Waaree Energies Limited, an Indian solar PV module manufacturer, has received final approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) to raise Rs 30 billion. The IPO will include a fresh issue of shares with a face value of Rs 10 per equity share, and an offer for sale (OFS) of up to 3.2 million equity shares, as outlined in its draft red herring prospectus filed in January 2024.
The OFS includes up to 2.7 million shares from Waaree Sustainable Finance Private Limited, 0.45 million shares from Chandurkar Investments Private Limited, and 50,000 shares from Samir Surendra Shah. The proceeds will fund the establishment of a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha, along with general corporate purposes.
As of June 30, 2023, Waaree Energies had an installed capacity of 12 GW. The IPO will be managed by bookrunners including 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.