Waaree Energies Gets SEBI Approval for IPO
Waaree Energies has secured SEBI's approval to raise INR 3,000 crore through an IPO. The funds will support the establishment of a 6 GW solar manufacturing facility in Odisha, boosting the company's current production capacity of 12 GW as of June 30, 2023.
September 24, 2024. By EI News Network
As per the draft red herring prospectus (DRHP) filed by the firm with SEBI, the company is set to raise INR 3,000 crore from a combination of fresh equity issues and an offer for sale (OFS). As per the firm's press note, the public offering will consist of a fresh issue of shares and an offer for sale (OFS) of up to 32 lakh equity shares, each with a face value of INR 10. The OFS includes up to 27 lakh shares from Waaree Sustainable Finance Pvt. Ltd., a promoter entity, 4.5 lakh shares from Chandurkar Investments Pvt. Ltd., and 50,000 shares from Samir Surendra Shah, one of the other selling shareholders.
The note further pointed out that the funds raised through the IPO will be used to finance the establishment of a 6 GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, as well as for general corporate purposes. The new facility is expected to bolster Waaree's position as a key player in India's growing solar manufacturing industry.
As per the firm, Waaree Energies has an installed capacity of 12 GW. as of June 30, 2023, making it one of the leading solar PV module manufacturers in India. With the planned 6 GW facility, the company aims to further expand its production capabilities and meet the rising demand for solar energy solutions in the country.
The upcoming IPO and the subsequent manufacturing expansion shows Waaree’s strategic commitment to scaling up solar manufacturing in India. Further, Waaree Energies' decision to set up a manufacturing facility in Odisha is expected to not only strengthen the company’s production capabilities but also contribute significantly to India's renewable energy mission.
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