Waaree Energies IPO: Day 3 Subscription Hits 12.28 Times!

Waaree Energies' initial public offering (IPO) has garnered exceptional investor interest, with subscription rates increasing significantly over the three-day period. Starting steadily on day one, the IPO witnessed substantial growth in demand, resulting in a 12.28 times oversubscription by 11:05:08 AM on day three. This robust response underscores the strong market appetite for Waaree Energies' shares and sets the stage for a potentially dynamic listing.

The IPO, which opened on 21st October 2024, has seen significant growth in investor participation across most categories. The Non-Institutional Investors (NII) segment, in particular, has shown overwhelming demand, followed by solid interest from Retail Investors and Qualified Institutional Buyers (QIB).

This enthusiastic response to Waaree Energies' IPO comes amid positive sentiment in the Indian stock market, particularly towards companies in the renewable energy sector. The company's position as India's largest solar PV module manufacturer appears to have strongly resonated with investors looking for exposure to India's growing solar energy industry.
 

Subscription Status of Waaree Energies IPO for Days 1, 2, and 3:

Here are the subscription details for Waaree Energies IPO as of Day 3 (23rd October 2024, 11:05:08 AM)

Total Applications: 5,677,205

Note: The total amount is calculated based on the upper price of the issue price range.

Key Highlights:

• Currently, Waaree Energies IPO has achieved 12.28 times subscription on Day 3, with exceptional demand from Non-Institutional Investors.
• Non-Institutional Investors (NII) have shown overwhelming interest, with a subscription ratio of 36.42 times.
• Big Non-Institutional Investors (bNII) demonstrated particularly strong interest with 38.36 times subscription.
• Retail investors showed solid enthusiasm with 7.82 times subscription.
• Qualified Institutional Buyers (QIB) portion improved to 1.88 times.
• Employee portion received good response at 3.72 times subscription.
• Total applications reached 5,677,205, indicating robust investor participation.

Waaree Energies IPO - Day 2 Subscription at 9.19 Times

Key Highlights:

• Overall subscription increased substantially to 9.19 times, showing strong momentum.
• Non-Institutional Investors (NII) showed significantly increased interest with 24.75 times subscription.
• Retail investors demonstrated growing enthusiasm with 6.69 times subscription.
• Qualified Institutional Buyers (QIB) improved significantly to 1.82 times.
• Employee portion strengthened to 3.30 times subscription.
• The overall subscription trend indicated building momentum across all categories.

Waaree Energies IPO - Day 1 Subscription at 3.47 Times

Key Highlights:

• The IPO opened with a strong overall subscription of 3.47 times.
• Non-Institutional Investors showed exceptional early interest with 8.22 times subscription.
• Retail investors demonstrated strong initial demand with 3.34 times subscription.
• Employee portion received good response with 1.68 times subscription.
• QIB portion showed minimal initial participation at 0.08 times.
• The strong first-day response laid a solid foundation for the remaining days of the IPO.

About Waaree Energies Limited

Waaree Energies Limited, incorporated in December 1990, is India's largest manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. The company's product portfolio includes multicrystalline modules, monocrystalline modules, and TopCon modules, including flexible bifacial modules and building-integrated photovoltaic (BIPV) modules.

For the fiscal year 2024, Waaree Energies demonstrated strong financial performance with a revenue of ₹11,632.76 crore, marking a 70% year-over-year growth, and a Profit After Tax (PAT) of ₹1,274.38 crore, representing a significant 155% increase. The company's net worth stood at ₹4,074.84 crore as of March 31, 2024. Key performance indicators highlight the company's financial health, with a Return on Equity (ROE) of 8.79%, a Return on Capital Employed (ROCE) of 9.45%, and a PAT Margin of 11.47%.

As of 30th June 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres, located in Surat, Tumb, Nandigram, and Chikhli in Gujarat. Waaree Energies served 373 customers in India and 20 customers outside India in the quarter ending 30th June 2023. As of 30th June 2023, the company had 1,019 full-time employees.

Read more about Waaree Energies IPO

Highlights of the Waaree Energies IPO

• IPO Date: 21st October 2024 to 23rd October 2024
• Listing Date: 28th October 2024 (Tentative)
• Face Value: ₹10 per share
• Price Band: ₹1427 to ₹1503 per share
• Lot Size: 9 Shares
• Total Issue Size: 28,752,095 shares (aggregating up to ₹4,321.44 Cr)
• Fresh Issue: 23,952,095 shares (aggregating up to ₹3,600.00 Cr)
• Offer for Sale: 4,800,000 shares (aggregating up to ₹721.44 Cr)
• Issue Type: Book Built Issue IPO
• Listing At: BSE, NSE
• Book Running Lead Managers: Axis Capital Limited, IIFL Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Ltd
• Registrar: Link Intime India Private Ltd