 "IPO")
Solar panel maker Waaree Energies on Friday filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares aggregating to Rs 3,000 crore and Offer For Sale (OFS) of 32 lakh equity shares by a promoter and existing shareholders, according to the draft red herring prospectus (DRHP).
Those selling shares in the OFS include promoter Waaree Sustainable Finance Private Ltd and shareholders -- Chandurkar Investments Private Ltd and Samir Surendra Shah.
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.
The Mumbai-based firm has a substantial order book as of November 2023, the pending order book of solar PV modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for subsidiary Waaree Solar Americas Inc. located in the US.
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.
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