Introduction
Waaree Energies Limited (WEL), founded in 1990, is India’s largest manufacturer of solar photovoltaic (PV) modules. With a total installed capacity of 12 GW across four state-of-the-art manufacturing facilities in India (as of June 30, 2024), WEL has grown to become a leader in the renewable energy sector. The company offers cost-effective, high-quality solar energy solutions that contribute to reducing carbon footprints and improving quality of life globally.
Now, with plans to go public through an IPO (Initial Public Offering), WEL aims to further expand its operations, enhance its production capabilities, and consolidate its position as a global leader in the solar industry.
History and Milestones
Waaree Energies started its solar journey in 2007 with a focus on solar PV module manufacturing. Over the years, it has expanded its product portfolio and operations both domestically and internationally, with presence in 68 countries, including key markets across Asia, Europe, Africa, and North America.
WEL has been a front-runner in solar innovation, introducing advanced technologies like bifacial modules and energy storage solutions. It is also actively involved in EPC services (Engineering, Procurement, and Construction), providing turnkey solutions for large-scale solar power projects.
Vision and Mission
WEL’s vision is to provide high-quality, sustainable energy solutions that are accessible across global markets. The company is committed to reducing carbon footprints through its products and services, paving the way for clean energy adoption and environmental sustainability. It aims to contribute to a better quality of life for current and future generations by promoting the widespread use of renewable energy.
IPO Plans and Objectives
Waaree Energies has filed for an IPO with SEBI (Securities and Exchange Board of India) to raise approximately ₹1,500 crore through the public offering. The IPO consists of both fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.
Key objectives of the IPO include:
– Expansion of manufacturing capacity from 12 GW to further meet the rising demand for solar modules in India and abroad.
– Repayment of debt to improve the company’s financial position and enhance profitability.
– Investment in research and development to support new product innovations like green hydrogen solutions and floating solar farms.
– Exploring new markets to grow international operations.
1. Key Details of Waaree Energies IPO
– IPO Opening Date: October 21, 2024
– IPO Closing Date: October 23, 2024
– Allotment Date: October 24, 2024
– Listing Date: October 28, 2024 (BSE and NSE)
– Price Band: ₹1,427 to ₹1,503 per share
– Minimum Lot Size: 9 shares (₹13,527 per lot)
– Issue Type: Book Built Issue
2. Structure of the Waaree Energies IPO
The IPO is divided into two parts:
– Fresh Issue: ₹3,600 crores through the issuance of 2.4 crore new shares
– Offer for Sale (OFS): ₹721.44 crores with 0.48 crore shares being offered by existing stakeholders
Total Shares Offered: 28,752,094 shares
– Pre-IPO Shareholding: 71.8%
– Post-IPO Shareholding: 64.3%
3. Purpose of the IPO
The fresh funds raised will be used for:
- Establishing a 6GW manufacturing facility in Odisha for ingot wafer, solar cells, and PV modules.
- General corporate purposes.
4. IPO Subscription and Investor Categories
The IPO was highly anticipated, leading to oversubscription of 79.44 times by the end of the bidding period on October 23, 2024.
– QIB (Qualified Institutional Buyers): 215.03 times
– NII (Non-Institutional Investors): 65.25 times
– bNII (Above ₹10L investment): 71.32 times
– sNII (Below ₹10L investment): 53.10 times
– Retail Investors: 11.27 times
– Employees: 5.45 times
This robust demand reflects significant market confidence in Waaree Energies.
5. Lot Sizes and Investment Breakdown
Investors can apply for the IPO in multiples of 9 shares per lot. Below is the breakdown of investment limits across different investor types:
| Investor Type | Lot Size | Shares | Investment Amount |
| Retail (Min) | 1 | 9 | ₹ 13,527 |
| Retail (Max) | 14 | 126 | ₹189,378 |
| S-HNI (Min) | 15 | 135 | ₹202,905 |
| B-HNI (Min) | 74 | 666 | ₹1,000,998 |
6. Financial Performance and Strengths
Waaree Energies has demonstrated impressive growth, with both revenue and profitability rising significantly over recent years.
Consolidated Financials (₹ in crores)
| Period | Revenue | Profit After Tax (PAT) | Assets | Net Worth |
| FY 2022 | 2,945.85 | 79.65 | 2,237.40 | 427.13 |
| FY 2023 | 6,860.36 | 500.28 | 7,419.92 | 1,826.02 |
| FY 2024 | 11,632.76 | 1,274.38 | 11,313.73 | 4,074.84 |
| Q1 FY 2025 (June 2024) | 3,496.41 | 401.13 | 11,989.48 | 4,471.71 |
Key Ratios:
– Return on Equity (ROE): 8.79%
– Return on Capital Employed (ROCE): 9.45%
– Debt-to-Equity Ratio: 0.06
– PAT Margin: 11.47%
The significant increase in profitability from FY23 onward underscores the company’s strong business outlook.
