Waree Energies Sets IPO Price at ₹1,427-₹1,503 per Share

16 Oct 2024 , 04:06 PM

Waree Energies Ltd has set its IPO price band at ₹1,427-₹1,503 per share.

Waree Energies’ IPO will open for subscription on October 21 and close on October 23, with anchor bidding starting on October 18.

The allotment will be finalized on October 24, with refunds and share credits to demat accounts processed by October 25. The company’s market debut is set for October 28.

At the upper price band, the IPO is expected to raise ₹4,321 Crore. Lead managers for the issue include Axis Capital, IIFL Capital Services, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.

Waaree Energies is set to launch its IPO, which includes a fresh share sale of ₹3,600 crore alongside an offer-for-sale (OFS) of up to 4.8 million equity shares, amounting to ₹721.44 crore from its promoter, Waaree Sustainable Finance, and investor Chandurkar Investments. At the upper end of the price band, the company aims to raise a total of ₹4,321.44 crore through this IPO.

The net proceeds from the fresh issue will be directed towards establishing a 6 GW manufacturing facility for ingot wafers, solar cells, and solar PV modules in Odisha, India, as well as for general corporate purposes. Proceeds from the OFS will be allocated to the selling shareholders. The anchor book for the IPO opens on Friday, October 18.

As of June 30, 2023, Waaree Energies operates four manufacturing facilities across India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli, Gujarat, and the company adheres to various safety standards for its PV modules.

Additionally, the issue includes a reservation of equity shares worth ₹65 crore for eligible employees. Hyundai Motor India has reserved 50% of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will receive 15% of the allocation. Retail investors will be allocated the remaining 35%.