Waaree Energies has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The issue comprises a fresh issue of equity shares aggregating to Rs 1,350 crore and an offer for sale (OFS) of 40,07,500 equity shares by existing shareholders and promoters.
Proceeds from fresh issuance worth Rs 978.36 crore and Rs 184.23 crore will be utilised to finance the cost of setting up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat. The remaining proceeds will be used for general corporate purposes. Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities and Intensive Fiscal Services are the book running lead managers to the issue.
Waaree Energies is one of the major players in the solar energy industry in India focused on PV module manufacturing.
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