Waaree Energies IPO – Plans to raise Rs 3,000 through live issue

Waaree Energies IPO: Solar panel maker Waaree Energies on Friday filed a fresh initial public offering with capital markets regulator Sebi to raise capital through an initial public offering (IPO).

The IPO includes a fresh issue of equity shares totaling Rs 3,000 crore and an offer for sale (OFS) of 32 lakh shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).

The sale of shares in OFS includes promoters Waaree Sustainable Finance Private Ltd and shareholders – Chandurkar Investments Private Ltd and Samir Surendra Shah.

The proceeds from the fresh issue will be used for setting up a 6GW (gigawatt) manufacturing plant of Ingot Wafer, Solar Cell and Solar PV module in Odisha. In addition, a portion will be used for general corporate purposes.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on producing PV modules with a total installed capacity of 12 GW by June 30, 2023.

The Mumbai-based company has a huge order book as of November 2023, the pending order book of solar PV modules is 20.16 GW which includes domestic orders, export orders, and franchisee orders and 3.75 GW of orders for subsidiary Waaree Solar Americas Inc. in the United States.

Earlier, the company had filed preliminary documents with Sebi in September 2021, for postponing the IPO but postponed the general public issue.

The issue includes fresh issue of equity shares totaling Rs 1,350 crore and OFS of 40,07,500 shares by existing shareholders and promoters.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running managers of the issue.