NE BUSINESS BUREAU
AHMEDABAD, OCT 17
India’s largest solar panel maker Waaree Energies Limited on Thursday announced that its IPO price band has been fixed in the range of ₹1,427 to ₹1,503 per equity share of the face value of ₹10. The IPO subscription is scheduled to open on Monday, October 21, and will close on Wednesday, October 23. The bidding for anchor investors will open for a day on Friday, October 18. Investors can apply for a minimum of 9 equity shares and its multiples thereafter.
The company plans to raise up to ₹3,600 crore through an initial public offering by issuing fresh equity shares. Additionally, there will be an offer for sale of up to 48 lakh equity shares amounting to ₹721.44 crorewith a face value of ₹10 each.
- The price band has been fixed in the range of ₹1,427 to ₹1,503 per equity share of the face value of ₹10
- The date of subscription is scheduled for Monday, October 21, and will close on Wednesday, October 23
- Anchor investor allocation will be on Friday, October 18
- Investors can apply for a minimum of 9 equity shares and its multiples thereafter
Those selling shares in the OFS are — promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Private Ltd.
Waaree Energies IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee reservation portion includes up to 650 million equity shares.
Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.
Established in December 1990, Waaree Energies Limited is an Indian firm that manufactures solar PV modules and operates with a combined installed capacity of 12 GW as of June 30, 2023. The assortment of solar energy products includes Multicrystalline modules, Monocrystalline modules, and TopCon modules, which consist of flexible bifacial modules (Mono PERC) in both framed and unframed versions, as well as building-integrated photovoltaic (BIPV) modules.
Waaree Energies reported a net profit of ₹401.13 crore with a revenue of ₹3,496.41 crore for the three-months ended on June 30, 2024. The company reported a net profit of Rs 1,274.38 crore with a revenue of ₹11,632.76 crore for the financial year ended on March 31, 2024.
The company is promoted by Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited, both individuals and entities.
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.
Shares of the company shall be listed on both BSE and NSE on Monday, October 28
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.
