India’s Largest Solar PV Module Manufacturer Plans to Raise up to ₹30,000 Million
Waaree Energies Limited, a leading player in the Indian solar energy market, has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).
The company, which boasts the largest aggregate installed capacity of 12 GW as of June 30, 2023, plans to raise up to ₹30,000 million through a combination of fresh equity shares and an offer for sale by existing shareholders.
Proceeds from the IPO will be utilized to partially fund the establishment of a new 6 GW manufacturing facility in Odisha, India. Additionally, the company intends to allocate a portion of the funds for general corporate purposes.
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 have been appointed as the book running lead managers for the IPO.
Waaree Energies’ IPO is expected to garner significant interest from investors given the company’s strong market position and the growing demand for renewable energy solutions in India.