Waaree Energies shares set to debut on October 28; its listed subsidiary has multiplied investors’ wealth 600x

Investors are waiting for Waaree Energies IPO listing after the mainboard issue closed with a stellar subscription. The issue was booked 76.34 times in its three-day subscription window. It received a record number of applications, 97.34 lakh, marking the highest number of bids received so far for any book-building issue.

One of the reasons behind the investor interest in Waaree Energies IPO is the stellar performance of its listed subsidiary Waaree Renewable Technologies Ltd. The BSE listed stock has rallied more than 59,000% in the past five years.

Here’s a look at some key details of the company’s listed subsidiary.

Waaree Renewable Technologies price performance

Waaree Renewable Technologies shares were trading at ₹1,482 apiece, down by 3.16%, at 12:36 pm on the BSE on Friday.

Waaree Renewable Technologies business model

Waaree Renewable Technology Limited (WRTL) operates in the Solar Engineering Procurement and Construction (EPC) sector. The company undertakes the financing, construction and operation of solar projects. Waaree Renewable Technology Limited caters to individual, industrial, and commercial customers by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open-access solar plants).

Waaree Renewable Technologies Financials

Waaree Renewable Technologies’ consolidated revenue from operations for the June quarter of FY25 (Q1FY25) grew over 75% to ₹226.35 crore compared to ₹128.93 crore in the corresponding quarter of the preceding fiscal. Sequentially, the company’s revenue from operations fell over 17% from ₹273.31 crore in the March quarter of FY24.

The renewable energy company’s consolidated profit after tax (PAT) surged over 208% to ₹28.16 crore in Q1FY25 compared to ₹9.12 crore in Q1FY24. In Q1FY25, the company’s PAT declined by 45% from ₹51.31 crore in Q4FY24.

According to reports, the company's order book stood at ₹3,200 crore, with an unexecuted pipeline of 2.3 gigawatt (GW).

Waaree Energies subsidiaries

Apart from the listed entity, Waaree Energies has eleven direct subsidiaries, according to its Red Herring Prospectus. The subsidiaries are Waaree Green Aluminium Private Limited, Rasila International Pte Limited, Waaree Solar Americas Inc, Saswata Solar Private Limited, Waaree Solar One Private Limited, Waaree Power Private Limited, Sangam Solar One Private Limited, Waaree Energy Storage Solutions Private Limited, Waaree Clean Energy Solutions Private Limited and Waaree Forever Energies Private Limited and Indosolar Limited. Most of these subsidiaries are operating in the renewable energy sector.

Waaree Energies IPO

Waaree Energies aimed to raise ₹4,321.44 crore through its initial public offering. The mainboard issue comprised a fresh issuance of 2.4 crore shares, amounting to ₹3,600 crore, and an offer-for-sale (OFS) of 48 lakh shares, aggregating to ₹721.44 crore.

The mainboard IPO was subscribed 76.34 times with bids for over 160.91 crore shares against 2.1 crore shares on offer.

The IPO subscription was open from October 21 to October 23. Waaree Energies IPO share allotment status was finalised on October 25.

Shares of Waaree Energies Limited will be listed on the NSE and BSE. The tentative listing date has been fixed as October 28.