Waaree Energies’s IPO to Launch for Subscription on October 21
Waaree Energies will open its initial public offering (IPO) for subscription to the public on 21st October and will remain open for subscription till 23rd October. The company will raise fresh equity of Rs.3,600 crore through an IPO and issue an offer for the sale of up to 48 lakh shares by existing shareholders, including Waaree Sustainable Finance and Chandurkar Investments.
The company has announced that the shares will be listed both on the Bombay Stock Exchange and the National Stock Exchange. The company will conduct a share allocation with an unallocated share structure and up to 50% of the net offer for Qualified Institutional Buyers, and at least 15% for Non-Institutional Investors as well as 35% or more in the hands of the retail investor. The price band for the issue has not been disclosed by the company yet.
Funds generated through the issue would be employed for several strategic initiatives, like the setting up of a 6GW manufacturing facility in Odisha to manufacture ingots, wafers, solar cells, and PV modules. A portion of the proceeds from the issue would be used for general corporate purposes. Waaree Energies has also accrued an installed capacity of 12 GW as of June 30, 2023, which would rank it very considerably in the solar energy space.
In financial performance, Waaree Energies has registered growth. The revenues surged to Rs.6,750 crore for the financial year ending March 31, 2023, as against Rs.2,854 crore reported in the previous financial year. Profit after tax was at Rs.500.2 crore, nearly five times the reported figure for FY22 at Rs.79.6 crore. Waaree Energies also boasts a net cash reserve of Rs.642 crore, which is a healthy cash flow.
Waaree Energies was founded in the year 2007 and has grown to become one of the largest solar PV module manufacturers in India. Its business streams are high-quality, cost-effective, and sustainable energy solutions around the world in reducing carbon footprint. Besides its expansion in its own country, the company is also setting up a 3GW facility in the United States to take its operations abroad.
The issue will be managed by many established financial institutions, among which some are 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. The issue registrar is Link Intime India Private Limited.
