 "Solar manufacturer Waaree Energies files DRHP for Rs 3,000 cr IPO")
Mumbai-based Waaree Energies filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (Sebi) on Friday. It is currently one of the largest solar module manufacturers.
Founded by Hitesh Joshi and operating in solar manufacturing since 2007, Waaree Energies is the first solar manufacturer to go for initial public offering (IPO). Waaree had filed for DRHP earlier in 2021 but dropped the plan a year later. The IPO will have a fresh issue of shares up to ~3,000 crore and offer on sale (OFS) of 3.2 million shares by existing shareholders.
Promoter entity Waaree Sustainable Finance will sell 2.7 million shares in the OFS, while Chandurkar Inves-tments and Samir Surendra Shah will be offloading 5 lakh shares.
Waaree has a total manufacturing capacity of 12 gigawatt (gw) and is one of the winners in the Centre’s PLI scheme for solar manufacturing. The company in its DRHP has proposed utilise the net proceeds towards part financing the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India as well as for general corporate purposes. The company recently announced, it will set up its first manufacturing facility in the United States.
To come up in Brookshire, the facility will have the initial capacity to manufacture 3 gw of solar modules annually by the end of 2024. Waaree plans to invest up to $1 billion over the next four years to scale its annual module manufacturing production up to 5 GW by 2027, making it one of the largest solar module manufacturing facilities in the U.S, it said in a latest statement.
The company currently operates four manufacturing facilities in India spread located at Surat, Tumb, Nandigram and Chikhli in Gujarat, India.
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As of last month, the company has a pending order book of 20 gw of solar PV modules.
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 book running lead managers to the issue.