The previous record was held by Bajaj Housing Finance, which attracted around 9 million applications for its IPO, and Tata Technologies, which attracted 73 million applications.
The Rs 4,321-crore IPO received an overwhelming response from investors with bids worth Rs 2,410-crore. The overall offering multiple was 76x at close, with the institutional offering at 208x and the non-institutional offering at 62x.
The company’s stock has enjoyed strong demand on the gray market, as reflected in its current GMP of nearly 97% above its issue price. The IPO price has been capped at Rs 1,503.
Analysts are bullish on Waaree Energies’ growth story as it is a market leader in PV module manufacturing with ambitious global expansion plans.
The company will use the funds raised from the IPO to support general corporate purposes as well as to invest in major projects such as setting up a 6 gigawatt (GW) manufacturing facility in Odisha for ingots, wafers, solar cells and solar modules. We recommend that it be used for various initiatives. Waaree Energies is India’s largest solar PV module manufacturer, with a total installed capacity of up to 12GW as of June 2024. The company’s operating profit in FY2024 was the second best among solar module manufacturers in India. We are also expanding our footprint and further diversifying our operational capabilities by establishing a 3 GW manufacturing facility in the United States.
In FY24, the company’s operating revenue rose 69% year-on-year to 11,398 million rupees, while its profit after tax more than doubled to 1,274 million rupees.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial, SBI Capital, Intensive Fiscal Services and ITI Capital are the lead bookrunning managers for this issue.
