Waaree Energies Gets Sebi Nod to Launch its Rs 1,500 Cr IPO

Solar photovoltaic (PV) module manufacturer and EPC firm Waaree Energies have received approval from market regulator Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO).

January 11, 2022. By Manu Tayal

Solar photovoltaic (PV) module manufacturer and EPC firm Waaree Energies have received approval from market regulator Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO).

The company, with a presence across 68 countries, had filed draft papers with Sebi in September last year.

Also, the IPO comprised of fresh issue of shares worth Rs 1,350 crore, and an offer for sale up to 40,07,500 equity shares by the company’s promoters and existing shareholders.

Further, the offer for sale (OFS) consists of the sale of up to 13,15,000 equity shares by Hitesh Chimanlal Doshi, up to 13,15,000 equity shares by Virenkumar Chimanlal Doshi, and up to 13,15,000 equity shares by Mahavir Thermoequip Private Limited; up to 40,000 shares by Samir Surendra Shah; and up to 22,500 shares by Nilesh Gandhi.

Additionally, the company, in consultation with the lead bankers to the issue may consider a further issue of equity shares including a preferential issue aggregating up to Rs 270 crore. If such placement is completed, the fresh issue size will be reduced.

The proceeds of the issue will be used to the extent of Rs 910.31 crore for the solar cell manufacturing unit and Rs 141.24 crore will be used for the solar module facility. The remaining proceeds will be used for general corporate purposes.

Waaree Energies is one of the major players in the solar energy industry in India with an aggregate installed 2 GW of PV module manufacturing capacity as of March 2021.

It currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.

Under the leadership of Hitesh Doshi, the company is also in the process of setting up another manufacturing facility at Chikhli, Gujarat, where it is implementing its capacity expansion plans for PV modules as well as setting up facilities for backward integration into solar cell manufacturing.

Besides, the company’s proposed addition of 3 GW of PV module manufacturing capacity is expected to be operational by the end of fiscal 2022, and the 4 GW solar cell manufacturing capacity is expected by the end of fiscal 2023.

Meanwhile, the company reported revenue from operations of Rs 1,952.78 crore for the fiscal year 2020-21, while its net profit stood at Rs 48.19 crore.
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