Waaree Energies IPO: Price Band Set at ₹1,427-1,503 per Share; Check GMP, Key Dates, and Lot Size for the October 21 Launch

The Waaree Energies Limited IPO has a price range between ₹1,427 and ₹1,503 per equity share, with each share having a face value of ₹10. The subscription period for the IPO will start on Monday, October 21, and close on Wednesday, October 23. The allocation for anchor investors will happen on Friday, October 18.

The lowest price (floor price) is 142.70 times the face value, while the highest price (cap price) is 150.30 times the face value. The minimum order size for the IPO is 9 shares, and investors can buy in multiples of 9 shares after that.

Waaree Energies has reserved up to 50% of the IPO shares for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. There is also an employee reservation portion, which includes up to 650 million shares.

Key Dates

The basis of share allotment is expected to be finalised on Thursday, October 24. Refunds will be processed on Friday, October 25, and shares will be credited to the demat accounts of successful applicants on the same day. Waaree Energies shares are likely to be listed on BSE and NSE on Monday, October 28.

About Waaree Energies

Waaree Energies Limited, founded in December 1990, is an Indian company specialising in solar PV module manufacturing. The company has an installed production capacity of 12 GW. Their solar energy products include multicrystalline, monocrystalline, and TopCon modules, including flexible bifacial modules (Mono PERC) and building-integrated photovoltaic (BIPV) modules. As of June 30, 2023, Waaree Energies has four manufacturing facilities spread across 136.30 acres in Surat, Tumb, Nandigram, and Chikhli, all in Gujarat.

The company’s promoters are Hitesh, Viren, and Pankaj Chimanlal Doshi, along with Waaree Sustainable Finance Private Limited. Websol Energy System Ltd and Premier Energies Ltd are Waaree Energies’ listed peers.

Between March 31, 2023, and March 31, 2024, Waaree Energies saw a 70% rise in revenue and a 155% increase in profit after tax (PAT).

Waaree Energies IPO Details

The company plans to raise ₹3,600 crore through the IPO, which includes issuing fresh equity shares and selling up to 4,800,000 shares through an offer for sale (OFS). Promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Pvt Ltd are selling shares in the OFS. The lead managers for the IPO include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and Iti Capital. Link Intime India will serve as the registrar.

GMP (Grey Market Premium)

As of today, the grey market premium (GMP) for Waaree Energies is ₹223. This means that Waaree Energies shares are trading at a ₹223 premium in the grey market. Considering the IPO’s upper price band and the current GMP, the estimated listing price could be ₹1,280 per share, about 85.16% higher than the IPO price of ₹1,503.

The grey market premium shows that investors are willing to pay more than the IPO price before the shares are officially listed.