The IPO comprises fresh issue of shares worth Rs 1,350 crore, and an offer for sale up to 4,007,500 equity shares by the company’s promoters and existing shareholders
Solar module maker Waaree Energies is joining the initial public offering (IPO) frenzy as announces that it has received approval from markets regulator Sebi to launch its IPO with an issue size of Rs 1,500 crore.
The IPO comprises fresh issue of shares worth Rs 1,350 crore, and an offer for sale up to 4,007,500 equity shares by the company’s promoters and existing shareholders. The company had filed a DRHP with Sebi in September.
As per market reports, the company may consider a further issue of equity shares including a preferential issue aggregating up to Rs 270 crore, which, if completed, will result in reduction of the fresh issue size.
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 solar module facility. The remaining proceeds will be used for general corporate purposes.
Waaree Energies is a major player in the solar energy industry in India focused on photo-voltaic (PV) module manufacturing, with an aggregate installed capacity of 2 GW as of March 2021.
It currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.
The company’s key clients in India are ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra. Among international clients, it serves Central 40 and Novel Energy.