Waaree Energies Soars into Public Market with Rs 3000 Crore IPO

02 Jan 2024 CW Team

Leading solar module manufacturer Waaree Energies has filed paperwork with market regulator Sebi to launch a Rs 3000 crore initial public offering (IPO), marking its ambitious entry into the public market. The company, fueled by a booming renewables sector, aims to raise capital through a fresh issue of shares, propelling its aggressive domestic and international expansion plans.

A significant chunk of the IPO proceeds will be channeled into establishing a colossal 6GW manufacturing facility in Odisha, encompassing ingot wafer, solar cell, and module production. This move underscores Waaree's commitment to bolster India's solar manufacturing prowess and capitalize on the government's thrust on clean energy.

"This IPO is a watershed moment for Waaree Energies," said a company spokesperson. "It will equip us with the resources to not only strengthen our domestic footprint but also realize our ambitious global aspirations."

The IPO also features an Offer for Sale (OFS) with existing investors, including Waaree Sustainable Finance Private Limited, Chandurkar Investments Private Limited, and Samir Surendra Shah, divesting up to 3.2 million equity shares.

Waaree's IPO ambitions come on the heels of a flurry of activity. Last week, the company announced a monumental $1 billion investment in a Texas-based solar module manufacturing plant, aiming to tap into the burgeoning US renewables market. This facility, with an initial capacity of 3GW by year-end 2024, further highlights Waaree's global vision.

Furthermore, in August 2023, Waaree secured Rs 1,000 crore in funding from ValueQuest, a renowned investor in sustainable ventures, solidifying its financial muscle for future growth.

With a robust track record dating back to 2007, Waaree Energies has established itself as a frontrunner in the Indian solar landscape. Its IPO launch marks a pivotal step in its journey, promising to catapult the company to new heights and illuminate India's path towards clean energy dominance.

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