Waaree Energies IPO.
Waaree Energies files a draft paper for IPO with fresh issues of worth ₹ 1350 Crore.
The demand of solar energy has seen an uptake in recent years. However, due to a variety of policy and geopolitical issues, India's solar manufacturing sector can only create modules with a capacity of 3 GW or 3,000 MW. Waaree Energies, a solar energy company, has filed draft papers for its initial public offering, which would include a Rs 1,350 crore new issue and an offer for sale.
Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi, and Mahavir Thermoequip Pvt Ltd each sold 13,15,000 equity shares as part of the 40,07,500 equity share offer. Samir Surendra Shah would sell 40,000 equity shares, while Nilesh Gandhi and Drasta Gandhi will sell 22,500 equity shares, among other selling shareholders.
Waaree Energies is the promoter of Waaree Renewable Technologies, a publicly traded company in which it owns 54.28 percent of the stock.
The business plans to use the net proceeds from its new issue to build a 2 gigawatt (GW) per year solar cell manufacturing plant (Rs 910.3 crore) and a 1 GW per year solar PV module manufacturing facility (Rs 141.2 crore) in Degam village, Gujarat.
Waaree Energies may seek a pre-IPO offering to raise Rs 270 crore. The fresh issue size will be lowered proportionally if the pre-IPO placement is completed.
With a total installed capacity of 2 GW as of March 2021, it is one of India's key participants in the solar energy industry, focusing on PV (photovoltaic) module manufacture. Currently, the corporation maintains three manufacturing facilities comprising four factories in India at Surat Tumb and Nandigram.
