Sebi Approved: Waaree Energies to launch Rs 1500 crore IPO

Waaree Energies, which claims to be India's largest manufacturer of solar modules, announced that the markets regulator Sebi has approved the company's initial public offering (IPO). The issue will have a face value of Rs 1,500 crore.

The company had filed proposal papers with Sebi in September. The IPO will consist of a fresh issue of shares worth Rs 1,350 crore and an offer by the company's promoters and existing shareholders to sell up to 4,007,500 equity shares. The offer for sale (OFS) comprises the sale of up to 1,315,000 equity shares by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi, and Mahavir Thermoequip; up to 40,000 equity shares by Samir Surendra Shah; and up to 22,500 equity shares by Nilesh Gandhi. Additionally, the company, in consultation with the issue's lead bankers, may consider a subsequent equity share offering, including a preferential offering, of up to Rs 270 crore. If this placement is successful, the size of the new issue will be reduced.

The issue's proceeds will be used to finance the solar cell manufacturing unit to the tune of Rs 910.31 crore and the solar module manufacturing facility to the tune of Rs 141.24 crore. The remainder of the proceeds will be used for corporate general purposes.

Waaree Energies is a major player in India's solar energy industry, focusing on photovoltaic (PV) module manufacturing. As of March 2021, the company had an aggregate installed capacity of 2 GW.

The company is also in the process of establishing a second manufacturing facility in Chikhli, Gujarat, where it will expand its capacity for photovoltaic modules and establish facilities for backward integration into solar cell manufacturing. Currently, the company operates three manufacturing facilities in India, totaling four factories, in Surat, Tumb, and Nandigram.

The Mumbai-based firm competes with Vikram Solar Limited, Mundra Solar Private Limited (Adani), Premier Energies Limited, RenewSys India Private Limited, Emmvee Photovoltaic Power Private Limited, and Alpex Solar Private Limited in the photovoltaic module industry.

ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, and Rays Power Infra are the company's primary clients in India. It serves Central 40 and Novel Energy as international clients.

The issue's book running lead managers are Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, and Intensive Fiscal Services Private Limited.

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