Oct 18, 2024
By: Sourabh Jain
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Mumbai-based Waaree Energies’s initial public offering (IPO) will open on Monday, October 21 and close on Wednesday, October 23.
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Waaree Energies has fixed a price band of ₹1,427-₹1,503 per share for its public issue.
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Waaree Energies is a Mumbai-based manufacturer of solar PV modules.
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Waaree Energies is looking to raise ₹4,321.44 crore from the current IPO. This includes a fresh issue of ₹3,600 crore and an offer for sale (OFS) component of ₹721.44 crore.
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Investors can bid for a minimum of 9 shares and in multiples of 9 shares thereafter.
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Waaree Energies, founded in 1990 currently has four manufacturing facilities in India, spanning 136.30 acres. The company serves both domestic and international customers.
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The company’s income was ₹11,632.76 crore in FY24, up from ₹6,860.36 crore in FY23. The company reported a profit of ₹1,274.38 crore in FY24, up from ₹500.28 crore profit reported in FY23.
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The company is heavily reliant on exports, exposing it to uncertainties in the international market. It is also dependent on China for its raw materials.
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The funds raised will be used for establishing a new manufacturing facility and for general corporate purposes.
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