healthy increase in net worth and reserves suggests a strong financial position.
• Debt: Total borrowing has increased, but it remains at a manageable level.

Waaree Energies Limited IPO Valuation :

KPI	Values
ROE	8.79%
ROCE	9.45%
Debt/Equity	0.06
RoNW	8.81%
PAT Margin (%)	11.47

SWOT Analysis: Waaree Energies IPO

Strengths

• Established Player: Waaree Energies is a well-established player in the Indian solar energy market.
• Diverse Product Offerings: The company offers a wide range of solar products and services.
• Strong Brand: Waaree Energies has a strong brand presence and recognition.
• Focus on Quality: The company is known for providing high-quality solar products and solutions.

Weaknesses

• Competition: The solar energy market is competitive, with both domestic and international players.
• Government Policies: Changes in government policies related to renewable energy or subsidies can impact the industry.
• Technological Advancements: The rapid pace of technological advancements in the solar energy sector can make it challenging to stay competitive.

Opportunities

• Growing Market: The Indian solar energy market is expected to grow significantly, driven by government policies and increasing awareness of renewable energy.
• Product Diversification: Exploring new solar products or services to cater to evolving customer needs.
• International Expansion: Expanding into international markets to capture new growth opportunities.

Threats

• Economic Downturns: A slowdown in the economy can impact demand for solar energy solutions.
• Competition from Global Players: Global solar energy companies may increase their presence in the Indian market.
• Regulatory Challenges: Changes in government regulations or policies related to renewable energy can affect the industry.

COMPETITIVE ANALYSIS: MARKET PEERS

Key Competitors

• Tata Power Renewable Energy Limited: A subsidiary of the Tata Group, offering a wide range of solar energy solutions.
• Adani Green Energy Limited: A leading player in the Indian renewable energy sector, focusing on solar power.
• Reliance New Energy Limited: A subsidiary of Reliance Industries, investing in renewable energy projects.
• Azure Power Global Limited: A global renewable energy company with a strong presence in India.
• Sterling and Wilson Renewable Energy Limited: A leading EPC contractor for solar power projects.

Waaree Energies Limited IPO GMP

• Grey market premium as on 23-10-2024 = ₹1375/ Share

Disclaimer:

• IPO Grey Market Premium (Waaree Energies IPO GMP) mention is valid for the specific date as mentioned in the header.
• We are not buying and selling IPO forms on IPO Grey Market.
• Don’t decide to subscribe to an IPO just based on the initial price, as it can change before the listing.Subscribe only considering Fundamentals of the companies.

Waaree Energies Limited IPO

🔴 Live Subscription Status 🔴

23/10/2024 5:00 PM

	NO OF SHARES OFFERED	Day 1	Day 2	Day 3
Qualified Institutional Buyers(QIBs)	58,37,757	0.08	1.73	208.63
Non Institutional Investors(NIIs)	44,35,838	8.22	24.30	62.48
Retail Individual Investors(RIIs)	1,03,50,288	3.34	6.36	10.79
Employees	4,55,501	1.68	3.09	5.17
Total	2,10,79,384	3.47	8.78	76.34

FINAL TAKEAWAY

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