Waaree Energies gets Sebi nod to launch Rs 1,500 cr-IPO
ETtech
Synopsis
The IPO comprises fresh issue of shares worth Rs 1,350 crore, and an offer for sale up to 4,007,500 equity shares by the company's promoters and existing shareholders
By Shubham Raj, ETMarkets.com
NEW DELHI: Waaree Energies, which claims to be India’s largest solar module manufacturer, said it has received approval from markets regulator Sebi to launch its initial public offering (IPO). The issue size will be Rs 1,500 crore.
The company may consider a further issue of equity shares including a preferential issue aggregating up to Rs 270 crore. If such placement is completed, the fresh issue size will be reduced.
Proceeds of the issue will be used to the extent of Rs 910.31 crore for the solar cell manufacturing unit and Rs 141.24 crore will be used for solar module facility. The remaining proceeds will be used for general corporate purposes.
Waaree Energies is a major player in the solar energy industry in India focused on photo-voltaic (PV) module manufacturing, with an aggregate installed capacity of 2 GW as of March 2021. It currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.
The company said it is also in the process of setting up another manufacturing facility at Chikhli, Gujarat, where it is implementing its capacity expansion plans for PV modules as well as setting up of facilities for backward integration into solar cell manufacturing.
Among the PV module industry, the Mumbai-based company 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.
The company’s key clients in India are ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra. Among international clients, it serves Central 40 and Novel Energy.
Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Intensive Fiscal Services Private Limited are the book running lead managers to the issue.
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In September, the company had filed draft papers with Sebi. The IPO comprises fresh issue of shares worth Rs 1,350 crore, and an offer for sale up to 4,007,500 equity shares by the company's promoters and existing shareholders. The company may consider a further issue of equity shares including a preferential issue aggregating up to Rs 270 crore. If such placement is completed, the fresh issue size will be reduced.
Proceeds of the issue will be used to the extent of Rs 910.31 crore for the solar cell manufacturing unit and Rs 141.24 crore will be used for solar module facility. The remaining proceeds will be used for general corporate purposes.
Waaree Energies is a major player in the solar energy industry in India focused on photo-voltaic (PV) module manufacturing, with an aggregate installed capacity of 2 GW as of March 2021. It currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.
The company said it is also in the process of setting up another manufacturing facility at Chikhli, Gujarat, where it is implementing its capacity expansion plans for PV modules as well as setting up of facilities for backward integration into solar cell manufacturing.
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Among the PV module industry, the Mumbai-based company 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.
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The company’s key clients in India are ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra. Among international clients, it serves Central 40 and Novel Energy.
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Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Intensive Fiscal Services Private Limited are the book running lead managers to the issue.
