Waaree Energies IPO to open on Monday, October 21, 2024

• Price Band fixed at ₹1,427 per equity share to ₹1,503 per equity share of the face value of ₹ 10 each (“Equity Shares”) of Waaree Energies Limited (the “Company”)
• Anchor Investor Bidding Date – Friday, October 18, 2024

• Bid /Offer Opening Date – Monday, October 21, 2024, and Bid/ Offer Closing Date – Wednesday, October 23, 2024

 Bids can be made for a minimum of 9 Equity Shares and in multiples of 9 Equity Shares thereafter

• Red Herring Prospectus dated October 14, 2024 (“RHP”) link:

https://waaree.com/wp-content/uploads/2024/10/waaree_energies_limited_rhp.pdf

Ahmedabad, October 17, 2024: Waaree Energies Limited (the “Company”) proposes to open an initial public offering of Equity Shares (“Offer”) on Monday, October 21, 2024. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Friday, October 18, 2024. The Bid/ Offer Closing Date is Wednesday, October 23, 2024.

The Price Band of the Offer has been fixed from ₹ 1,427 per Equity Share to ₹ 1,503 per Equity Share. Bids can be made for a minimum of 9 Equity Shares and multiples of 9 Equity Shares thereafter.

Waaree Energies, a leading solar PV module manufacturer in India, aims to raise Rs. 3,600 crore through its IPO from October 21-23. The company has a notable installed capacity of 12 GW and a diverse product portfolio.

The initial public offering of Waaree Energies, based in Mumbai, is scheduled to launch on D-Street on Monday, October 21 and close on Wednesday, October 23. The allocation to anchor investors for the Waaree Energies IPO is scheduled to take place on Friday, October 18.

On September 23, 2024, Waaree Energies received approval from the Securities and Exchange Board of India (SEBI). The company, which manufactures solar PV modules, submitted its draft red herring prospectus (DRHP) to SEBI in December of the previous year to secure funding through an IPO.

  The Offer comprises a fresh issue of Equity Shares aggregating up to ₹ 36,000 million (“Fresh Issue”) and an offer for sale of up to 4,800,000 Equity Shares (“Offered Shares”) comprising up to 4,350,000 Equity Shares by Waaree Sustainable Finance Private Limited (“Promoter Selling Shareholder”); and up to 450,000 Equity Shares by Chandurkar Investments Private Limited (“Other Selling Shareholder” and together with the Promoter Selling Shareholder, the “Selling Shareholders”, and such offer for sale of Equity Shares by the Selling Shareholders, the “Offer for Sale”). The Offer includes a reservation of such number of Equity Shares, for subscription by Eligible Employees (the “Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”. The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), read with Regulation 31 of the SEBI ICDR Regulations.

The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that the Company, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by the Company, in consultation with the BRLMs, in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”). In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders (“Non-Institutional Portion”) of which one-third of the Non-Institutional Portion shall be available for allocation to Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Portion shall be available for allocation to Bidders with an application size of more than ₹ 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, not less than 35% of the Net Offer shall be available for allocation to Retail Individual Portion (“Retail Portion”), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders (except Anchor Investors) shall mandatorily participate in the Offer only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID in case of UPI Bidders) in which the Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or pursuant to the UPI Mechanism, as the case may be. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE“) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.

 Disclaimer: WAAREE ENERGIES LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with RoC on October 14, 2024, read with the corrigendum to the RHP dated October 15, 2024. The RHP shall be available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.waaree.com and on the websites of the BRLMs, i.e. Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited at www.axiscapital.co.in, www.iiflcap.com, www.jefferies.com, www.nomuraholdings.com/company/group/asia/india/index.html, www.sbicaps.com, www.intensivefiscal.com and www.iticapital.in, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘Risk Factors’ on page 32 of the RHP. Potential Bidders should not rely on the DRHP filed with SEBI for making any investment decision.