Waaree Energies Set to Launch IPO

Key Takeaways from the Waree Energies IPO

• Waaree Energies Limited’s IPO consists of a Fresh Issue of equity shares worth ₹36,000 million and an Offer for Sale of 4,800,000 shares.
• Anchor investor bidding begins on October 18, 2024, with the IPO opening on October 21, 2024, and closing on October 23, 2024.
• Reservations are set at 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Bidders (RIBs).

Out of these, 4,350,000 equity shares are being offered by the promoter entity Waaree Sustainable Finance Private Limited, while 450,000 equity shares are offered by Chandurkar Investments Private Limited. Although the total offer size has not been disclosed yet, it will be a combination of the fresh issue and the offer for sale. 

In terms of pricing and bidding, the price band and minimum bid lot size will be determined and announced shortly before the IPO goes live. The tentative dates for the IPO have been set, with the anchor investor bidding starting on October 18, 2024, followed by the IPO opening on October 21, 2024, and closing on October 23, 2024. 

The IPO has separate reservations for the different types of investors: there will be not more than 50% of the net offer to Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Bidders (RIBs). The IPO also has an employee reservation segment, though the number of shares that are to be reserved for the employees is not notified yet. 

Waaree Energies plans to utilize the funds raised from the IPO for several strategic initiatives, a reasonable sum will go towards capital expenditure for the setting up of a new Solar PV Module Manufacturing Facility to enhance their solar photovoltaic production capacities. Investments will be made in Waaree Renewable Technologies Limited, a wholly-owned subsidiary, to develop solar power projects. Some of these proceeds will also be used to repay certain borrowings that reduce debt burden of the company. Lastly, funds will be used for general corporate purposes like working capital, administrative expenses, and other initiatives undertaken by the corporation. 

About Waree Energies Limited

Waaree Energies Limited, established in December 1990, is a prominent Indian manufacturer of solar PV modules with a total installed capacity of 12 GW. The company’s product portfolio includes multicrystalline, monocrystalline, and TopCon modules, which also feature flexible bifacial modules and building-integrated photovoltaic (BIPV) options.

Key Takeaways from the Order Win

• L&T wins big order for Agra Metro Phase 1, Line-2 with UPMRCL.
• The project encompasses an elevated viaduct with a length of 15.09 km, 14 stations, and a depot.
• Completion is expected in 30 months; upgrading the urban mobility of Agra

This vital stretch will run from Agra Cantonment to Kalindi Vihar.

The scope of work includes the design and construction of a 15.09 km elevated viaduct, 14 stations, and a 2.61 km depot connecting the metro line from Sadar Bazar to PAC Depot. The project will also encompass architectural finishes for the stations, as well as electrical and mechanical works necessary for the operation of the metro system.

Speaking on the order win, Mr. S V Desai, Whole-time Director & Senior Executive Vice President (Infrastructure), L&T, commented: “L&T remains at the forefront of urban infrastructure development and contributing to the modernisation of India's metro networks in line with its strategic goals. This project will leverage L&T’s extensive expertise in engineering and high-quality execution’. 

The project is expected to revolutionize urban mobility in Agra and will be completed within the quite stringent timeline of 30 months. This project will successfully contribute to public transportation infrastructure improvement in the region, in line with broader government initiatives for the nation to strengthen their systems of urban transit across India.

About Larsen & Toubro Limited

Larsen & Toubro Limited is one of India's biggest and most respected private sector companies that focuses on EPC projects, high-tech manufacturing, and services. For more than 80 years with a strong customer-oriented approach and an unwavering commitment to world-class quality, L&T has unmatched experience in the areas of Technology, Engineering, Construction, and Manufacturing and all its core business areas.

With operations spread over more than 50 countries, L&T has been customer-centric for over eight years, which was instrumental in the company taking over and sustaining its leadership positions in key business streams.

The company operates in critical, high-impact sectors of the economy with a balanced portfolio offer across the entire value chain from design to delivery. All aspects of Larsen & Toubro's operations are characterised by professionalism and high standards of corporate governance, with sustainability as an integral part of its long-term growth strategy. L&T has an operating presence in eight countries other than India and has several international offices and a global supply chain.

