The IPO of Waaree Energies ended on a robust note, as qualified institutional investors pumped in money on the last day of the issue closing on Wednesday. The QIB portion was subscribed a staggering 208.63 times. The issue has witnessed a strong response from retail and high net worth individuals as well, taking the overall subscription to 76.34 times.

The ₹4,321.44-crore IPO of Waaree Energies that came out with a price band of ₹1,427-1,503 consisted of a fresh issue worth ₹3,600 crore and an offer for sale (OFS) for ₹721.44 crore.

The portion reserved for retail investors was subscribed 10.79 times, while that of non-institutions 62.49 times. The quota reserved for employees was subscribed 5.17 times.

Waaree Energies had raised around ₹1,277 crore from 92 anchor investors, including 17 mutual funds, global pension funds and sovereign funds. 

Use of funds

Proceeds from the fresh issue will be used to set up the 6-GW Ingot Wafer, Solar Cell, and Solar PV module manufacturing facility in Odisha. A portion will also be used for general corporate purposes.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing. As of June 30, its aggregate installed capacity was 12 GW. It operates five manufacturing facilities: one each at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar facility in Noida, Uttar Pradesh.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are the issue’s book-running lead managers.

Related Topics