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Waaree Energies’ IPO receives 8.78 times subscriptions on Day 2 of offer

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Waaree Energies' IPO receives 8.78 times subscriptions on Day 2

Solar panel maker

Waaree Energies

Ltd on Tuesday received 8.78 times subscriptions on the second day of its initial public offering share sale. As per NSE data, against the 2,10,79,384 shares on offer, the Rs 4,321.44 crore initial share sale received bids for 18,51,56,208 shares.
The non institutional sector investor garnered 24.30 times subscription whereas Retail Indivisual Investors fetched 6.36 times subscriptions.

Qualified Institutional Buyers also received 1.73 times subscriptions.
The energy giant announced on Friday that it has secured Rs 1,277 crore from anchor investors.
With a price band of Rs 1,427 to Rs 1,503 per share, the issue will conclude on October 23.

The IPO consists of a fresh issue of

equity shares

totaling Rs 3,600 crore and an Offer-For-Sale (OFS) of 48 lakh equity shares valued at Rs 721.44 crore at the upper end of the price band, from a promoter and existing shareholders. This brings the total size to Rs 4,321.44 crore.
Under the OFS, promoter Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Pvt Ltd are offloading shares.
Funds generated from the fresh issue will be used for setting up the 6 GW (gigawatt) of the Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha.

Apart from this, a portion will be utilized for general corporate purposes.
Post-issue, the company’s market valuation has been estimated at over Rs 4,300 crore at the upper end of the price band.
One of the major players in the

solar energy

industry in India, Waaree Energies operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.
The book-running lead managers to the issue are Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital.

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