Waaree Energies IPO: Waaree Energies, a leading company in the green energy sector, is going to launch an Initial Public Offering (IPO) after a long wait. The company will open its IPO for public subscription from 21 October 2024.

The company has received in-principal approval from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for listing of its equity shares. Waaree Energies is all set for its market debut.

New shares worth Rs 3,600 crore
Waaree Energies IPO will see the issuance of new shares worth Rs 3,600 crore. Promoters and existing shareholders will offload 48 lakh shares through an offer-for-sale (OFS). The OFS includes promoter unit Waaree Sustainable Finance.

Waaree Sustainable Finance will sell 43.5 lakh shares and another shareholder Chandurkar Investments will sell 4,50,000 shares. However, the company has not yet announced the price band and lot size for the IPO.

The company said in the RHP that it will not receive any income from the offers for sale. However, Waaree Energies has invested the net profit from the latest output in subsidiary Sangam Solar One Company in Odisha, which will set up a 6 GW wafer, solar cell and solar PV module manufacturing facility. The

remaining amount will be used for corporate objectives. Apart from these targets, Waaree Energies expects to benefit from the listing of its equity shares on the stock exchanges and public market construction for the company's equity shares in India.

Bidding will start from October 18, 2024

According to the RHP, bidding for anchor investors is expected to start from October 18, 2024 (Friday).

The three-day membership window for bidding for the Waaree Energies IPO will open on October 21, 2024. The window is likely to close on October 23, 2024. Shares will be deposited in demat on 25 October 2024 After the membership window closes, the distribution of Waaree Energies shares will be done by 24 October 2024. The company's shares will be deposited in demat accounts on 25 October 2024 (Friday). Waaree Energies shares will come to the market by being listed on BSE and NSE on 28 October 2024 (Monday). Operating revenue figure Waaree Energies' operating revenue for the period expired on 30 June 2024 was Rs 3,408.90 crore. According to the DRHP, the company's revenue increased to Rs 11,397.61 crore in the financial year 2024. It was Rs 6,750.87 crore in the financial year 2023. Talking about the financial year 2022, the company's revenue was Rs 2,854.26 crore. Waaree Energies' total expenses for the first quarter of FY 2025 have been reported to be Rs 2,965.88 crore. The total expense in FY24 was Rs 10,239.90 crore, which was Rs 6,162.63 crore in FY23 and Rs 2,827.47 crore in FY22. Net profit Rs 394.14 crore The company's net profit given to the owners of the parent company in the first quarter of the financial year 2025 was Rs 394.14 crore. It was Rs 1,237.17 crore in the financial year 2024. Rs 482.76 crore was recorded in the financial year 2023 and Rs 75.64 crore in the financial year 2022. Link Intime India Registrar for IPO

Link Intime India is the registrar for the Waaree Energies IPO. The book-running lead managers to the public issue include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital.

Name changed twice

Founded in 1990, Waaree Energies is India's top sole PV module manufacturing company. The company evolved from Anmol Fluid Connectors, which was renamed in 2007 and 2013. Headquartered in Mumbai, Waaree Energies has 12 GW of stored capacity across plants located in Gujarat. Its five Indian manufacturing facilities and its global presence support sustainable energy solutions.