Waaree Energies IPO Highlights: Share allotment date likely today. What GMP signals after stellar demand

Waaree Energies IPO Live: Here are steps to check Waaree Energies IPO allotment status on Link Intime:

Step 1] Visit IPO registrar website on this link - https://linkintime.co.in/initial_offer/public-issues.html

Step 2] Choose ‘Waaree Energies Limited’ in the Select Company dropdown menu 

Step 3] Select among PAN, App. No., DP ID or Account No.

Step 4] Enter the details as per the option selected 

Step 5] Click on Search

Your Waaree Energies IPO allotment status will be displayed on the screen.

Waaree Energies IPO Live: Waaree Energies IPO allotment date is likely today, October 24. The company is expected to fix the basis of share allotment today after the IPO was open for subscription from October 21 to 23. The company will credit the shares into the demat accounts of eligible applicants on October 25 and initiate refunds to unsuccessful bidders on the same day. Investors can check Waaree Energies IPO allotment online through the BSE and NSE websites and also on the official portal of IPO registrar. Link Intime India Private Ltd is the Waaree Energies IPO registrar.

Waaree Energies IPO Live:  In order to do a Waaree Energies IPO allotment status online check, investors must follow few simple steps mentioned below:

Waaree Energies IPO Allotment Status on BSE:

Step 1] Visit BSE website on this link - https://www.bseindia.com/investors/appli_check.aspx

Step 2] Select ‘Equity’ in the Issue Type

Step 3] Choose ‘Waaree Energies Limited’ in the Issue Name dropdown menu 

Step 4] Enter either Application No. or PAN

Step 5] Verify by ticking on ‘I am not robot’ and click on ‘Search’

Your Waaree Energies IPO allotment status will be displayed on the screen.

Waaree Energies IPO Live: “We are proud of Waaree's remarkable journey where they built the largest solar business in the world (ex of China) despite intense competition. This was achieved on the back of a healthy order book and significant capacity expansion. Through this IPO, they plan to further backward integrate their operations and enter new segments which would fortify and diversify their position for continued growth,” said Arvind Kothari, smallcase manager and Founder Niveshaay Investment Advisory.

Waaree Energies IPO Live: Waaree Energies shares are showing a stellar bullish trend in the grey market. Waaree Energies IPO GMP today, or grey market premium today, is ₹1,558 per share. This indicates that in the grey market, Waaree Energies shares are trading higher by ₹1,558 than their issue price. Waaree Energies IPO GMP today signals share listing at ₹3,061 apiece, a premium of 104% to the IPO price of ₹1,503 per share.

Waaree Energies IPO Live: Waaree Energies IPO received stellar demand from investors and broke record with highest ever number of applications received for an IPO. Waaree Energies IPO was subscribed 76.34 times in total as it received bids for 160.91 crore equity shares as against 2.10 crore shares on the offer. It attracted subscription worth over ₹2.41 lakh crore.

The issue received 10.79 times subscription in the Retail category and 62.49 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 208.63.

Waaree Energies IPO Live: Waaree Energies IPO opened for subscription on October 21 and closed on October 23. Waaree Energies IPO allotment date is likely today, and the company is expected to finalize the basis of share allotment today, October 24. Waaree Energies IPO listing date is October 28. 

The allotment for the Waaree Energies IPO is expected to be finalized on Thursday, October 24, 2024. Shares of Waaree Energies will list on BSE, NSE with atentative listing date fixed as Monday, October 28, 2024.

According to D-Street analysts, the responses received by the IPO reflects the positive sentiment and trust investors have demonstrated in the strong fundamentals of Waaree Energies Limited as well as the anticipation of the next phase of growth backed by well planned business strategies.

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited are the Book Running Lead Managers to the issue.

Waaree Energies IPO has received record-breaking response from investors. The IPO received the highest ever number of applications ( 97.34 lakh applicants) received for any IPO at upper end of price band for a net public issue of Rs. 4,321 crore (excluding anchor investor portion of Rs. 1276.93). 

- 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

On the financial performance front, for the last three fiscals, the company has posted a total income/net profit of Rs. 2945.85 cr. / Rs. 79.65 cr. (FY22), Rs. 6860.36 cr. / Rs. 500.28 cr. (FY23), and Rs. 11632.76 cr. / Rs. 1274.38 cr. (FY24). For Q1 of fY25 ended on June 30, 2024, it earned a net profit of Rs. 401.12 cr. on a total income of Rs. 3496.41 cr. It marked quantum jump in its top and bottom lines from FY23 onwards.

For the last three fiscals, the company has reported an average EPS of Rs. 31.94 (basic), and an average RoNW of 26.95%. The issue is priced at a P/BV of 8.84 based on its NAV of Rs. 169.94 as of June 30, 2024, and at a P/BV of 5.35 based on its post-IPO NAV of Rs. 281.16 per share (at the upper cap). If we attribute FY25 annualized super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 26.91, and based on FY24 earnings, the P/E stands at 44.36. The issue relatively appears fully priced.

The company reported PAT margins of 2.70% (FY22), 7.29% (FY23), 10.96% (FY24), 11.47% (Q1-FY25), and RoCE margins of 23.49%, 48.83%, 36.95%, 9.56% for the referred periods, respectively

Waaree Energies IPO was subscribed 76 times so far on the third day of issue. The QIB portion was booked the highest at 208 times, NII portion was booked 62 times and the retail lot was booked over 10 times

Proceeds from the fresh issue will be used to set up the 6GW (gigawatt) Ingot Wafer, Solar Cell, and Solar PV module manufacturing facility in Odisha. A portion will also be used for general corporate purposes.

