The initial public offering of Waaree Energies Ltd. will open for bidding next week at a price band of Rs 1,427 to 1,503 per share.
The IPO of Waaree Energies—the parent entity of listed company Waaree Renewable Technologies Ltd.—is a mix of a fresh issue of shares worth Rs 3,600 crore and an offer for sale for 48 lakh shares of face value of Rs 10 each.
The issue opens for subscription on Oct. 21 and will close on Oct. 23. The anchor book issue will be open for subscription on Oct. 18.
The minimum lot size for bidding will be nine shares, with further bids to be made in multiples, according to the company's price band advertisement on Wednesday. Shares will be listed on the BSE and NSE.
Promoter Waaree Sustainable Finance Pvt. will offload 43.5 lakh shares via OFS. Chandurkar Investments Pvt. will sell 4.5 lakh shares, or its entire 0.17% stake, according to the price band advertisement.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt., SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.
The solar photovoltaic module manufacturer plans to utilise a portion of the IPO proceeds to fund its capital-expenditure needs, including the establishment of a fully integrated six GW facility in Odisha.
It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.
Earlier, the company had filed preliminary papers with SEBI in September 2021, for floating an IPO but deferred the maiden public issue.
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