Before the IPO, Wari Energy raised Rs. 1,277 crore collected

Ahead of its marquee IPO opening on Monday, Wari Energy raised Rs. 1277 crore was collected. The company bought 84.95 lakh shares of various funds at Rs. 1,503, which is the upper price band for the issue.

Of the total anchor book, 33.33% of it was allocated to 17 domestic mutual funds through a total of 45 schemes.

Prominent funds subscribing to the anchor book include HDFC Mutual Fund, ICICI Pru MF, ADIA, Goldman Sachs, Canara Robeco MF, Franklin India, Motilal Oswal, Quant MF, Invesco India, SBI Life, Mirae Asset, Reliance Nippon and Ek. A few others.

The issue will open for subscription on October 21 and investors can bid till October 23.

Current GMP is around Rs. 1350, indicating a premium of about 90% over the issue price. The IPO price is in the range of Rs 1427-1503. Most analysts expect a multibagger listing for the company if current demand is sustained.

The company proposes to use the funds raised from the IPO for key initiatives, including setting up a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells and PV modules in Odisha, as well as supporting general corporate purposes.

Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12.
As of GW, June 2024. For FY2024, the company had the second best operating income among all domestic solar PV module manufacturers in India.

The company aims to deliver high-quality, cost-effective and sustainable energy solutions globally, which contribute to reducing carbon footprints. It is also expanding its footprint by further diversifying its operational capabilities by setting up a 3 GW manufacturing facility in the United States.

The Indian commercial and industrial solar sector has added approximately 10GW in fiscal years 2019 and 2023, with a total installed capacity of approximately 25 GW by December 2023.

The commercial and industrial segment accounts for 70-80% of the country’s rooftop solar installations and is growing in the utility-scale solar space as well as through open access and group captive routes.

For FY24, the company’s revenue from operations rose 69% year-on-year to Rs. 11,398 crore, while profit after tax more than doubled to Rs. 1,274 crores.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book running lead managers of the issue.