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Waaree Energies has successfully mobilised Rs 1,276.93 crore from anchor investors ahead of its much-anticipated initial public offering (IPO) set to open for subscription on Monday, October 21, 2024. The solar PV module manufacturer allocated 84.96 lakh equity shares to 92 anchor investors at Rs 1,503 per share, the upper limit of its price band.
According to a filing on the Bombay Stock Exchange (BSE), 33.33 per cent of the allocation, or 28.32 lakh equity shares, went to 17 domestic mutual funds across 45 schemes. Prominent anchor investors include Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, The Prudential Assurance Company, and domestic mutual funds like HDFC Mutual Fund, ICICI Prudential MF, and Tata MF.
Waaree Energies' IPO will consist of a fresh issue of Rs 3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares valued at Rs 721.44 crore, resulting in a total issue size of Rs 4,321.44 crore at the upper price band. The IPO price band is set between Rs 1,427 and Rs 1,503 per equity share with 50 per cent reserved for qualified institutional buyers (QIB), 15 per cent for non-institutional investors (NII), and 35 per cent for retail investors. Additionally, Rs 65 crore worth of shares are reserved for company employees.
The funds raised through the fresh issue will support Waaree Energies’ expansion plans, particularly in setting up a 6GW solar cell and PV module manufacturing facility in Odisha. The proceeds will also be used for general corporate purposes.
The IPO will close for bidding on Wednesday, October 23, with the allotment of shares expected to be finalised by October 24. Refunds will be initiated on October 25, and shares will be credited to the demat accounts of allottees on the same day. Waaree Energies is scheduled to list on the BSE and NSE on October 28, 2024.
Waaree Energies, established in 1990, is a major player in the Indian solar energy market with an installed manufacturing capacity of 12 GW. The company operates five manufacturing facilities across Gujarat and Uttar Pradesh and offers a wide range of solar energy products, including Multicrystalline, Monocrystalline, and BIPV modules.
The book-running lead managers for the issue are Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.
