Waaree Energies Ltd.’s initial public offering (IPO) garnered a record 97.34 lakh applications at the upper price band, marking the highest ever for a book-build issue. The Rs 4,321 crore public offering from India’s largest solar module manufacturer by capacity saw bids for approximately 1.60 crore shares, compared to 2.12 crore shares available, according to exchange data. The price band was set between Rs 1,427 and Rs 1,503 per share, the company stated.
Waaree Energies Subscription Details
- Overall subscribed 76.34 times
- Attracted subscription of over Rs 2.41 lakh crore
- QIB portion subscribed 208.63 times
- HNI-NII portion subscribed 62.48 times.
- Retail portion subscribed 10.79 times
- Employee portion subscribed 5.17 times
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Waaree Energies IPO Allotment Underway
The allotment for shares under Waaree Energies IPO is to be finalised on Oct. 24, Thursday. The company’s shares will be listed on the BSE and the National Stock Exchange on Oct. 28.
Investors can check the Waaree Energies IPO allotment status on the official website of the registrar for the IPO, Link Intime India Pvt. Ltd. and on the BSE website.
Key Details
Waaree Energies Ltd.’s IPO has a total issue size of Rs 4321 crores, which includes a fresh issue of Rs 3,600 crore and an offer for sale worth Rs 721 crore. The company’s anchor investor portion stood at Rs 1276.93 crore.
On the upper price band of Rs 1,503 per share, the company’s market capitalization stands at over Rs 43,000 crore.
The company will be using around Rs 2,750 crore of the net IPO proceeds to enhance its capacity. The company will be setting up a 6 GW ingot wafer, solar cell and solar module facility. The company’s total solar module capacity stands over 13 GW currently, which it aims to grow to over 20 GW by FY27.
The company is expected to finalize the basis of share allotment on Oct. 24, and will be listing on Indian exchanges on Oct. 28.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.
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