Waaree Energies IPO opens today at ₹1,427-1,503, Ipo Gmp Stand at 1510 (100.47%)

The ₹4,321.44 crore IPO of Waaree Energies commenced today, inviting public subscriptions until October 23. The company has set a price band of ₹1,427 to ₹1,503, with a minimum lot size of nine shares.

This IPO comprises a fresh issue worth ₹3,600 crore, alongside an offer for sale (OFS) of 48 lakh shares valued at ₹721.44 crore, which will be sold by promoters and existing shareholders. Promoters Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Private Ltd are among those participating in the OFS.

The allocation of shares is structured as follows: 50% for qualified institutional investors, 35% for retail investors, and 15% for non-institutional investors. Additionally, shares worth ₹65 crore have been set aside for employees.

Strong Support from Anchor Investors

Waaree Energies has successfully raised approximately ₹1,277 crore from 92 anchor investors, including 17 mutual funds, global pension funds, and sovereign wealth funds. A total of 85 million shares were allotted to these investors at the upper limit of the price band, ₹1,503 per share. Notably, one-third of the allocations were made to domestic mutual funds through 45 different projects, with significant participants including Nomura, a pension fund managed by BlackRock, Mirae Asset Large Cap Fund, Leading Light Fund VCC, and Necta Bloom VCC.

Planned Utilization of Funds

The proceeds from the fresh issue will be directed toward establishing a 6-GW Ingot Wafer, Solar Cell, and Solar PV module manufacturing plant in Odisha. Additional funds will be allocated for general corporate purposes.

Waaree Energies is a prominent player in India’s solar energy sector, primarily focused on manufacturing photovoltaic (PV) modules. As of June 30, the company boasts a total installed capacity of 12 GW and operates five factories across India, located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as the IndoSolar facility in Noida, Uttar Pradesh.

The book-running managers for the issue include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.