Waaree Energies IPO opens on October 21; check price band, lot size and other key details

As per the documents, the IPO is a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an offer for sale (OFS) of 48 lakh equity shares by a promoter and existing shareholders, according to the company's draft red herring prospectus (DRHP).

The total issue size stands at ₹4,321.4 crore.

• The company's IPO will open on October 21 and conclude on October 23.
• The price band for the public issue has been set at ₹1427 to ₹1503 per share. The minimum lot size for an application is nine shares. The minimum amount of investment required by retail investors is ₹13,527.
• Those selling shares in the OFS are promoter Waaree Sustainable Finance and shareholder Chandurkar Investments. 
• Proceeds from the fresh issue will be used for setting up the 6 GW (gigawatt) of ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes, as per the company. 
• Book running lead managers: Axis Capital Limited, IIFL Securities, Jefferies India, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are the book running lead managers of the Waaree Energies IPO, while Link Intime India Private Ltd is the registrar for the issue.
• Waaree Energies' revenue increased by 70% while profit after tax (PAT) jumped by 155% between March 31, 2023 and March 31, 2024, as per available information. 

About Waaree Energies

Waaree Energies was founded in 1990. It is one of the leading manufacturers of solar PV modules in India, with the largest aggregate installed capacity of 12 GW as of June 30.

Waaree Energies (WEL) commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets and aid in reducing carbon footprint, paving the way for sustainable energy and thereby improving quality of life. WEL has four solar module manufacturing facilities in India, with an international presence, as per the company's website.