Key Takeaways from HFCL Unlicensed Band Radio Launch:

• HFCL has unveiled two new Unlicensed Band Radio (UBR) products at the India Mobile Congress 2024, focusing on sustainable communication solutions.
• The 1 Gbps Small Form Factor UBR boasts a compact design for efficient urban and rural deployment, while the 2 Gbps Point-to-Multipoint UBR enables high-bandwidth connectivity for multiple remote villages from a single fibre point.
• Both UBR products significantly lower the total cost of ownership compared to traditional backhauling solutions, using less than one-third of the power required by conventional systems.
• These innovations support initiatives aimed at enhancing digital connectivity and economic growth in underserved areas.

The first product, a 1 Gbps Small Form Factor UBR, features a compact design that promises high spectral and power efficiency, making it suitable for rapid deployment in both urban and rural settings. 

The second product, a 2 Gbps Point-to-Multipoint UBR, is designed to provide high-bandwidth connectivity to multiple remote villages from a single fibre point-of-presence (PoP), supporting initiatives for digital inclusion and economic growth in underserved areas.

Both products are positioned to significantly reduce the total cost of ownership compared to traditional backhauling solutions, with the new technologies consuming less than one-third of the power required by conventional systems. 

Since the launch of its first-generation UBR products in 2020, HFCL has successfully shipped over 500,000 units globally, reaching markets in India, the UK, Europe, the Middle East, and Africa.

About HFCL: 

HFCL is a prominent technology company focused on developing digital networks for telecommunications, enterprises, and governments. With a strong reputation for delivering sustainable, high-tech solutions, HFCL combines extensive research and development expertise with global system integration services and years of experience in fibre optics. The company operates R&D centres in India, fostering innovation in advanced technology products, including 5G solutions, Wi-Fi systems, and Unlicensed Band Radios. HFCL also boasts state-of-the-art manufacturing facilities for optical fibre and cables in various locations, making it a preferred partner for clients in India, the UK, Europe, Asia Pacific, the Middle East, Africa, and North America. Committed to quality and environmental sustainability, HFCL continually adapts to meet the evolving needs of its customers.

Key Takeaways from DEV Information Technology Major Contracts:

• DEV Information Technology announced multiple significant contracts that enhance its presence in the IT services market.
• One major project is valued at Rs 3.1 million, focusing on improving IT infrastructure for a leading chemical firm, including IT security and Azure cloud support.
• The company is collaborating with the Gujarat Ports and Transport Department on a Rs 1.2 million project to modernise operations, covering setup and user migration services.
• Dhyey Consulting secured a Rs 3.7 million project to implement Microsoft Dynamics 365 for a solar EPC company, aimed at streamlining operations for major clients like Adani and ITC.

One of the key projects involves enhancing the IT infrastructure for a leading chemical products firm, valued at Rs 3.1 million. This project will include critical services such as IT security and Azure cloud support. 

In another initiative, DEV IT is collaborating with the Ports and Transport Department of Gujarat on a Rs 1.2 million project aimed at modernising its operations, which will include setup, configuration, and user migration services.

Additionally, DEV IT has been selected as the data and analytics partner for a prominent real estate developer. This partnership involves developing a Power BI dashboard that centralises financial data and provides real-time insights. 

The company is also working on a digital transformation initiative for a large financial consultancy, creating a digital portal to optimise stamp management processes for notable clients.

Dhyey Consulting, a fully owned subsidiary of DEV IT, has also secured significant projects across various sectors, including a Rs 3.7 million project to implement Microsoft Dynamics 365 for a solar EPC company. This project aims to streamline operations for major clients like Adani and ITC.

Commenting on these developments, Pranav Pandya, Founder & Chairman said, “These significant order wins underscore DEV IT’s commitment to driving digital transformation across key sectors, from manufacturing and real estate to public sector initiatives.”

About DEV Information Technology Limited: 

DEV Information Technology Limited (DEV IT), founded in 1997 and listed on the NSE and BSE, has evolved from a small software provider into a significant player in global IT services. Headquartered in Ahmedabad, with offices in India and Canada, the company offers a range of services including Cloud Services, Digital Transformation, and Managed IT Services, along with products like the Talligence analytics platform and ByteSigner digital signing solution. DEV IT focuses on continuous innovation and quality, working closely with clients to help them achieve their goals. Committed to driving digital transformation, the company aims to deliver exceptional value while adapting to the evolving demands of the IT industry, solidifying its position as a leader in the sector.