- The IPO will be a mix of a fresh issue worth ₹3,000 crore and an offer for sale for 32 lakh shares
NE BUSINESS BUREAU
AHMEDABAD, DEC 29
Solar panel-maker Waaree Energies, on Friday, said that it has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
The company’s initial public offering comprises a fresh issue of Equity Shares aggregating up to ₹3,000 crore and an offer for sale of up to 3,200,000 Equity Shares having a face value of ₹10 each.
The offer for sale comprises up to 2,700,000 Equity Shares by Waaree Sustainable Finance (formerly known as Mahavir Thermoequip) ( Promoter Selling Shareholder), up to 450,000 Equity Shares by Chandurkar Investments Private and up to 50,000 Equity Shares by Samir Surendra Shah (Other Selling Shareholders).
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.
The company has a substantial order book of solar PV modules and as of November 30, 2023, the pending order book of solar PV modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for the subsidiary, Waaree Solar Americas Inc. located in the United States.
As of March 31, 2021, 2022 and 2023 and as of June 30, 2023, the retail network consisted of 290, 373, 253 and 284 franchisees across India, respectively. As of June 30, 2023, the Company operates four manufacturing facilities in India spread over an area of 136.30 acres, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, India. The manufacturing processes and stringent quality controls have enabled them to achieve various global accreditations for the solar products across India and globally.
The focus on continuous efficiency improvements, improved productivity and cost rationalization has enabled them to deliver consistent financial performance. The company has a healthy balance sheet, and have been able to maintain a low debt position. The revenue from operations increased at a CAGR of 85.92% from ₹ 19,530.39 million in FY21 to ₹ 67,508.73 million in FY23. The total income increased from ₹ 19,830.09 million for FY21 to ₹ 29,458.51 million for FY22 which further increased to ₹ 68,603.64 million for FY23 and was ₹ 34,149.98 million for the three months ended June 30, 2023.
Axis Capital Limited, IIFL Securities, Jefferies India Private, Nomura Financial Advisory and Securities (India) Private, SBI Capital Markets, Intensive Fiscal Services and ITI Capital Limited are the Book Running Lead Managers to the issue.
