Waaree Energies, the largest solar panel manufacturer in India, has received approval from market regulator SEBI to launch its initial public offering (IPO). The company filed its draft IPO papers on December 29 of last year. The company is planning likely to launch IPO in in October.
The initial share offering includes a new issue of equity shares totaling up to Rs 3,000 crore, along with an offer to sell up to 3,200,000 equity shares with a face value of Rs 10 each. Additionally, 450,000 shares will be offered from Chandurkar Investments Private Limited and 50,000 shares from Samir Surendra Shah.
Founded in 1989 and headquartered in Mumbai, India, Waaree Energies boasts the largest aggregate installed capacity in the country, reaching 12 GW as of June 30, 2023, at its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat. The solar energy sector has immense potential to power industries and provide homes with free electricity.
According to analysis, the company invested approximately 711.48 million compared to the previous year (2023), and other financial assets amounted to approximately 763.79 million, up from 534.91 million the prior year.
Furthermore, the company reported total non-current and current assets of 1,13,137.27 million, compared to 74,199.20 million the previous year. Its total revenue reached 1,13,976 million, an increase from 67,508.73 million in 2023.
Waaree Energies IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Waaree Energies Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2021 | ₹1983.01 | ₹1920.52 | ₹45.61 |
| 2022 | ₹2945.85 | ₹2827.48 | ₹79.65 |
| 2023 | ₹6860.36 | ₹6162.63 | ₹500.28 |
| June 2023 | ₹3415 | ₹2957.64 | ₹338.27 |
Waaree Energies IPO Valuation – FY2023
Waaree Energies IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹21.82 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.44% |
| Net Asset Value (NAV): | ₹75.03 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Websol Energy System Limited | (6.31) | NA | (12,628.95) | 0.05 | 17.22 Cr. |
Objects of the Issue
- Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India
- General corporate purposes.
IPO Lead Managers aka Merchant Bankers
- Axis Capital Limited
- IIFL Securities Limited
- Jefferies India Private Limited
- Nomura Financial Advisory and Securities (India) Private Limited
- SBI Capital Markets Limited
- Intensive Fiscal Services Private Limited
- ITI Capital Limited
