Waaree Energies, India’s largest solar photovoltaic (PV) module manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company filed for the public issue on December 29, 2023, and received SEBI’s observation letter on September 19, 2024, marking a significant step forward in its capital-raising plans.
The IPO will consist of a fresh issue of equity shares worth ₹3,000 crore and an offer-for-sale (OFS) of up to 3.2 million equity shares. The promoter entity, Waaree Sustainable Finance Private Limited, will offer 2.7 million shares in the OFS. Other shareholders participating in the sale include Chandurkar Investments Private Limited, which will offload 450,000 shares, and Samir Surendra Shah, who will sell 50,000 shares.
The proceeds from the fresh issue will be used to establish a 6-GW ingot wafer, solar cell, and PV module manufacturing facility in Odisha. Waaree plans to utilize the funds for this project, alongside general corporate purposes.
As of June 30, 2023, Waaree Energies had an installed manufacturing capacity of 12 GW, cementing its position as India’s largest solar module manufacturer. The IPO is expected to further bolster the company’s capacity and market reach in the fast-growing renewable energy sector.
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