Waaree Energies IPO 2024 Allotment Status, GMP & Investment Overview

Waaree Energies, a prominent player in the solar PV manufacturing industry, concluded its IPO subscription on October 23, 2024, with an overwhelming response. The IPO, which raised Rs 4,321.44 crore, had a price band set between Rs 1,427 and Rs 1,503 per share and a lot size of nine shares.

Waaree Energies, one of the prominent names in manufacturing solar PV business, reportedly garnered a gigantic response during the closing of its IPO subscription on October 23, 2024. It had floated an IPO of Rs 4,321.44 crore with a price band of Rs 1,427 to Rs 1,503 per share in terms of a lot size of nine shares. The allotment status of the Investor applicants shall be given on or before October 24, 2024, and the funds or IPO Mandates of such applicants shall be settled on or before October 25, 2024.

How to check allotment status?

Investors can check the allotment status of their application by following these steps:

BSE Website:

Visit BSE India website https://www.bseindia.com/investors/appli_check.aspx
Click on IPO allotment.
Click on Equity
Select the issue type under Waaree Energies Limited
Enter your Application number and PAN ID.
Click “I am not a robot” and then “Search.”

Link Intime India:

Go to the Link Intime IPO website https://linkintime.co.in/MIPO/Ipoallotment.html
Click on the IPO and choose application number, Demat account number, or PAN ID to track
Enter the details and captcha, and click “Submit.”
Subscription Status
Waaree Energies’ IPO was subscribed massively, particularly from the institutional investors. The entire issue is subscribed 76.34 times:

Investor Bifurcation and Institutional Patronage

Qualified Institutional Buyers (QIBs) 208.63.
Non-Institutional Investors (NIIs): Subscribed 62.49 times.
Retail Investors: Subscribed 10.79 times.
Employees: Subscribed 5.17 times.
The strong subscription by QIBs enhances confidence in the great financial track of Waaree and prospect of growth in the solar energy sector.

GMP

The Waaree Energies IPO saw a rise in Grey Market Premium post-subscription, with the company commanding Rs 1,550-1,570 premium in the unofficial market. This would mean investors would gain more than 105% as the scrip lists. It would be another multibagger in all likelihood.

Company Details

Waaree Energies is the premier solar PV module company in India with a total installed capacity of 12 GW and was founded in December 1990. The company provides an assortment of solar energy products comprising multi-crystalline modules, monocrystalline modules, and TopCon modules. Waaree Energies has future potential market scopes as renewable energy and solar power are soaring in India.

Investment Highlights
The IPO has been viewed well by brokerage as it contains:

Analysts' Views

Several brokerage firms have made their views known regarding Godavari Biorefineries IPO:

1. A Strong Financial Track Record: For a company like Waaree, which has been very neatly and effectively maintaining its revenue growth, it is a good investment option.
2. Growing Demand for Solar Power: Considering that with the rise in demand for clean energy solutions, the products for solar energy are experiencing a rising demand.
3. It enjoys Robust Market Share: Currently, Waaree is one of the largest module manufacturers of solar PV in India, commanding a huge market share.

Future Expansion Plans: The company is expansion-oriented to meet the growing demand for solar products.

As attractive as the investment in the company is, some risks lie inherently along the supply chain: specifically, Waaree Energies relies significantly on China for raw materials, mainly polysilicon; without this polysilicon and a few other critical raw materials, a solar module can’t be manufactured. This places the company vulnerable to the risk of deadlock if there happens to be a break in its supply chain or an alteration in the government policies of trade issues. Fluctuations in global solar module prices as well as a change in government policy on solar energy incentives also affects the profitability of the company.

Lead Managers and Registrars

Book running lead managers for the IPO are Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital. The registrar for the IPO is Link Intime India, which processes applications and also handles allotment of shares.
IPO Time Schedule
Application Start Date 21st October 2024
Application End Date 23rd October 2024.
Final Allotment Date 24th October 2024.
Mandate Debit/ Revocation Date 25th October 2024.
Listing Date: About October 30, 2024.

Conclusion

The IPO of Waaree Energies will prove a fabulous opportunity for investors who follow the long-term view of the renewable energy sector. With such demand from institutional investors and a healthy Grey Market Premium, many investors believe that the going is good for this company in the future. Of course, one should also consider the risks thrown by dependencies on supply chains and market moves while making investment decisions.
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Disclaimer:

All above recommendations are of the market analysts. Neither the author, nor the brokerage firm, nor Stockstoday.in will be responsible for any loss arising out of any such decision taken based upon this information. All users are cautioned to take their own expert advice prior to making any investment decision.

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