Waaree Energies plans mega IPO
Waaree Energies Limited, the Surat-based India’s leading solar PV module manufacturer boasting an aggregate installed capacity of 12 GW has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for its initial public offering, signalling a potential gamechanger in the country’s renewable energy landscape.
The IPO entails a fresh issue of Equity Shares, raising up to Rs 30,000 million, coupled with an offer for sale of up to 3,200,000 Equity Shares with a face value of Rs.10 each. The offer for sale includes shares from various stakeholders, notably Waaree Sustainable Finance Private Limited, Chandurkar Investments Private Limited, and Samir Surendra Shah.
The proceeds from the IPO are slated to finance the establishment of a monumental 6GW manufacturing facility for Ingot Wafer, Solar Cell, and Solar PV Modules in Odisha. Additionally, the funds will bolster general corporate purposes, reinforcing the company’s mission of providing quality, cost-effective sustainable energy solutions while curbing carbon footprints and enhancing the quality of life.
Waaree Energies Limited, since its inception in 2007, has been at the forefront of solar PV module manufacturing, striving to drive sustainable energy solutions and reduce environmental impact. Holding the mantle of India’s largest solar PV module manufacturer, the company not only boasts a robust domestic presence but has also carved a niche in global markets, exporting products to various countries, with the United States as its primary export market.