Waaree Energies Ltd IPO Details, Date, Lot size, Financial Information full details

Waaree Energies Ltd IPO Details, Date, Lot size,  Financial Information full details

Waaree Energies Ltd IPO Details:Waaree Energies Ltd., founded in 1989, is one of India's largest solar PV module manufacturers, with a capacity of 12 GW as of June 2023. The company provides a range of renewable energy solutions, including solar panels, inverters, and energy storage systems. Waaree also specializes in EPC (Engineering, Procurement, and Construction) services for solar projects and has commissioned over 1 GW of solar installations globally. Its manufacturing facilities are spread across Gujarat, and it is expanding further into cell manufacturing with a new facility planned in Odisha

Full details regarding the Waaree Energies Ltd IPO:

IPO Key Details:

• IPO Opening Date: October 21, 2024
• IPO Closing Date: October 23, 2024
• Price Band: ₹1,427 to ₹1,503 per equity share
• Lot Size: 9 shares
• Minimum Investment: ₹13,527 (for 1 lot)
• Issue Size: ₹4,321.44 crore
  • Fresh Issue: ₹3,600 crore
  • Offer for Sale (OFS): ₹721.44 crore
• Listing Date: October 28, 2024, on BSE and NSE
• Investor Portion:
  • Qualified Institutional Buyers (QIB): 50%
  • Non-Institutional Investors (NII): 15%
  • Retail: 35%

Purpose of the IPO:

The company plans to utilize the proceeds for:

• Establishing a 6 GW solar cell and solar PV module manufacturing facility in Odisha.
• General corporate purposes​.

Financial Information :

Here is the financial data for Waaree Energies Ltd over the past 3 years:

1. FY 2024:

• Revenue: ₹11,632.76 crore.
• Profit After Tax (PAT): ₹1,274.38 crore.
• Debt-to-Equity Ratio: 0.08 (low debt burden)
• Earnings Per Share (EPS): ₹48.05
• Return on Net Worth (RoNW): 30.36%
• Net Asset Value (NAV): ₹154.96​
• Revenue Growth: 150% year-over-year (YoY) from FY 2023.
• PAT Growth: 155% YoY from FY 2023.

2. FY 2023:

• Revenue: ₹3,510 crore.
• PAT: ₹580 crore.

3. FY 2022:

• Revenue: ₹1,870 crore.
• PAT: Approximately ₹300 crore.

Key Drivers:

• EPC Business: Significant growth in solar power project execution (over 704 MW completed in FY 2024).
• Manufacturing Expansion: Increase in solar PV module manufacturing capacity, leading to higher sales.

Key Highlights:

• The company has seen substantial growth in revenue and profits over the last three years, driven by increasing demand for solar PV modules, expanding its manufacturing capacity, and strong performance in its EPC (Engineering, Procurement, and Construction) business​.

This financial data shows Waaree’s rapid rise as one of India's largest solar energy companies, benefiting from the booming renewable energy market.

Waaree Energies Ltd Company Background:

Waaree Energies Ltd. is one of India's largest solar photovoltaic (PV) module manufacturers and a prominent player in the renewable energy sector. Established in 1989, Waaree has diversified its operations across multiple segments of the solar energy value chain, including manufacturing, project development, and EPC (Engineering, Procurement, and Construction) services. Here’s a detailed background of the company:

Key Business Areas:

1. Solar PV Module Manufacturing:

   • Waaree Energies is one of India's largest solar panel manufacturers, with an installed manufacturing capacity of 12 GW for solar PV modules. They produce high-quality, mono and polycrystalline solar modules.

2. EPC Services:

   • The company provides Engineering, Procurement, and Construction (EPC) services for large-scale solar power projects, offering end-to-end solutions for solar energy installations, including residential, commercial, and industrial sectors.

3. Solar Power Project Development:

   • Waaree also develops solar power plants and has a significant portfolio in solar project development. Their focus is on large-scale grid-connected solar projects, as well as distributed generation projects.

4. Other Solar Products:

   • In addition to PV modules, Waaree offers solar-related products such as solar inverters, solar water pumps, and energy storage solutions.

Global Presence:

Waaree exports its solar modules to more than 90 countries, including Europe, the USA, Africa, and the Middle East. The company has established itself as a global player in the solar energy space, contributing to international renewable energy targets.

Achievements and Recognition:

• Waaree Energies is known for its quality and innovation, consistently receiving awards and certifications for its high-quality products and contributions to the solar energy industry.
• It has successfully completed numerous projects across India and abroad, making it a trusted brand in the renewable energy sector.

Sustainability and Future Plans:

Waaree Energies is committed to the transition to clean energy and actively contributes to reducing carbon emissions. The company is planning to expand its solar module manufacturing capacity further and diversify into energy storage and EV charging solutions, aligning with global trends toward a sustainable energy future.

Promoters of Waaree Energies Ltd:

The promoters of Waaree Energies Ltd. are the Doshi family, primarily led by:

1. Hitesh Doshi: He is the Chairman and Managing Director of Waaree Energies. Hitesh Doshi is a key figure in shaping the company's vision and expansion. Under his leadership, Waaree has grown to become one of the largest solar PV module manufacturers in India.

2. Sunil Doshi: Another important member of the Doshi family, Sunil Doshi holds a significant position within the company, helping in its operational and strategic growth.

Waaree Energies Limited IPO Strength:

The Waaree Energies Ltd IPO has several key strengths, which make it an attractive investment opportunity, especially in the context of the growing renewable energy market. Here are the main strengths:

1. Largest Solar PV Module Manufacturer in India:

• Waaree Energies is the largest solar PV module manufacturer in India with an installed capacity of 12 GW as of mid-2024. This large production capacity positions the company as a dominant player in the rapidly growing solar energy market​.

2. Strong Growth in Revenue and Profit:

• The company has demonstrated significant financial growth, with revenue increasing by 150% year-over-year (YoY) and profits growing by 155% YoY between FY 2023 and FY 2024. This strong financial performance reflects the company’s ability to capitalize on the expanding solar energy market​.

3. Integrated Operations Across the Solar Value Chain:

• Waaree offers a broad range of solar energy solutions, including solar PV module manufacturing, EPC services, and solar project development. This diversification helps mitigate risks associated with any single business line and strengthens its market position​.

4. Government Support for Renewable Energy:

• The Indian government has set ambitious renewable energy targets, including a focus on increasing solar energy capacity. Waaree Energies stands to benefit from this strong policy support, given its leadership position in the solar PV module market​.

5. Strong International Presence:

• Waaree exports its solar modules to over 90 countries, which helps diversify its revenue streams and reduces dependency on the domestic market. This global reach also enhances its brand reputation and competitiveness in the international market​.

6. Expansion Plans:

• The company plans to use a significant portion of the IPO proceeds to expand its manufacturing capacity further, including setting up a new facility in Odisha, which will enhance its production capabilities and meet growing demand​.

7. Product Innovation and R&D:

• Waaree Energies has a diversified product portfolio, including bifacial modules, monocrystalline and multicrystalline PV modules, and other innovative solar energy products. Continuous investment in research and development ensures it stays ahead in terms of technology and product efficiency​.

In summary, Waaree’s strengths lie in its leadership position in India’s solar industry, strong financial growth, diversified operations, and its capacity to leverage global opportunities.

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Company Overview:

Waaree Energies is India's largest solar PV module manufacturer with a capacity of 12 GW. It provides end-to-end solar energy solutions and has a strong presence in both the domestic and international markets, exporting to over 90 countries.