Waaree Energies IPO: Issue Subscribed Nearly 11.8 Times, All You Need To Know

The Initial Public Offering (IPO) of Waaree Energies witnessed a strong demand on October 23, which happens to be its third and final day of bidding. The ₹4,321-crore IPO was oversubscribed by 11.8 times. Data from the exchange reported that investors placed bids for 24.8 crore shares far exceeding the 2.1 crore shares on offer.

Non-institutional investors (NIIs) subscribed the shares by 36 times, whereas retail investors’ quota exceeded by 7.5 times. While employees subscribed the allocated portion by 3.5 times, Qualified Institutional Buyers (QIBs) clocked the subscription by 1.8 times, an NSE data reported.

The IPO includes a fresh equity of ₹3,600 crore and an Offer for Sale (OFS) valued at ₹721.44 crore at the upper price band. The OFS consists of 48 lakh shares that includes promoters and existing shareholders.

The company is set to use the proceeds from OFS to set up a 6 GW facility in Odisha for manufacturing ingot wafers, solar cells, and PV modules. A separate portion of the raised funds will also go towards general corporate purposes.

Waaree Energies is a significant player in the solar energy industry that focuses on PV module manufacturing. It had an installed capacity of 12 GW as of June 30, 2023. As of now, the company operates five manufacturing plants across India, namely Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as IndoSolar in Noida, Uttar Pradesh.