Investors subscribe Waaree Energies' IPO 76.34 times offer size on last day

The initial public offer of solar panel maker Waaree Energies Ltd garnered 76.34 times subscription on the last day of share sale on Wednesday, helped by strong participation from institutional buyers.

The Rs 4,321.44 crore initial share sale received bids for 1,60,91,61,741 shares against 2,10,79,384 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) got a whopping 208.63 times subscription. The non-institutional investors part attracted 62.48 times subscription and Retail Individual Investors (RIIs) portion got subscribed 10.79 times.

The initial share sale received one of the highest ever number of applications at Rs 97.34 lakh. The public offer attracted subscription of over Rs 2.41 lakh crore.

 

Waaree Energies on Friday said it has mobilised Rs 1,277 crore from anchor investors.

The issue has a price band of Rs 1,427 to Rs 1,503 per share.

The IPO is a combination of a fresh issue of equity shares aggregating to Rs 3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares worth Rs 721.44 crore, at the upper end of the price band, by a promoter and existing shareholders. This translates into a total size of Rs 4,321.44 crore.

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

The company's market valuation has been pegged at over Rs 4,300 crore post-issue at the upper end of the price band.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.

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.