Waaree Energies Files Draft IPO Papers
Waaree Energies Ltd. filed the draft red herring prospectus with the market regulator for its initial public offering.
The offer will be a mix of a fresh issue of shares worth Rs 3,000 crore and an offer for sale for 32 lakh shares of face value Rs 10 each.
Promoter Waaree Sustainable Finance Pvt., formerly known as Mahavir Thermoequip Pvt., plans to offload 27 lakh shares in the OFS portion. It holds over 5.73 crore shares, or 21.9% stake in the company.
Chandurkar Investments Pvt. will sell 4.5 lakh shares, or its entire 0.17% stake. While, Samir Surendra Shah, who holds 0.04% stake, will sell 50,000 shares.
Of the net proceeds from the IPO, Rs 2,500 crore will be utilised to partially finance the establishment of 6 GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha, the document said. The rest will be used for general purposes.
Waaree Energies manufactures various solar PV modules in India, the DRHP read. As of June 30, 2023, the company operated an aggregate installed manufacturing capacity of 12 GW, spread over an area of 136.30 acres. It has four factories, one each in Surat, Tumb, Nandigram and Chikhli in Gujarat.
For the year ended March 2023, Waaree Energies reported a reinstated profit of Rs 500 crore, against a revenue of nearly Rs 6,751 crore. For the three months to June 30, the company posted a bottom-line print of Rs 3,38 crore on a top line of Rs 3,328 crore.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Services SBI Capital Markets, Intensive and ITI Capital are the book running lead managers for the issue. Link Intime India is the registrar.
(Corrects an earlier version that misstated revenue and profit numbers)
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