Waaree Energies IPO Day 1: Issue subscribed 2 times as NIIs lead; check price band, key dates and more

Waaree Energies IPO has received a great response from investors, with the issue being subscribed 2 times on the first day of bidding on Monday.

According to the NSE website, the initial share sale has received bids for 4,36,75,803 shares against 2,10,79,384 shares on offer, leading to a total subscription of 2.07 times till 02:05 pm on October 21.

The demand was led by non-institutional investors who bid for 4.48 times the quota earmarked for them. The part meant for retail investors fetched 2.24 times subscription. The qualified institutional buyers (QIB) portion was booked 3%.

The issue, with a price range of ₹1,427 to ₹1,503 per share, will conclude on October 23.

Under the OFS, those offloading shares include promoter Waaree Sustainable Finance Private Limited and shareholder Chandurkar Investments Pvt Ltd.

Before the IPO, the solar panel maker had raised ₹1,277 crore in the anchor round from investors such as Goldman Sachs, Morgan Stanley, Abu Dhabi Investment Authority, National Pension Service (Managed by BlackRock Institutional Trust Company, NA), The Prudential Assurance Company, HDFC Mutual Fund (MF), Canara Robeco MF, Tata MF, ICICI Prudential MF and Bandhan MF.

The net IPO proceeds will be used to establish a 6-gigawatt (GW) ingot wafer, solar cell, and solar PV module manufacturing facility in the state of Odisha and for general corporate purposes.

Waaree Energies IPO: Key dates

• Bidding dates: October 21-October 23
• Allotment finalisation: October 24
• Refund initiation: October 25
• Demat transfer: October 25
• Listing: October 28

Waaree Energies IPO: About the company

Waaree Energies, a major player in the solar energy industry, is focused on photovoltaic (PV) module manufacturing. As of June 30, 2023, it had an installed capacity of 12 GW.

The company operates five manufacturing plants with one factory each, located at Tumb, Surat, Chikhli and Nandigram in Gujarat and IndoSolar Facility, in Noida, Uttar Pradesh.

IIFL Securities, Jefferies India, Axis Capital, SBI Capital Markets, Intensive Fiscal Services, Nomura Financial Advisory and Securities (India) Private Ltd, and ITI Capital are the issue's book-running lead managers.