Waaree Energies IPO Day 3 LIVE Updates: The initial public offering (IPO) of solar PV modules manufacturer Waaree Energies Ltd has been witnessing strong demand. The bidding for the Waaree Energies IPO began on October 21, and ends today, October 23. The public issue has been subscribed around 9 times in two days of the subscription period. Waaree Energies IPO price band has been set at ₹1,427 to ₹1,503 per share. At the upper-end of the price band, the company plans to raise ₹4,321.44 crore from the book-built issue. Waaree Energies IPO listing date is likely October 28. Stay tuned to our Waaree Energies IPO Day 3 Live blog for the latest updates.
Waaree Energies IPO Day 3 Live: Issue booked over 17 times so far
Waaree Energies IPO Day 3 Live: Waaree Energies IPO has been subscribed 17.22 times so far on day 3, as it received bids for 36.29 crore equity shares as against 2.10 crore shares on the offer.
The issue received 7.93 times subscription in the Retail category and 43.11 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 15.06 so far on the third day.
Waaree Energies IPO Day 3 Live: Waaree Energies revenue grew by a CAGR of 58.1%
Waaree Energies IPO Day 3 Live: Waaree Energies financials have seen an increase in revenue from ₹2,946 crore in FY22 to ₹11,633 crore in FY24 which grew by a CAGR of 58.1% with improvement in margins and profitability with strong demand from the retail sales, industry requirements, and exports revenues has moved from 23% to 57.5% over FY22-24 with higher margins. Waaree Energies has a substantial order book as of June 2024 with an order book of solar PV modules of 16.6 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for its subsidiary, Waaree Solar Americas Inc. located in the United States.
Waaree Energies IPO Day 3 Live: Issue booked 12.31 times so far
Waaree Energies IPO Day 3 Live: Waaree Energies IPO subscription status shows the public issue has been receiving a strong response from the Indian primary market investors. The issue has been subscribed 12.31 times so far on day 3, as it received bids for 25.95 crore equity shares as against 2.10 crore shares on the offer.
The issue received 7.65 times subscription in the Retail category and 37.62 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 2.04 so far on the third day.
Waaree Energies IPO Day 3 Live: Waaree Energies IPO objectives
Waaree Energies IPO Day 3 Live: Waaree Energies IPO’s primary goal is to invest ₹2,775 crore to establish a 6 GW Ingot Wafer, Solar cell and Solar PV module manufacturing facility in Odisha by way of investment in wholly owned subsidiary Sangam Solar One Pvt Ltd.
Waaree Energies IPO Day 3 Live: Waaree Energies IPO size is ₹4,321.44 crore
Waaree Energies IPO size is ₹4,321.44 crore. The mainboard IPO is a combination of fresh issue of 2.4 crore equity shares aggregating to ₹3,600 crore and an offer for sale of 48 lakh shares worth ₹721.44 crore.
Waaree Energies IPO Day 3 Live: Issue subscribed 11.12 times so far on last day
Waaree Energies IPO Day 3 Live: Waaree Energies IPO subscription status shows the public issue has been receiving a strong response from the Indian primary market investors. The issue has been subscribed 11.12 times so far on day 3, as it received bids for 23.44 crore equity shares as against 2.10 crore shares on the offer.
The issue received 7.15 times subscription in the Retail category and 33.47 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 1.78 so far on the third day.
Waaree Energies IPO Day 3 Live: Waaree Energies IPO valuations lower than peers
Waaree Energies IPO Day 3 Live: The company is valued at a PE ratio of 31.4x on the upper price band based on FY24 earnings, which is lower than its peers. Given its strong financial growth and substantial order book, the company is well positioned to grow within the sector. Therefore, BP Equities recommends ‘Subscribe’ rating for medium to long-term investment.
Waaree Energies IPO Day 3 Live: What Waaree Energies IPO GMP today signals?
Waaree Energies IPO Day 3 Live: Waaree Energies shares are witnessing a bullish trend in the grey market today. Waaree Energies IPO GMP today, or grey market premium today, is ₹1,377 per share, according to stock market experts. This indicates that Waaree Energies shares are trading at a hefty premium of 92% to the issue price of ₹1,503 per share in the grey market.
Waaree Energies IPO Day 3 Live: Waaree Energies is largest manufacturer of solar PV modules in India
Waaree Energies IPO Day 3 Live: Waaree Energies has the largest capacity of 12 GW for solar modules in India which is 1.9x that of the second largest player. The company currently has 5 manufacturing facilities. Its portfolio includes the following PV modules: (i) multicrystalline (ii) monocrystalline and (iii) TopCon modules. It also provides EPC solutions as a contractor.
Waaree Energies IPO Day 3 Live: Waaree Energies plans to raise ₹4,321.44 crore from IPO
Waaree Energies IPO Day 3 Live: Waaree Energies IPO price band has been set at ₹1,427 to ₹1,503 per share. At the upper-end of the price band, the company plans to raise ₹4,321.44 crore from the book-built issue.
Waaree Energies IPO Day 3 Live: Issue subscribed 8.78 times on second day
Waaree Energies IPO Day 3 Live: Waaree Energies IPO subscription status shows the public issue received a decent response from the Indian primary market investors. The issue has been subscribed 8.78 times so far on day 2 as it received bids for 18.51 crore equity shares as against 2.10 crore shares on the offer.
The issue received 6.36 times subscription in the Retail category and 24.30 times subscription in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion was booked 1.73 so far on the second day.
Waaree Energies IPO Day 3 Live: Waaree Energies IPO last day today
Waaree Energies IPO Day 3 Live: Today is the last day for applying to the Waaree Energies IPO. The bidding for the Waaree Energies IPO began on October 21, and ends today, October 23.
