Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Waaree Renewable Technologies / Equity Capital Markets

<ul>
<li>Waaree Energies is looking to raise up to US$514m in its India IPO.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the RHP updates and valuations.</li>
</ul>


Waaree Energies is looking to raise up to US$514m in its India IPO.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the RHP updates and valuations.


Waaree Energies IPO Trading - Will Ride on Premier Energies IPO Wave

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Waaree Renewable Technologies / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-renewable-technologies" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Renewable Technologies (WAREERTL IN)</a> or (WRTL) is into Solar EPC and is a subsidiary of Waaree Energies Ltd. </li>
<li>Revenues and order book have increased exponentially in the last few years.</li>
<li>While the business has certainly picked up, there are few forensic checks that need attention; most important being the auditor’s comment on the need to increase strength of internal controls.</li>
</ul>



Waaree Renewable Technologies (WAREERTL IN) or (WRTL) is into Solar EPC and is a subsidiary of Waaree Energies Ltd. 
Revenues and order book have increased exponentially in the last few years.
While the business has certainly picked up, there are few forensic checks that need attention; most important being the auditor’s comment on the need to increase strength of internal controls.


Waaree Renewable Technologies Ltd- Forensic Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies</a>  is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023. </li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



Waaree Energies  is looking to raise up to US$400m in its upcoming India IPO.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023. 
In this note, we talk about the company’s past performance.


Waaree Energies Pre-IPO - Riding the Anti-China US Wave

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies Limited (0656504D IN)</a> (WEL) has filed its DRHP. The company is the largest player in the Solar PV Modules manufacturing space in the country.  </li>
<li>The company has seen a sharp growth in sales in F23, backed by China plus one phenomemon. </li>
<li>However, the financials do have a few talking points, such as high RPT, large inventory in transit, faster depreciating newer assets, etc.</li>
</ul>



Waaree Energies Limited (0656504D IN) (WEL) has filed its DRHP. The company is the largest player in the Solar PV Modules manufacturing space in the country.  
The company has seen a sharp growth in sales in F23, backed by China plus one phenomemon. 
However, the financials do have a few talking points, such as high RPT, large inventory in transit, faster depreciating newer assets, etc.


India

Waaree Renewable Technologies Limited operates as a renewable equipment company. The Company offers solar PV modules, batteries, and other solar products. Waaree Renewable Technologies serves customers in India.

Waaree Renewable Technologies (WAREERTL IN)

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Waaree Renewable Technologies (WAREERTL IN)

Waaree Energies IPO Trading - Will Ride on Premier Energies IPO Wave

Waaree Energies is looking to raise up to US$514m in its India IPO. In this note, we talk about its RHP updates and IPO valuations.

Sumeet Singh

Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

Sai Life Sciences raised around US$360m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Waaree Renewable Technologies Ltd- Forensic Analysis

While the business has certainly picked up, there are few forensic checks that need attention; such as auditor's comment on internal controls,...

Nitin Mangal

Waaree Energies Pre-IPO - Riding the Anti-China US Wave

Waaree Energies is looking to raise up to US$400m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Waaree Energies IPO- Forensic Analysis

Waaree Energies files DRHP as largest player in Indian Solar PV Modules manufacturing, showing growth in sales but with financial concerns like...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Waaree Energies IPO Trading - Will Ride on Premier Energies IPO Wave

Waaree Energies is looking to raise up to US$514m in its India IPO. In this note, we talk about its RHP updates and IPO valuations.

Sumeet Singh

Sai Life Sciences IPO Trading - Strong Anchor Demand with Decent Overall Coverage

Sai Life Sciences raised around US$360m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Waaree Renewable Technologies Ltd- Forensic Analysis

While the business has certainly picked up, there are few forensic checks that need attention; such as auditor's comment on internal controls,...

Nitin Mangal

Waaree Energies Pre-IPO - Riding the Anti-China US Wave

Waaree Energies is looking to raise up to US$400m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Waaree Energies IPO- Forensic Analysis

​Waaree Energies files DRHP as largest player in Indian Solar PV Modules manufacturing, showing growth in sales but with financial concerns like...

Nitin Mangal

Waaree Energies files DRHP as largest player in Indian Solar PV Modules manufacturing, showing growth in sales but with financial concerns like...