Waaree Energies files DHRP with SEBI. To raise up to ₹3000 crore through fresh issue and an OFS up to 32 lakh shares

Waaree Energies Limited, the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

Waaree Energies initial public offering will comprise of a fresh issue of Equity Shares as well as an offer for sale. While Waaree Energies will be offering fresh issue of equity shares aggregating up to ₹3000 Crore, there will be an offer for sale of up to 3,200,000 Equity Shares having face value of ₹10 each.

Also Read- Trident Techlabs share price lists at ₹98.15 on NSE SME- a stellar 180% premium over the issue price

Of these 3,200,000 shares under the offer for sale, up to 2,700,000 Equity Shares are being offered by Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited), Promoter Selling Shareholder. In addition up to 450,000 Equity Shares are being offered by Chandurkar Investments Private Limited and up to 50,000 Equity Shares by Samir Surendra Shah (other Selling Shareholders)

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 Lead Managers to the issue.

The company proposes to utilize the Net Proceeds for the fresh issue of shares towards part financing the cost of establishing the 6GW (giga Watt) of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India as well as for general corporate purposes.

Waaree Energies commenced operations in 2007 focusing on solar PV module manufacturing, with an aim to provide sustainable energy solutions across markets. Waree Energies highlighted that it the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2023. For FY23, the company had the second   best operating income among all the domestic solar PV module manufacturers in India.

Waaree Energies revenue from operations have grown at a CAGR of 85.92% from Rs1953.04 Crore in FY21 to ₹6750. 87 Crore in FY23. The total income increased from ₹1983. 01 million for FY21 to ₹2945.85 Crore in  FY22 and ₹6860.36 Crore in FY23 and was ₹3415 Crore million during the three months ended June 30, 2023.

Also Read- Innova Captab share price hits 20% upper circuit after listing at marginal premium

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.

The portfolio of solar energy products consists of the following PV modules: multicrystalline modules; monocrystalline modules; TopCon modules, comprising flexible modules which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.