Waaree Energies Set To Float IPO On Oct 21; eyes Rs 3,600-Crore Via Fresh Issue

Solar panel maker Waaree Energies is gearing up to float its initial share sale on October 21 involving fresh issue of shares worth Rs 3,600 crore.

The Mumbai-based company's Initial Public Offering (IPO) will conclude on October 23 and the bidding for anchor investors will open for a day on October 18, according to the Red Herring Prospectus (RHP).

As per the documents, the IPO is a combination of a fresh issue of equity shares aggregating to Rs 3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares by a promoter and existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

Those selling shares in the OFS are -- promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Private Ltd.

Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, 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 PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.

Earlier, the company had filed preliminary papers with Sebi in September 2021, for floating an IPO but deferred the maiden public issue. The issue comprised a fresh issue of equity shares aggregating to Rs 1,350 crore and an OFS of 40,07,500 equity 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 lead managers to the issue.