+
Waaree Energies Soars into Public Market with Rs 3000 Crore IPO
ECONOMY & POLICY

Waaree Energies Soars into Public Market with Rs 3000 Crore IPO

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.

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.

Related Stories

Gold Stories

Next Story
Real Estate

Adani begins construction of Dharavi rehabilitation homes

Construction of rehabilitation homes for eligible Dharavi residents has commenced at the 22-acre Matunga railway site, following a Bhoomi Poojan ceremony performed by Pranav Adani, Director, Adani Enterprises (AEL). The project, being implemented by Adani Navbharat Developers (ANDPL), envisages 10 towers comprising 10,432 rehabilitation apartments and 1,379 commercial and industrial units.Under the in-situ rehabilitation scheme, eligible residents will receive homes measuring 350 sq ft. Residents from Sectors 6 and 1 will be accommodated at Matunga first, followed by nearly 4,500 apartments fo..

Next Story
Real Estate

Adani begins construction of Dharavi rehabilitation homes

Construction of rehabilitation homes for eligible Dharavi residents has commenced at the 22-acre Matunga railway site, following a Bhoomi Poojan ceremony performed by Pranav Adani, Director, Adani Enterprises (AEL). The project, being implemented by Adani Navbharat Developers (ANDPL), envisages 10 towers comprising 10,432 rehabilitation apartments and 1,379 commercial and industrial units.Under the in-situ rehabilitation scheme, eligible residents will receive homes measuring 350 sq ft. Residents from Sectors 6 and 1 will be accommodated at Matunga first, followed by nearly 4,500 apartments fo..

Next Story
Equipment

Seven Propel 470 HEV electric tippers go to work on coal haulage in Chhattisgarh

Propel EV, the electric mobility division of Propel Industries and India's No. 1 electric tipper brand, has deployed seven 470 HEV electric trucks with a leading coal-haulage contractor at one of India's largest opencast coal mines in Chhattisgarh. The trucks are in daily operation, moving coal on continuous haul cycles in one of the most demanding applications in Indian mining.Why Electric - and Why CoalCoal haulage runs round the clock: heavy loads, long haul cycles, steep ramps and abrasive dust. It is also where diesel hurts most. Engines run continuously, fuel is the largest single operat..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code