Solar module manufacturer Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering (IPO) garnered strong investor interest from institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times.

Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer. According to data from the NSE, this resulted in a 76.34 times oversubscription.

Qualified institutional buyers led the demand, with a subscription rate of 208.63 times, followed by non-institutional investors at 62.37 times. The retail investor portion was subscribed 10.61 times.

Waaree Energies’ shares are likely to be listed on the BSE and NSE on October 28, 2024.

Proceeds from the IPO will primarily fund the establishment of a 6 GW production facility in Odisha dedicated to ingot wafers, solar cells, and photovoltaic modules. Additional capital will be used for general corporate purposes.

The Book-Running Lead Managers for the issue are Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.

In 2023, the company announced it would build a 5 GW integrated solar cell and module manufacturing facility in Brookshire in the U.S. The facility is expected to produce 3 GW of solar modules annually by the end of 2024.

Waaree Energies is a solar module manufacturer with an aggregate installed capacity of 12 GW as of June 30, 2023. It was among the top five solar module suppliers, according to Mercom’s India Solar Market Leaderboard 2024. The top five suppliers contributed 59.4% of module capacities shipped to domestic solar projects. Waaree Energies accounted for nearly 6% of the annual module shipments.