Solar panel maker Waaree Energies receives Sebi nod to launch IPO

Waaree Energies, the country's largest solar panel maker, on Monday received approval from market regulator Sebi to float its initial public offering (IPO). The company had filed draft IPO papers on December 29 last year.

The company's initial share sale comprises a fresh issue of equity shares aggregating up to Rs 3,000 crore and an offer for sale of up to 32,00,000 equity shares having face value of Rs 10 each.

"The offer for sale comprises of up to 2,700,000 Equity Shares by Waaree Sustainable Finance Pvt Ltd (formerly known as Mahavir Thermoequip Pvt Ltd) (Promoter Selling Shareholder), up to 450,000 equity shares by Chandurkar Investments Pvt Ltd and up to 50,000 equity shares by Samir Surendra Shah (Other Selling Shareholders), respectively," the company release stated.

"The company proposes to utilise the net Proceeds towards part financing the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India as well as for general corporate purposes," it added.

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited are the book-running managers to the issue.

As per the company's website, it commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets and aid in reducing carbon foot-print. Waaree has four solar module manufacturing facilities in India, with international presence. It also has separate listed subsidiary Waaree Renewable Technologies Ltd.