Waaree Energies Ltd:
Waaree Energies Ltd is gearing up for its initial public offering (IPO), set to open for subscription from October 21 to October 23, 2024. With anchor bidding commencing on October 18, this IPO is expected to generate interest among investors. The company has scheduled its market debut for October 28, following the allotment process, which will be finalized on October 24, and subsequent refunds and share credits to demat accounts on October 25.
IPO Structure and Objectives The IPO comprises a fresh issue worth Rs 3,600 crore, alongside an offer for sale (OFS) of up to 4.8 million shares from existing shareholders and promoters. Notably, the OFS includes approximately 4.35 million shares from Waaree Sustainable Finance and about 4,50,000 shares from Chandurkar Investments Pvt Ltd.
The funds raised from this IPO will contribute to financing a state-of-the-art 6GW Ingot Wafer, Solar Cell, and Solar PV Module facility in Odisha, through investment in its subsidiary, Sangam Solar One Private Limited. This move will enhance Waaree Energies’ production capacity. Waaree Energies is recognized as India’s largest solar photovoltaic (PV) module manufacturer, boasting a total installed capacity of 12GW as of June 30, 2024. Established in 2007, the company has consistently focused on providing cost-effective solar energy solutions. It has recently expanded its production capabilities with a 1.3GW facility in Noida through its subsidiary, Indosolar.
With five manufacturing plants located across Gujarat and Uttar Pradesh, Waaree Energies leverages advanced technologies to ensure high efficiency in its products. Its product lineup includes multi-crystalline, monocrystalline, and advanced technologies like Tunnel Oxide Passivated Contact (TOPCon), which are designed to maximize energy output. The company’s offerings also feature innovative designs such as bifacial modules and building-integrated PV solutions.
In terms of financial performance, Waaree Energies has shown a positive trend. For FY24, the company’s revenue increased to Rs 3,408.9 crore, up from Rs 3,328.29 crore the previous year. The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year stood at Rs 639.98 crore, compared to Rs 554.29 crore in FY23. Furthermore, the net profit rose to Rs 401.12 crore, up from Rs 338.27 crore in the previous fiscal year. However, the company’s total debt has also increased, reaching Rs 513.24 crore from Rs 277.99 crore last year.