Waaree Energies IPO Review
IPO Overview – Structure, Dates & Subscription
Offer details: Waaree Energies launched a book-built IPO from October 21 to 23, 2024, raising approximately ₹4,321.44 crore. This comprised a fresh issue of ₹3,600 crore and an offer-for-sale (OFS) of around ₹721 crore.
Price band & lot size: Priced between ₹1,427 to ₹1,503 per share, with a minimum lot size of 9 shares (₹13,527 investment for retail).
Subscription: The IPO was highly oversubscribed, with:
Overall: ~76×
QIBs: ~208×
NIIs: ~62×
Retail & employees: ~10–11× and ~5× respectively.
Grey Market Premium (GMP): GMP soared pre-listing to ~₹1,500–1,570 (i.e., 100–103% premium over the upper cap), indicating high listing expectations. It later eased but remained strong (~₹1,370–1,400).
Listing: Allotment was finalized October 24; refunds & credit on October 25. Shares listed on BSE & NSE on October 28, 2024.
Company Profile & Financials
Core Business: Waaree Energies is India’s largest solar PV module manufacturer, with an installed capacity of 12 GW as of mid-2024. It operates 4–5 manufacturing units across Gujarat and UP.
Order Book: Stood at 16.66 GW (including 3.75 GW of orders via its US subsidiary, Waaree Solar Americas) as of June 2024.
Financial Growth:
Revenue grew from ~₹2,854 crore (FY2022) to ~₹11,397 crore (FY2024), registering phenomenal CAGR.
PAT rose from ~₹80 crore to ~₹1,274 crore over the same period.
EBITDA margins expanded from ~3.9% (FY2022) to ~13.8% (FY2024).
Use of Proceeds: Major portion (₹2,775 crore) earmarked for building a 6 GW integrated manufacturing facility in Odisha; remainder for general corporate needs.
IPO Reception – Market Sentiment & Initial Trade
Investor enthusiasm: Exponential financial growth, sector tailwinds, and strong GMP fueled investor optimism pre-listing.
Risk concerns raised by analysts and investors included:
High dependency on top customers (top 10 ~56% revenue share).
Heavy reliance on exports (~58%) and imports (~90%) of raw materials from China.
Dependency on government subsidies and policy support.
Listing performance: While explicit listing-day figures are not cited here, the massive GMP suggested strong gains. Anecdotes from investors shared gains Others noted quick blocks/unblocks of IPO funds or demat credit timelines.
Post-Listing Performance & Developments
Stock rally: As of late June 2025, the stock recorded a 112% rally since listing, prompting ace investor Madhuri Kela to exit her stake.
Global optimism: Despite geopolitical concerns (e.g., US tariff risks under Trump administration), Waaree remained confident. CEO cited its Texas facility, strong US order pipeline, and growth in exports to new regions.
Siblings’ performance: The listed subsidiary, Waaree Renewable Technologies, saw extreme volatility—a 65,000% rally followed by a 41% correction; recently, it surged again on fresh EPC contract wins.
Investor Sentiment & Market Voices
Several insightful views emerged from investor discussions (Reddit):
Positive angles:
“Exponentially growing profits that grew more than 30 times in the last 4 years.”
“Reputed company… fair valuation… P/E of 33 vs Premier Energies at 123.”
Cautions:
“Dependence on China for raw materials… disruptions could impact operations.”
“Highly concentrated revenue from a few customers… export reliance exposes to FX and geopolitical risks.”
Final Verdict – Is It Still Worth Investing?
Pros
A clear market leader with massive manufacturing capacity and growth track record.
Stellar financial expansion—healthy revenue, profit, and margin growth.
Robust order book and utilization of proceeds aligned with future capacity expansion.
Strong listing gains and continued investor interest.
Expansion into global markets, including the US.
Cons
Concentrated customer base and raw material import dependence pose supply chain and revenue risks.
Heavily reliant on government policies and subsidies in the solar sector.
Export-driven revenue, making the business susceptible to FX and regulatory changes internationally.
Valuation remains elevated, potentially limiting upside for short-term investors.
Should You Invest?
If you’re a long-term investor with conviction in India’s solar opportunity, Waaree Energies’ leadership, expansion plans, and strong fundamentals make it a compelling bet—as long as you’re comfortable with sector and geopolitical risks.
For short-term trade rs, the stock’s past volatility and elevated valuation call for caution. Waiting for a correction or confirmation of sustainable momentum may be prudent.
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