Solar panel manufacturer Waaree Energies announced this week that its initial public offering (IPO) will open for subscription on Oct. 21. The issue will conclude on October 23. The anchor portion will open for a day on October 18.
The offer comprises a fresh issue of equity shares aggregating up to INR 36,000 million and an offer for sale of up to 4,800,000 equity shares comprising up to 4,350,000 equity shares by promoter Waaree Sustainable Finance and up to 450,000 equity shares by existing shareholder Chandurkar Investments.
The price band for the issue has been fixed at INR 1,427-1,503 per share of the face value of INR 10 each. Bids can be made for a minimum of 9 equity shares and in multiples of 9 equity shares thereafter.
The Mumbai-based company intends to utilise INR 27,750 million from the net proceeds to part finance the cost of setting up a 6 GW wafer-to-solar module capacity in Odisha under production-linked incentive (PLI) Scheme. The balance will go towards general corporate purposes.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are the book running lead managers to the offer.
Waaree Energies has an aggregate installed solar panel manufacturing capacity of 12 GW as of March 31, 2024. It is setting up a 5.4 GW cell manufacturing capacity in Gujarat in addition to a 6 GW wafer-to-solar module capacity in Odisha. The company is also building up to 3 GW module manufacturing facility in the United States.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.