Waaree Energies Limited IPO
Waaree Energies Limited IPO
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Waaree Energies Limited's successfully transitioned to public market status with its listing on NSE, BSE on 28-10-2024. The IPO mobilized 2,87,52,095 Shares in cumulative capital, including 2,39,52,095 Shares for corporate expansion and ₹721.44 Cr for shareholder liquidity management.
The public offering was conducted within the price parameters of ₹1,427 to ₹1,503, with minimum investment lots of 9 shares. subscription activity between 21-10-2024 and 23-10-2024 demonstrated market reception to the company's valuation and growth narrative.
The allotment process concluded on 25-10-2024, finalizing share distribution to successful bidders. The listing represents a transformational event, providing the company with enhanced market visibility, regulatory compliance framework, and access to diversified investor capital.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Waaree Energies IPO About Company
Founded in December 1990, Waaree Energies Limited is one of India’s leading solar panel manufacturers with a production capacity of 12 GW. The company produces a wide range of solar modules, including multicrystalline, monocrystalline, and advanced TopCon modules, along with flexible bifacial panels, framed and unframed modules, and building-integrated photovoltaic solutions. Waaree has four manufacturing plants in Gujarat, located in Surat, Tumb, Nandigram, and Chikhli, covering 136.30 acres in total. The Tumb and Chikhli units are ISO-certified for safety and quality. Over the years, the company has served numerous customers across India and abroad and employed 1,019 full-time staff as of June 30, 2023.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Waaree Energies IPO Strength Factors
- Strong Market Presence: Leading player in the solar sector with large production capacity and a healthy order book.
- Diverse Business Model: Operations span manufacturing, EPC projects, and power generation.
- Innovation-Driven: Continuous R&D investments enable high-quality and efficient solar modules.
Waaree Energies IPO Risk Factors
- Policy Dependence: Business performance is highly influenced by government renewable energy policies and subsidies.
- Raw Material Volatility: Fluctuating prices of key inputs like silicon can affect profit margins.
- Intense Competition: Strong competition in the renewable sector puts pressure on pricing and technology upgrades.
Waaree Energies IPO Lead Manager(s)
- Axis Capital Limited
- IIFL Securities Limited
- Intensive Fiscal Services Private Limited
- Iti Capital Limited
- Jefferies India Private Limited
- SBI Capital Markets Limited
Waaree Energies IPO Promoter(s)
- Hitesh Chimanlal Doshi
- Viren Chimanlal Doshi
- Pankaj Chimanlal Doshi
- Waaree Sustainable Finance Private Limited
Waaree Energies IPO FAQs
Waaree Energies Limited IPO subscribed 79.44 times. The public issue subscribed 11.27 times in the retail category,215.03times in QIB, and 71.32 times in the HNI (10+) category byNovember 19, 2025 7:33:02 AM (Day 19).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Waaree Energies IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Waaree Energies IPO FAQs
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