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Waaree Energies IPO : Solar panel maker Waaree Energies has fixed a price band of Rs 1,427-1,503 per share for its Rs 4,321 crore IPO. The IPO will open on October 21 and close on October 23, the company said in a statement on Wednesday. Large (anchor) investors will be able to bid on October 18. The IPO will be a mix of fresh shares worth Rs 3,600 crore and 48 lakh shares to be sold under the Offer for Sale (OFS) by promoters and existing shareholders worth Rs 721.44 crore.
What will the company do with the IPO funding?
The total issue size of Wari Energies IPO will be Rs 4,321.44 crore. The company will use the funds raised from the new issue to set up a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha. Apart from this, a part will be kept for general corporate purposes.
How much is GMP
Waaree Energies shares are trading at a premium of Rs 1,280 in the unlisted market, indicating a grey market premium (GMP) of 85% over the upper price band of Rs 1,503, ET reported.
Waaree Energies Financial Results
In the financial year ended March 31, 2023, Waaree Energies achieved a revenue of Rs 6,750 crore, up significantly from Rs 2,854 crore in FY 2021-22. Its profit stood at Rs 500.2 crore, up almost five times from Rs 79.6 crore in FY 2021-22.
Starting in 2007, Waaree Energies has established itself as the largest manufacturer of solar PV modules in India.
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