Waaree Energies gets SEBI green signal for IPO. Details here

Waaree Energies Limited, an Indian manufacturer of solar PV modules, has received the final approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), according to a Securities and Exchange Board of India (SEBI) issues filing. SEBI issued the notice on Friday, September 20.

The company aims to raise ₹3,000 crore from a fresh issue with a face value of ₹10 per equity share and from an offer for sale (OFS) up to 32,00,000 or 32 lakh equity shares having a face value of ₹10 per share, according to its draft red herring prospectus (DRHP) filed with SEBI on January 2, 2024.

As of the latest development, the company has not disclosed the total value it aims to raise from the public issue. 

Offer details

The offer for sale (OFS) comprises up to 27,00,000 or 27 lakh shares from Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited), a promoter of the company selling stake, and up to 4,50,000 or 4.5 lakh shares from Chandurkar Investments Private Limited, and up to 50,000 shares from Samir Surendra Shah (Other Selling Shareholders), according to the company.

The company aims to use the money raised from the public issue to finance the cost of establishing a 6 gigawatt (GW) Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha and use it for general corporate purposes, according to the filing.

According to company data, the company's aggregate installed capacity was 12 gigawatts (GW) as of June 30, 2023.

According to the company filing, Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited are the bookrunners for the public issue.