Waaree Energies Files DRHP for INR 3,000 Crore IPO

The intended use of the IPO proceeds is directed towards partially financing the establishment of a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha.

January 01, 2024. By Abha Rustagi

Solar module manufacturer Waaree Energies has taken a significant step towards expanding its operations by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company's ambitious plan involves raising INR 3,000 crore through a fresh issue of shares in the upcoming Initial Public Offering (IPO).

The intended use of the IPO proceeds is directed towards partially financing the establishment of a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha.

Additionally, the funds will be allocated for general corporate purposes. As of June 30, 2023, Waaree Energies boasts an impressive aggregate installed capacity of 12 GW.

The IPO comprises an offer for sale, featuring up to 2.7 million equity shares by Waaree Sustainable Finance Private Limited, up to 450,000 shares by Chandurkar Investments Private Limited, and up to 50,000 equity shares by Samir Surendra Shahm.

Commencing operations in 2007 with a primary focus on solar PV module manufacturing, Waaree Energies is making waves globally.

This strategic move follows Waaree Energies' successful funding round in August, where it raised INR 1,000 crore. The funding, led by investment firm ValueQuest, underscores the market's confidence in Waaree Energies' growth trajectory.

Tags:

Business

Waaree Energies

DRHP

Draft Red Herring Prospectus

SEBI

Securities and Exchange Board of India

IPO

Odisha

Solar PV

Waaree Sustainable Finance Private Limited

Samir Surendra Shahm