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Waaree Energies files draft papers for Rs 3,000-crore IPO
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Waaree Energies, on Friday, filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise ₹3,000 crore.
The company will issue 3.2 million shares, with major shareholder Waaree Sustainable Finance (formerly known as Mahavir Thermoequip) selling up to 2.7 million shares.
Company plans to use the IPO proceeds towards part financing the cost of establishing the 6GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha as well as for general corporate purposes.
As of November 30, 2023, the company has an order book of 20.16 GW of solar PV modules and 3.75 GW of orders for subsidiary, Waaree Solar Americas located in US.
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