• Source:JND
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Waree Energies To Float IPO:  Solar panel manufacturer Waaree Energies is ready to launch an initial public offering worth Rs 3,600 crore on October 21. Red Herring Prospects (RHP) reported that the Initial Public Offering (IPO) of the Mumbai-based company will remain open for subscription till October 23 and bidding for anchor investors will open for one day on October 18.

Waree Energies IPO Details

The draft red herring prospectus (DRHP) stated that the IPO is a combination of a new issue of equity shares worth 3,600 crore Indian rupees and an offer for sale (OFS) of 4.8 million equity shares by a promoter and existing shareholders, according to the documents. The sellers of OFS shares are -- promoter Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Pvt Ltd.

The proceeds from the new issue will be used to establish 6GW (gigawatts) of ingot wafer, solar cell and solar PV module manufacturing facilities in Odisha. In addition, a portion will be used for general corporate purposes.

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WareeEnergies, one of India's major players in the solar power industry, is concentrating on manufacturing PV modules with an aggregate installed capacity of 12 GW by June 30, 2023. It operates five manufacturing facilities with one factory each located at Surat, Tamb, Nandigram and Chikhli in Gujarat and one factory each with an Indosolar facility at Noida in Uttar Pradesh.

The company previously filed preliminary paperwork with SEBI in September 2021 to launch an IPO but postponed the first public offering. The offering included a new issue of equity shares totalling 1,350 crore Indian rupees and an OFS of 40,07,500 equity shares of existing shareholders and promoters.

Axis Capital, Jefferies India, Nomura Financial Advisory,  IIFL Securities, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the lead managers running the books on the offering.

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(With PTI's Input)

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