Waaree Energies IPO 2024 Day 3 LIVE Updates Issue booked 76 Times Beats Tata’s, Bajaj IPOs with Record 97 Lakh Applications

The Waaree Energies IPO has made headlines for its record-breaking performance in the Indian primary market. As of the third day of bidding, the initial public offering has garnered an unprecedented 97.34 lakh applications, surpassing previous records set by notable companies like Tata Tech and Bajaj Housing Finance. This remarkable response highlights the strong investor interest in the solar energy sector, especially given Waaree’s impressive fundamentals and growth strategies.

Waaree Energies IPO 2024

Initiated on October 21, the IPO is set to close today, October 23, with a price band of ₹1,427 to ₹1,503 per share. The public offering aims to raise ₹4,321.44 crore, which will be utilized for expanding manufacturing capacities and other corporate purposes. Market analysts remain bullish, attributing the overwhelming subscription numbers to Waaree Energies’ established reputation and anticipated growth trajectory in the renewable energy landscape.

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Waaree Energies IPO Subscription Performance

Subscription Category
Subscription Rate
Overall Subscription
76.34 times
Qualified Institutional Buyers
208.63 times
Non-Institutional Investors
62.48 times
Retail Investors
10.79 times
Employee Portion
5.17 times

Waaree Energies IPO Historical Applications Record

Record Holder
Number of Applications
Waaree Energies IPO
97.34 lakh
Previous Record Holder
Tata Tech, Bajaj Housing

Financial Projections

Fiscal Year
Total Income (₹ Cr)
Net Profit (₹ Cr)
FY22
2,945.85
79.65
FY23
6,860.36
500.28
FY24
11,632.76
1,274.38
Q1 FY25
3,496.41
401.12

IPO Objectives

Use of Proceeds
Amount (₹ Cr)
Manufacturing Facility Setup
2,775
General Corporate Purposes
Remaining Funds

Market Valuation

Valuation Metric
Value
Market Capitalization
₹4,321.44 crore
Price-to-Earnings (P/E) Ratio
31.4x (FY24 earnings)

GMP Insights

Grey Market Premium (GMP)
Value (₹)
Current GMP
1,377
Premium Percentage
92%

Manufacturing Capacity

Manufacturing Facility
Capacity (GW)
Total Installed Capacity
12 GW
Largest Player in India
Yes

Analyst Recommendations

Analyst Firm
Recommendation
Aditya Birla Money
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Choice Broking
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BP Equities
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IPO Timeline

Event
Date
Bidding Start
October 21
Bidding End
October 23
Allotment Date
October 24
Listing Date
October 28

Performance Metrics

Metric
FY22 (%)
FY23 (%)
FY24 (%)
PAT Margin
2.70
7.29
10.96
RoCE
23.49
48.83
36.95

IPO Size Breakdown

IPO Components
Amount (₹ Cr)
Fresh Issue
3,600
Offer for Sale
721.44

Future Growth Potential

Growth Drivers
Description
Backward Integration
Manufacturing own solar cells
Market Expansion
Domestic and international orders

Investor Sentiment

Investor Type
Sentiment
Qualified Institutional Buyers
Extremely Positive
Retail Investors
Moderately Positive

Order Book Status

Order Book Size
Amount (GW)
Total Orders
16.6
U.S. Subsidiary Orders
3.75

Waaree Energies IPO Summary

The Waaree Energies IPO has set new benchmarks in the Indian stock market, reflecting a robust appetite for renewable energy investments. With record-breaking applications and a strong financial outlook, the company is well-positioned for future growth. The IPO not only aims to enhance Waaree’s manufacturing capabilities but also indicates investor confidence in the solar sector’s potential in India. As the IPO draws to a close, the anticipation for its market debut is palpable, with analysts recommending subscriptions for long-term gains.

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