7. Strengths and Competitive Advantages
– Largest Solar PV Module Manufacturer in India:
With a manufacturing capacity of 12 GW, Waaree Energies enjoys a dominant position in the Indian solar market.
– Diversified Customer Base:
Waaree serves both domestic and international clients, ensuring revenue stability.
– State-of-the-Art Manufacturing Facilities:
Waaree operates four advanced plants in Gujarat, accredited with ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.
– Consistent Financial Performance:
The company’s revenue and profits have grown significantly, reflecting solid management and a favorable industry outlook.
– Experienced Management Team:
Led by Hitesh Doshi, Viren Doshi, and other promoters, Waaree Energies boasts deep expertise in the solar energy domain.
8. Peer Comparison and Market Position
Waaree Energies is competing in an evolving solar energy market with peers like Adani Green Energy and Tata Power Solar Systems. However, Waaree’s extensive manufacturing capacity and diversified product portfolio provide a competitive edge.
9. Anchor Investor Participation
Waaree Energies raised ₹1,276.93 crores from anchor investors on October 18, 2024, reflecting strong institutional interest. Anchor investors are required to hold 50% of their shares for 30 days (lock-in period until November 22, 2024) and the remaining for 90 days (until January 21, 2025).
10. Post-IPO Growth Prospects
With the government’s focus on renewable energy, Waaree is poised to benefit from favorable policies such as the Production-Linked Incentive (PLI) scheme. Additionally, the new 6GW manufacturing facility in Odisha will further increase production capacity, opening avenues for growth.
11. Should You Invest?
Waaree Energies IPO is fully priced, but given the company’s strong fundamentals, growing solar market demand, and strategic expansion plans, analysts recommend subscribing for medium to long-term gains.
Pros:
– Market leader in solar PV manufacturing
– Solid financial performance
– Strong growth prospects with new facilities
Cons:
– Dependence on government policies for renewable energy
– Price volatility in solar components
Waaree Energies is at the forefront of India’s renewable energy sector, leveraging both domestic and global demand for solar products. The IPO provides an opportunity for investors to participate in the fast-growing green energy market. With consistent financial performance, a strategic expansion plan, and strong institutional support, Waaree Energies IPO offers promising potential for long-term returns.
Final Verdict: Apply for medium to long-term investment horizons.
This IPO offers a unique opportunity to invest in India’s renewable energy revolution, with Waaree Energies positioned to thrive in the expanding solar market.
Product Portfolio
WEL offers a wide range of products and services, including:
1. Monocrystalline and Polycrystalline Solar Modules – for enhanced energy generation.
2. Bifacial Solar Panels – which capture sunlight from both sides for higher efficiency.
3. Solar Water Pumps – to support sustainable agriculture.
4. Battery Storage Solutions – to store and utilize energy effectively.
5. EPC Services – providing turnkey solutions for large-scale solar power plants.
Government Initiatives and Strategic Alignment
WEL actively participates in India’s renewable energy mission, aligning with key initiatives such as:
– National Solar Mission to help achieve the 100 GW solar capacity target.
– PLI (Production Linked Incentive) Scheme aimed at boosting domestic solar manufacturing.
– Rooftop Solar Program that promotes the adoption of solar energy for residential and commercial use.
Global Operations and Expansion Plans
WEL’s global presence in 68 countries showcases its capability to compete in international markets. With plans to further expand production post-IPO, the company is exploring new markets while diversifying into energy storage systems, floating solar farms, and green hydrogen technology.
Commitment to Sustainability
Waaree Energies’ operations reflect a deep commitment to sustainability. By providing affordable solar solutions, it enables the transition from fossil fuels to clean energy, helping businesses and households reduce their carbon emissions. The company also ensures continuous improvement in product quality, complying with global standards to maintain its reputation as a trusted brand in the solar industry.
Key Financial Highlights and Market Position
Waaree Energies is India’s largest solar PV manufacturer by capacity, with its 12 GW production infrastructure playing a crucial role in meeting both domestic and international demand. With the increasing global shift towards renewable energy, the company’s IPO will position it to capitalize on emerging opportunities in the sector.
Innovative Offerings and Future Growth
WEL is continuously exploring innovative solar technologies, including:
– Floating solar farms for better land utilization.
– Bifacial modules that enhance energy yield by capturing sunlight from both sides.
– Green hydrogen solutions to meet future energy needs and further decarbonize the economy.
Post-IPO, WEL aims to increase its production capacity, reduce debt, and invest in research and development to stay ahead of the competition.
Challenges and Opportunities
While Waaree Energies faces challenges like intense competition from global players and volatile raw material prices, it also benefits from:
– Rising solar adoption worldwide as countries transition to renewable energy.
– Government incentives and subsidies supporting clean energy projects.
– Growing demand for energy storage systems to complement solar installations.
Impact on India’s Renewable Energy Sector
WEL plays a crucial role in India’s clean energy transition by providing locally manufactured solar modules and EPC services for large-scale installations. It supports the country’s goal of achieving 500 GW of non-fossil fuel-based power by 2030 and becoming carbon-neutral by 2070.
