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Waaree Energies IPO Seeks ₹4,321.44 Cr, Deepak Builders ₹260.04 Cr – Explore Objectives, GMP, Financials and More.

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Are you keeping an eye on the latest IPOs? Waaree Energies IPO and Deepak Builders are making waves with their upcoming offerings, aiming to raise a combined ₹4,581.48 crores. Waaree Energies is leading the charge with a whopping ₹4,321.44 crore, while Deepak Builders is looking to raise ₹260.04 crore.

You must be curious about what’s driving these IPOs, right? Let’s get into the details, from their objectives to the buzz surrounding their Grey Market Premiums (GMPs). We’ll also examine both companies’ financial health to see if they’re worth the hype.

Waaree Energies Ltd. IPO

Offer Price₹1427 – ₹1503 per share
Face Value₹10 per share
Opening Date21 October 2024
Closing Date23 October 2024
Total Issue Size (in Shares)28,752,095
Total Issue Size (in ₹)₹4,321.44Cr
Issue Type Book Built Issue IPO
Lot Size9 Shares
Listing atBSE, NSE
Source: SEBI

Waaree Energies Ltd. is launching an IPO worth ₹4,321.44 crores. This IPO is structured as a book-built issue, consisting of a fresh issue of 2.4 crore shares totaling ₹3,600.00 crores and an offer for sale (OFS) of 0.48 crore shares valued at ₹721.44 crores.

Retail investors can participate in the IPO with a minimum investment of ₹13,527, which equates to a bid of 9 shares. For high-net-worth individuals (HNIs), the minimum investment required varies: sNII investors need to apply for 15 lots (135 shares), amounting to ₹202,905, while bNII investors must apply for 74 lots (666 shares), with an investment of ₹1,000,998.

Allocation Shares of Waaree Energies IPO

The allocation of shares is based on multiples of 9, with retail investors able to invest up to 14 lots (126 shares), which would cost ₹189,378. HNIs can go as high as 73 lots (657 shares) for sNII, amounting to ₹987,471.

ApplicationLotsSharesAmount
Retail (Min)19₹13,527
Retail (Max)14126₹189,378
S-HNI (Min)15135₹202,905
S-HNI (Max)73657₹987,471
B-HNI (Min)74666₹1,000,998
Source: SEBI

Objectives of Waaree Energies IPO

The primary objectives of the Waaree Energies IPO are twofold:

  1. Part-financing the cost of setting up a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India.
  2. Utilizing the proceeds for general corporate purposes.

GMP of Waaree Energies IPO

As of October 18, 2024, the Grey Market Premium (GMP) for Waaree Energies IPO was ₹1330. A price band of ₹1503 brings the estimated listing price to ₹2833 per share, indicating an expected gain of 88.49% per share at listing. Source: Livemint

Company Overview of Waaree Energies IPO

Incorporated in 1990, Waaree Energies Limited is a major player in India’s solar PV module manufacturing space, boasting an installed capacity of 12 GW. The company offers a variety of solar energy products, including:

  • Multicrystalline modules
  • Monocrystalline modules
  • TopCon modules include flexible bifacial modules (Mono PERC) and building-integrated photovoltaic (BIPV) modules.

Waaree Energies operates four manufacturing facilities across 136.30 acres in Gujarat, India. These are located in Surat, Tumb, Nandigram, and Chikhli. The company holds various ISO certifications, ensuring high manufacturing and marketing standards and supplying solar photovoltaic modules.

SWOT Analysis of Waaree Energies Ltd.

STRENGTHSWEAKNESSES
Largest Solar PV Module Manufacturer in India, with advanced facilities and global accreditations.

A diversified customer base, both domestically and internationally.

Strong financial track record, with significant growth in revenue and profits over the past few years.

Extensive pan-India retail network and a solid order book, providing steady business visibility.

An experienced management team with a clear growth strategy.
Heavy reliance on solar energy demand, which is subject to government policies and market conditions.

Significant dependence on raw material imports, making the company vulnerable to supply chain disruptions and price fluctuations.
OPPORTUNITIESTHREATS
Growing demand for renewable energy and solar power presents a large market potential.

The expansion of manufacturing capacity with the new 6GW facility in Odisha could drive future growth.

Opportunities to diversify product offerings in solar technologies and expand further into international markets.
Competition from other global and domestic players in the solar energy space.

The potential impact of technological advancements could require significant investment to stay competitive.

Regulatory changes in India or globally could affect market demand and operational costs.

Financials

Waaree Energies has demonstrated strong financial growth in recent years. Between FY23 and FY24, the company’s revenue increased by 70%, while the profit after tax (PAT) surged by 155%. Over the past two years, revenue grew from ₹29,458.51 lakh in FY22 to ₹116,327.63 lakh in FY24, representing a 294.9% increase.

