Overview of Waaree Energies Limited
Established in December 1990, Waaree Energies Limited has emerged as a prominent solar PV module manufacturer in India, with a robust production capacity of 12 GW. The company has made a strong mark in the renewable energy landscape, offering a wide range of solar energy solutions.
Product Range
Waaree Energies provides a comprehensive selection of PV modules to cater to the dynamic requirements of the solar energy industry. Their product offerings include:
- Multicrystalline Modules
- Monocrystalline Modules
- TopCon Modules, featuring bifacial Mono PERC modules in both framed and unframed variants. They also offer building-integrated photovoltaic (BIPV) modules, ideal for advanced solar installations.
Manufacturing Capabilities
The company operates four advanced manufacturing plants across 136.30 acres, located in Surat, Tumb, Nandigram, and Chikhli, all within Gujarat, India.
- Tumb Facility: Holds ISO 45001:2018 and ISO 14001:2015 certifications for producing, marketing, and installing solar photovoltaic modules.
- Chikhli Facility: Certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for the production, marketing, and supply of solar PV modules.
Promoter Shareholding
Before the IPO, the promoters held 71.80% of the company’s shares, which will reduce to 64.30% post-issue. Key promoters include Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited.
Purpose of the IPO
The funds raised from Waaree Energies’ IPO are intended for:
- Capital Expansion: To support capacity growth and upgrade manufacturing facilities.
- General Corporate Needs: To meet other operational and strategic objectives.
Summary of Financial Information:
| Period Ended | 30-Jun-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
|---|---|---|---|---|
| Assets | 11,989.48 | 11,313.73 | 7,419.92 | 2,237.40 |
| Revenue | 3,496.41 | 11,632.76 | 6,860.36 | 2,945.85 |
| Profit After Tax | 401.13 | 1,274.38 | 500.28 | 79.65 |
| Net Worth | 4,471.71 | 4,074.84 | 1,826.02 | 427.13 |
| Reserves and Surplus | 2,464.69 | 3,825.00 | 585.96 | 230.43 |
| Total Borrowing | 261.24 | 317.32 | 273.48 | 313.08 |
Comparison with Listed Peers:
| Company Name | P/E | P/B | RoE (%) |
|---|---|---|---|
| Waaree Energies Ltd | 25 | 9 | 30 |
| Websol Energy System Ltd | - | 39 | - |
| Premier Energies Ltd | 213 | 14 | 43 |
Key IPO Details:
IPO Dates: 21 - 23 October, 2024
Price Band: Rs .1,427 to Rs. 1,503 per share
Lot Size: 9 shares
Total Issue Size: Rs. 4,321.44 Crores (Fresh Issue: Rs. 3600 Cr)
Retail Quota: 35%
Listing Date: 28th October, 2024
GMP: +89% (For informational purposes only)
Note: For additional information & risk factors please refer to the Red Herring Prospectus
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Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.
