Indian solar product manufacturer Waaree Energies Ltd has received final approval from the Securities and Exchange Board of India (SEBI) to move forward with its plans to raise funds through an initial public offering (IPO) aimed at expanding its manufacturing capabilities.
The Mumbai-based company's proposal includes a fresh issue of shares valued at INR 30 billion (USD 258.9 million/EUR 322.8 million) along with an offer for sale (OFS) of up to 3.2 million equity shares, each with a face value of INR 10.
This offer will involve existing shareholders and promoters, including Waaree Sustainable Finance and Chandurkar Investments. The total amount targeted through the transaction has not been disclosed.
In its draft red herring prospectus (DRHP) submitted to SEBI in early 2024, Waaree indicated that a portion of the funds raised will be allocated for constructing a new 6-GW factory in Odisha, focusing on the production of solar wafers, cells, and modules. Additional funds will support the company's general corporate needs.
As of June 2023, Waaree Energies boasted a production capacity of 12 GW for solar modules and 5.4 GW for solar cells across its facilities located in Chikhli, Surat, Tumb, and Nandigram in Gujarat.