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Source: SEBI

Offer Price₹192 – ₹203 per share
Face Value₹10 per share
Opening Date21 October 2024
Closing Date23 October 2024
Total Issue Size (in Shares)12,810,000
Total Issue Size (in ₹)₹260.04 Cr
Issue Type Book Built Issue IPO
Lot Size73 Shares
Listing atBSE, NSE
Source: SEBI

Deepak Builders & Engineers is launching an IPO with a fresh issue of 1.07 crore shares totaling ₹217.21 crores and an offer for sale (OFS) of 0.21 crore shares valued at ₹42.83 crores. Investors can bid in multiples of 73 shares, with the minimum investment required being ₹14,819. For retail investors, the maximum bid can go up to 949 shares, amounting to ₹192,647.

The allotment of the IPO will be finalized on October 24, 2024, and the tentative listing date on BSE and NSE is October 28, 2024.

Allocation Shares of Deepak Builders & Engineers IPO

High-net-worth individuals (HNIs) have different bidding tiers. For sNII investors, the minimum investment starts at 14 lots, and they can bid up to 67 lots. bNII investors need to apply for at least 68 lots with an investment of ₹1,007,692.

ApplicationLotsSharesAmount
Retail (Min)173₹14,819
Retail (Max)13949₹192,647
S-HNI (Min)141,022₹207,466
S-HNI (Max)674,891₹992,873
B-HNI (Min)684,964₹1,007,692
Source: SEBI

Objectives of Deepak Builders & Engineers IPO

The funds raised from the fresh issue are planned to be used for:

  1. Repaying or prepaying certain company borrowings.
  2. Meeting the working capital requirements to support business expansion.
  3. For general corporate purposes

GMP of Deepak Builders & Engineers IPO

As of October 18, 2024, the Grey Market Premium (GMP) for Deepak Builders & Engineers’ IPO is ₹32. With a price band set at ₹203, the estimated listing price is ₹235, reflecting an expected 15.76% gain per share.
Source: Livemint

Company Overview of Deepak Builders & Engineers IPO

Deepak Builders & Engineers India Limited, founded in September 2017, specializes in constructing administrative, institutional, and industrial buildings, hospitals, stadiums, and residential complexes. They are engaged in several high-profile construction and infrastructure projects across Punjab, Haryana, Rajasthan, Uttarakhand, and the Union Territories of Chandigarh and Delhi.

The company has completed turnkey projects, including architectural design, civil work, MEP (Mechanical, Electrical, Plumbing), firefighting systems, and IT infrastructure. The business operates in three main verticals:

  1. Construction Projects
  2. Infrastructure Projects
  3. Sale of products

Currently, the company is managing 12 ongoing projects, which include:

  • Four hospital and medical college projects.
  • One administrative and institutional building.
  • One industrial building.
  • Four infrastructure projects related to railway station development.
  • Two road and bridge projects, including rail over bridges.

SWOT Analysis of Deepak Builders & Engineers 

STRENGTHSWEAKNESSES
Proven expertise in turnkey construction projects across various healthcare, institutional, and industrial sectors.

Growing presence in infrastructure projects, including railway station development and road/bridge construction.

Strong financial growth, with revenue and profitability showing impressive increases over recent years.

Ongoing projects in multiple states and union territories, ensuring diverse revenue streams.
Limited geographical reach within India, with projects concentrated in only four states and two union territories.

High dependency on large, government-funded infrastructure projects, which can be vulnerable to policy changes and budget constraints.
OPPORTUNITIESTHREATS
Expansion into new regions or sectors could provide significant growth potential.

Increasing government focus on infrastructure development across India presents opportunities for further contract wins.

Potential to scale up the business and enter into PPP (Public-Private Partnerships) for larger infrastructure projects.
Intense competition from other established construction firms, both locally and nationally.

Economic downturns or changes in government spending priorities could impact the demand for large-scale construction projects.

Possible delays in project execution due to external factors like supply chain disruptions or regulatory hurdles.

Financial Strength

Deepak Builders & Engineers has experienced significant growth over the past two years. Between FY22 and FY24, the company’s revenue increased by 41.6%, from ₹3,649.87 lakh to ₹5,167.42 lakh. This growth was accompanied by a strong increase in profitability, with Profit After Tax (PAT) rising from ₹176.64 lakh in FY22 to ₹604.1 lakh in FY24, a growth of 242%.

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Source: SEBI

In the last year alone (FY23 to FY24), the company’s revenue grew by 19%, and PAT increased by 182%, showcasing strong financial performance.

Conclusion

With Waaree Energies and Deepak Builders gearing up for their IPOs, the Indian stock market is set for an exciting week. Investors will closely watch these offerings as they represent opportunities in the renewable energy and construction sectors. However, conducting thorough research and considering your risk tolerance before making any investment decisions is crucial.

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

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