Waaree Energies, a leading manufacturer of solar photovoltaic (PV) modules in India, is set to launch its initial public offering (IPO) in October. The company received final regulatory approval from the Securities and Exchange Board of India (Sebi) on September 20, 2024, allowing it to proceed with its ambitious fundraising plans.
The upcoming IPO aims to raise Rs 3,000 crore through a combination of a fresh issue of shares and an offer for sale (OFS). The OFS includes up to 32 lakh equity shares — 27 lakh shares from Waaree Sustainable Finance Private Limited, 4.5 lakh from Chandurkar Investments Private Limited, and 50,000 from Samir Surendra Shah.
The funds raised from the IPO are earmarked for key initiatives, including establishing a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as for supporting general corporate purposes. As of 30 June 2023, Waaree Energies has an aggregate installed capacity of 12 GW, positioning itself as a market leader in the solar energy sector.
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