Conclusion
With its proven track record, strong market position, and commitment to sustainability, Waaree Energies Limited is poised for significant growth. The upcoming IPO will not only strengthen its financial position but also enable it to expand operations, explore innovative technologies, and increase global market reach. As one of India’s most prominent players in the solar sector, WEL is well-positioned to contribute to the nation’s renewable energy ambitions and set new benchmarks in the global solar industry.
Contact Details and Registrar Information
– Company: Waaree Energies Limited
– Registrar: Link Intime India Private Ltd
– Website: https://waaree.com/
FAQs on Waaree Energies and IPO
1. What is Waaree Energies Limited (WEL)?
Waaree Energies is India’s largest solar PV manufacturer with a total installed capacity of 12 GW, offering a range of products including solar modules, water pumps, and energy storage solutions.
2. When was Waaree Energies founded?
WEL was founded in 1990, with solar operations commencing in 2007.
3. Why is Waaree Energies launching an IPO?
The IPO will help WEL raise ₹1,500 crore to expand production, repay debt, invest in R&D, and grow international operations.
4. What are Waaree’s future growth areas?
WEL is focusing on energy storage systems, floating solar farms, and green hydrogen technologies to stay ahead in the renewable energy space.
5. How does Waaree Energies align with government initiatives?
WEL supports programs like the National Solar Mission and PLI Scheme, contributing to India’s goal of becoming carbon-neutral by 2070.
6. What is the size of Waaree Energies IPO?
The IPO has a total issue size of ₹4,321.44 crores, including a fresh issue of ₹3,600 crores (2.4 crore shares) and an offer for sale (OFS) of ₹721.44 crores (0.48 crore shares).
7. When was the Waaree Energies IPO open for bidding?
The IPO opened on October 21, 2024, and closed on October 23, 2024.
8. What is the price band for the Waaree Energies IPO?
The price band is set between ₹1,427 and ₹1,503 per share.
9. When will the allotment of shares be finalized?
The basis of allotment was finalized on October 24, 2024.
10. What is the listing date of Waaree Energies on BSE and NSE?
The shares will be listed on BSE and NSE on October 28, 2024.
11. What is the lot size for retail investors?
The minimum lot size for retail investors is 9 shares, requiring a minimum investment of ₹13,527.
12. Who are the lead managers for this IPO?
The book running lead managers include:
– Axis Capital Limited
– IIFL Securities Ltd
– Jefferies India Private Limited
– Nomura Financial Advisory And Securities
– SBI Capital Markets Limited, among others.
13. What is the share reservation across different categories?
– QIBs: 19.7%
– NII (HNI): 14.77%
– Retail Investors: 34.47%
– Employees: 1.5%
– Anchor Investors: 29.55%
14. How much was raised through anchor investors?
Waaree Energies raised ₹1,276.93 crores from anchor investors on October 18, 2024.
15. What is the lock-in period for anchor investors?
– 50% of the shares have a lock-in period ending on November 22, 2024 (30 days).
– The remaining shares are locked until January 21, 2025 (90 days).
16. What are the objectives of the Waaree Energies IPO?
The proceeds from the IPO will be used to:
– Partially finance the establishment of a 6 GW solar manufacturing facility in Odisha.
– Fund general corporate purposes.
17. How many shares are offered in the IPO?
A total of 28,752,095 shares are offered, including both the fresh issue and the offer for sale.
18. What is the financial performance of Waaree Energies?
Between FY 2023 and FY 2024, Waaree Energies reported:
– Revenue growth: 69.56%
– Profit after tax growth: 154.73%
19. What is the minimum investment for sNII and bNII categories?
– sNII (small NII): Minimum investment is ₹202,905 for 135 shares (15 lots).
– bNII (large NII): Minimum investment is ₹1,000,998 for 666 shares (74 lots).
20. What is the contact information of Waaree Energies Limited?
– Address: 602, 6th Floor, Western Edge I, Western Express Highway, Borivali (East), Mumbai – 400066
– Phone: +91 22 6644 4444
– Email: investorrelations@waaree.com
21. Who is the registrar for the IPO?
The registrar is Link Intime India Private Ltd.
22. What certifications do Waaree Energies’ manufacturing units have?
– Tumb facility: ISO 45001:2018 and ISO 14001:2015
– Chikhli facility: ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015
23. What are Waaree Energies’ key products?
– Multicrystalline modules
– Monocrystalline modules
– TopCon modules (including bifacial and building-integrated PV modules)
24. What is the pre and post-issue promoter holding?
– Pre-issue holding: 71.80%
– Post-issue holding: 64.30%
25. Is Waaree Energies a good investment?
Many analysts recommend subscribing for medium to long-term investment due to Waaree Energies’ leading position in the solar PV segment and its expansion potential. However, the issue appears fully priced.