New Delhi. The IPO of solar PV modules manufacturer Wari Energies Limited is going to open tomorrow i.e. on 21 October. The company wants to raise Rs 4,321.44 crore from this IPO. Investors can invest in this IPO till 23 October. The company had raised Rs 1,276.93 crore from anchor investors on 18 October. Wari IPO is likely to be listed on BSE and NSE on 28 October. Even before the launch of the IPO, the unlisted shares of Wari Energies were making a lot of noise in the grey market and are trading at a premium of 97.80 percent. The company will use the funds raised from this IPO for partial financing of a 6GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha and for general corporate purposes.

The price band of the Wari Energies IPO has been fixed at Rs 1427-1503 per share. It has a long size of 9 years. The IPO will have 2.4 crore new shares issued worth Rs 3,600 crore and an offer for sale (OFS) of 48 shares worth Rs 721.44 crore. 50% of the Wari Energy IPO is reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.

According to investorgain.com, a website that keeps an eye on the Wari Energies IPO GMP
grey market, Wari Energies shares are trading at a premium of 97.80% i.e. Rs 1470 per share in the grey market as against the upper price band of Rs 1503. On this basis, the listing of shares can happen at the level of Rs 2973.

Financial status of Waaree Energies
The promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited. Waaree Energies' revenue grew 70% to Rs 11,632.76 crore in FY 2023-24. It was Rs 6,860.36 crore a year ago. Net profit grew 155% to Rs 1,274.38 crore from Rs 500.28 crore in FY 2023. In the April-June 2024 quarter, the company's revenue was Rs 3,496.41 crore and net profit was Rs 401.13 crore.