The company's market valuation has been pegged at over ₹4,300 crore post-issue at the upper end of the price band. Established in December 1990, Waaree Energies Limited is an Indian firm that manufactures solar PV modules and operates with a combined installed capacity of 12 GW

Arvind Kothari, smallcase Manager and Founder Niveshaay Investment Advisory on Waree Energies IPO:

“We are proud of Waaree's remarkable journey where they built the largest solar business in the world (ex of China) despite intense competition. This was achieved on the back of a healthy order book and significant capacity expansion. Through this IPO, they plan to further backward integrate their operations and enter new segments which would fortify and diversify their position for continued growth.”

Waaree Energies IPO Day 3 Live: Waaree Energies Ltd. has been able to harness the opportunity while staying nimble footed to changes in the technologies. The revenues have grown ~4x while the EBITDA & PAT have grown ~9x & ~15x respectively over FY22-24. The company is valued at 34x PE based on FY24 profits. We have SUBSCRIBE recommendations for this issue for the long term, Aditya Birla Money said.

Waaree Energies IPO Day 3 Live: Waaree Energies IPO has been subscribed 33.40 times so far on day 3, as it received bids for 70.40 crore equity shares as against 2.10 crore shares on the offer. 

The issue received 9.45 times subscription in the Retail category and 52.81 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 63.38 so far on the third day.

Waaree Energies IPO Day 3 Live: At the higher price band, Waaree Energies is seeking an EV/Sales ratio of 3.3x, which is at a discount to its peer average. With pro-active regulations, policy support and commitments towards renewables energy by the government, the domestic solar manufacturing market is likely to witness an accelerated growth trajectory in the long-term.

Going forward, in order to reduce its dependency on imported solar cell and third-party supplier in India, the company’s strategy of backward integration includes manufacturing its own solar cell which will be utilized for captive consumption towards the manufacturing of its solar PV modules, resulting in increased profit margins. Thus, we recommend a “Subscribe” rating for this issue.

Waaree Energies IPO Day 3 Live: Waaree Energies IPO has been subscribed 17.22 times so far on day 3, as it received bids for 36.29 crore equity shares as against 2.10 crore shares on the offer. 

The issue received 7.93 times subscription in the Retail category and 43.11 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 15.06 so far on the third day.

Waaree Energies IPO Day 3 Live: Waaree Energies financials have seen an increase in revenue from ₹2,946 crore in FY22 to ₹11,633 crore in FY24 which grew by a CAGR of 58.1% with improvement in margins and profitability with strong demand from the retail sales, industry requirements, and exports revenues has moved from 23% to 57.5% over FY22-24 with higher margins. Waaree Energies has a substantial order book as of June 2024 with an order book of solar PV modules of 16.6 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for its subsidiary, Waaree Solar Americas Inc. located in the United States.

Waaree Energies IPO Day 3 Live: Waaree Energies IPO subscription status shows the public issue has been receiving a strong response from the Indian primary market investors. The issue has been subscribed 12.31 times so far on day 3, as it received bids for 25.95 crore equity shares as against 2.10 crore shares on the offer. 

The issue received 7.65 times subscription in the Retail category and 37.62 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 2.04 so far on the third day.

Waaree Energies IPO Day 3 Live: Waaree Energies IPO’s primary goal is to invest ₹2,775 crore to establish a 6 GW Ingot Wafer, Solar cell and Solar PV module manufacturing facility in Odisha by way of investment in wholly owned subsidiary Sangam Solar One Pvt Ltd.

Waaree Energies IPO size is ₹4,321.44 crore. The mainboard IPO is a combination of fresh issue of 2.4 crore equity shares aggregating to ₹3,600 crore and an offer for sale of 48 lakh shares worth ₹721.44 crore.

Waaree Energies IPO Day 3 Live: Waaree Energies IPO subscription status shows the public issue has been receiving a strong response from the Indian primary market investors. The issue has been subscribed 11.12 times so far on day 3, as it received bids for 23.44 crore equity shares as against 2.10 crore shares on the offer. 

The issue received 7.15 times subscription in the Retail category and 33.47 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 1.78 so far on the third day.

Waaree Energies IPO Day 3 Live: The company is valued at a PE ratio of 31.4x on the upper price band based on FY24 earnings, which is lower than its peers. Given its strong financial growth and substantial order book, the company is well positioned to grow within the sector. Therefore, BP Equities recommends ‘Subscribe’ rating for medium to long-term investment. 

Waaree Energies IPO Day 3 Live: Waaree Energies shares are witnessing a bullish trend in the grey market today. Waaree Energies IPO GMP today, or grey market premium today, is ₹1,377 per share, according to stock market experts. This indicates that Waaree Energies shares are trading at a hefty premium of 92% to the issue price of ₹1,503 per share in the grey market.

Waaree Energies IPO Day 3 Live: Waaree Energies has the largest capacity of 12 GW for solar modules in India which is 1.9x that of the second largest player. The company currently has 5 manufacturing facilities. Its portfolio includes the following PV modules: (i) multicrystalline (ii) monocrystalline and (iii) TopCon modules. It also provides EPC solutions as a contractor.

Waaree Energies IPO Day 3 Live: Waaree Energies IPO price band has been set at ₹1,427 to ₹1,503 per share. At the upper-end of the price band, the company plans to raise ₹4,321.44 crore from the book-built issue. 

Waaree Energies IPO Day 3 Live: Waaree Energies IPO subscription status shows the public issue received a decent response from the Indian primary market investors. The issue has been subscribed 8.78 times so far on day 2 as it received bids for 18.51 crore equity shares as against 2.10 crore shares on the offer. 

The issue received 6.36 times subscription in the Retail category and 24.30 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 1.73 so far on the second day.

Waaree Energies IPO Day 3 Live: Today is the last day for applying to the Waaree Energies IPO. The bidding for the Waaree Energies IPO began on October 21, and ends today, October 23.