Mumbai-based solar panel manufacturer Waaree Energies is set to launch its Initial Public Offering (IPO) on October 21, with a fresh issue of shares worth Rs 3,600 crore. The IPO will close on October 23, while anchor investor bidding will open on October 18, as detailed in the company’s Red Herring Prospectus (RHP).
The IPO comprises a fresh equity issue of Rs 3,600 crore and an Offer for Sale (OFS) of 48 lakh equity shares by Waaree Sustainable Finance Private Ltd and Chandurkar Investments Private Ltd, both current stakeholders.
Proceeds from the fresh issue will be used to establish a 6GW manufacturing facility for ingot wafer, solar cells, and PV modules in Odisha, along with funds allocated for general corporate needs. Waaree Energies, a leading player in India’s solar energy sector, has a total installed PV module manufacturing capacity of 12 GW across five facilities in Gujarat and Uttar Pradesh. The company initially planned to go public in 2021 but postponed the offering.
The IPO will be managed by Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital. Waaree Energies is one of India’s leading solar energy companies, recognized for its extensive contributions to the renewable energy sector.
Established in 1989, the company has grown into a major player in solar panel manufacturing, with one of the largest production capacities in India. Waaree manufactures high-efficiency solar photovoltaic (PV) modules, offering a range of products and solutions tailored to commercial, industrial, and residential needs.
Along with its manufacturing strength, Waaree is actively involved in EPC (Engineering, Procurement, and Construction) services, project development, and the distribution of solar products. The company has a strong presence in both domestic and international markets, with a vision to accelerate the global transition to sustainable energy by providing innovative and affordable solar solutions.
