Waaree Energies: Latest IPO News
In a significant move towards sustainable energy solutions, Waaree Energies Ltd. has recently filed DRHP for its initial public offering (IPO).
The company, a key player in the solar energy sector, plans to raise capital through a mix of fresh share issues and an offer for sale.
IPO Details
The IPO comprises a fresh issue of shares worth Rs 3,000 crore, coupled with an offer for sale of 32 lakh shares with a face value of Rs 10 each.
The offer for sale includes shares from Promoter Waaree Sustainable Finance Pvt., Chandurkar Investments Pvt., and individual shareholder Samir Surendra Shah.
Promoter Waaree Sustainable Finance Pvt. intends to offload 27 lakh shares, constituting 21.9% of the company’s stake, while Chandurkar Investments Pvt. and Samir Surendra Shah plan to sell 4.5 lakh shares (0.17% stake) and 50,000 shares (0.04% stake), respectively.
Utilization of Proceeds
A major portion of the net proceeds from the IPO, approximately Rs 2,500 crore, is earmarked for the establishment of a state-of-the-art 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha.
This ambitious initiative reflects Waaree Energies’ commitment to expanding its manufacturing capabilities and contributing to India’s renewable energy landscape. The remaining funds will be allocated for general corporate purposes.
Manufacturing Excellence
Waaree Energies is a leading manufacturer of various solar PV modules in India, boasting an aggregate installed manufacturing capacity of 12 GW as of June 30, 2023.
With four factories strategically located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, the company has positioned itself as a key player in the solar energy value chain.
Financials
For the fiscal year ending March 2023, Waaree Energies reported a reinstated profit of Rs 5,002.8 crore against a revenue of Rs 67,508.7 crore.
The financial strength of the company is further highlighted by its quarterly performance, with a bottom-line figure of Rs 3,382.7 crore over a top-line of Rs 33,282.9 crore for the three months ending June 30, 2023.
Lead Managers and Market Presence
The IPO is being managed by reputed financial institutions, including Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Services, SBI Capital Markets, Intensive, and ITI Capital.
Conclusion: A Bright Future Awaits
As Waaree Energies takes this significant step towards a public offering, it not only aims to fuel its expansion plans but also contributes to the broader mission of promoting sustainable energy solutions.
Investors and stakeholders are eagerly awaiting this IPO, recognizing the company’s pivotal role in shaping the future of solar energy in India and beyond.
Stay tuned as Waaree Energies lights up the path to a greener and brighter tomorrow.
Read our more blogs
Buy Waaree Energies unlisted shares From Altius Investech
Get in touch with us
For any query/ personal assistance feel free to reach out at support@Altiusinvestech.com or call us at +91-8240614850.
To know, more about Unlisted Company. Click here – https://altiusinvestech.com/blog/what-is-listed-and-unlisted-company
You can also checkout the list of Best 5 Unlisted Shares to Buy in India
For Direct Trading, Visit – https://trade.altiusinvestech.com/.
To know more about How to apply for an IPO? Click- https://altiusinvestech.com/blog/how-to-apply-for-an-ipo/