SUMMARY
Waaree Energies IPO allotment finalised: Investors usually receive an SMS regarding the allotment. The status can also be checked online on the NSE and BSE websites, as well as Link Intime India’s portal.
Waaree Energies is the largest manufacturer of solar PV modules in India, with an aggregate installed capacity of 12 GW as of June 30, 2024.
Waaree Energies IPO allotment status has been finalised by the company. Investors who participated in the subscription can check their status online on the portals of the National Stock Exchange (NSE), the BSE and the issue’s registrar, Link Intime India Private Limited.
Investors usually receive an SMS regarding the allotment. The status can also be checked online on the NSE and BSE websites, as well as Link Intime India’s portal.
Waaree Energies IPO Live: The Waaree Energies IPO is commanding a strong GMP ahead of the listing on October 28. The IPO has been subscribed close to 80 times and investors can check the allotment status on the website of registrar of the issue. Waaree Energies aimed to raise Rs 4,321.44 crore. It received bids worth Rs 2.42 crore. The retail buyers booked the issue 11.27 times while the NIIs subscribed to the IPO 65.25 times.
Waaree Energies IPO was launched on October 21 and ended on October 23. Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital were the book-running lead managers of the IPO. Catch all the live updates on Waaree Energies on out live blog.
Waaree Energies IPO: How to check share allotment status online on Link Intime India
- Visit the IPO page of Link Intime India- https://linkintime.co.in/Initial_Offer/public-issues.html
- Under the ‘Select Company’ dropdown menu, select ‘Waaree Energies’.
- Enter either your PAN, Demat account number (DP ID/Client ID),IPO application number or account number and IFSC
- Click on the ‘Submit’.
Waaree Energies IPO allotment status on NSE website: Steps
- Open the NSE allotment status website: www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
- Existing users can log in with your user ID and password. New users need to register.
- Select Waaree Energies from the list for company names
- Enter PAN and IPO application number
- Click on the ‘submit’ button
Waaree Energies IPO: Shares credit and listing date
Shares will be transferred to the allottees’ demat accounts on Friday. Refunds for investors who have not received shares will be initialed on the same day.
Waaree Energies IPO 2024 Live Updates: Listing on October 28
Waaree Energies is to be listed on NSE and BSE on October 28. The allotment of shares was finalised on October 24. The IPO bidding started on October 21 and ended on October 23.
Waaree Energies IPO 2024 Live Updates: Anand Rathi Research’s take on Waaree Energies
“The company’s solar PV module warranties are insured by external parties, which requires it to maintain high standards for insurance approval. It received a tier-1 PV module maker rating from Bloomberg New Energy Finance between Fiscal 2018 and Fiscal 2024. Certain of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (“NABL”) which tests solar PV modules for quality checks. Further, it ensures that manufacturing facilities are regularly audited by quality audit firms. It is also included under the ALMM list identified by the GoI, which enables the company to participate in various government schemes aimed at developing the solar industry in India. WEL also manufactures semi-flexible solar panels for sale to global customers through its in-house research and development in product application,” said Anand Rathi Research in an IPO note.
Waaree Energies IPO 2024 Live Updates: Bajaj Broking on Waaree Energies IPO
“Waaree Energies Ltd. (WEL) is India‘s largest manufacturer of solar PV modules, with an aggregate installed capacity of 12 GW as of June 30, 2024 (Source: CRISIL Report). In FY24, it achieved the second highest operating income among domestic solar PV module manufacturers in India. Founded in 2007, WEL focuses on providing quality, cost-effective sustainable energy solutions to reduce carbon footprints and enhance quality of life,” said Bajaj Broking in an IPO note on Bajaj Broking.
Waaree Energies IPO 2024 Live Updates: InCred Equities views on Waaree Energies
“During FY20-24, the company’s revenue/EBITDA/PAT clocked a CAGR of 55%/103%139%, respectively, as the EBITDA margin improved from 4.8% in FY20 to 13.8% in FY24. In 1QFY25, the company’s revenue was at Rs 3400 crore (+2% YoY) while EBITDA and PAT stood at Rs 550 crore (+18% YoY) and Rs 400 crore (+19% YoY), respectively. Based on FY25F annualized financials, the IPO’s higher band implies an EV/EBITDA of 18x, and a P/E of 27x, which is at a discount to its peers, in our view. We recommend a subscription to the IPO, given the strong financials, strong industry tailwinds with long-term opportunities in the solar industry, robust order backlog and further expansion plans,” said InCred Equities in an IPO note.
Waaree Energies IPO 2024 Live Updates: Choice Broking’s take on Waaree Energies
“Over the years, WEL has significantly expanded its aggregated installed capacity from 4GW to 12GW and has become the largest manufacturer of solar PV modules in India. The company has also increased its presence in the export market, particularly in the USA. With successfully increasing its customer base, and its product sales, the company has grown in both its top and bottom lines. At the higher price band, WEL is seeking an EV/Sales ratio of 3.3x, which is at a discount to its peer average. With pro-active regulations, policy support and commitments towards renewable energy by the government, the domestic solar manufacturing market is likely to witness an accelerated growth trajectory in the long term,” said Choice Broking in a research note.
Waaree Energies IPO 2024 Live Updates: Geojit Financial Services on Afcons Infrastructure IPO
“At the upper price band of Rs 463, AIL is trading at a P/E ratio of 38x for FY24, which is in line with its peers. With the government’s initiatives aimed at infrastructure development, including increased budgetary allocations and the rapid pace of urbanization, AIL is strategically positioned for substantial growth. Considering its extensive experience in completing high-value and complex projects that offer better margins. Geographical diversification with operations across multiple sectors broadens their revenue base and mitigates risks. With a robust order book and a successful track record of project completion, we assign a “Subscribe” rating for medium- to long-term investment,” said Geojit Financial Services on Afcons Infrastructure IPO.
Waaree Energies IPO 2024 Live Updates: InCred Equities on Waaree Energies
Waaree Energies (Waaree) is India’s largest manufacturer and exporter of solar modules having a capacity of 13.3GW, which grew 6x in just three years from 2GW in FY21. It has a market share of 21% in India and a healthy 44% share in exports of solar modules from India. The company is coming up with an IPO of Rs 4,320 crore comprising a fresh issue of shares for Rs 3,600 crore and an offer for sale to the extent of Rs 720 crore. The IPO proceeds will be utilized to partly finance its 6GW ingot, wafer, solar cell and solar PV module manufacturing facility in Odisha.