India’s leading solar panel maker Waaree Energies Limited on December 28 filed a fresh Draft red-herring prospectus (DRHP) with the Securities and Exchanges Board of India (SEBI) for its Initial Public Offering (IPO). The company had filed a DRHP earlier in September 2021 and had received the SEBI nod but then withdrew the issue due to volatile market conditions.
The fresh DRHP notes that Waaree Energies initial public offering will comprise of a fresh issue of equity shares worth Rs 3,000 crore as well as an offer for sale of up to 32 lakh shares. Under the offer-for sale, Company’s promoter Waaree Sustainable Finance Private Limited will offload 27 lakh shares. Other selling shareholders – Chandurkar Investments private limited and Samir Surendra Shah will also offload 4.5 lakh and 50 thousand shares respectively. Presently, the promoters hold 72.32% shares in the company whereas public holds the remaining 27.68%.
50% of the issue will be reserved for the Qualified Institutional Buyers (QIBs), 15% for the Non-institutional investors (NIIs) and the rest 35% for the retail investors. The company is making the offer through a book-building process but the price band and other key details remain to be announced.
The company proposes to utilise the net proceeds from the issue towards setting up a new facility in Odisha with 6GW capacity to manufacture ingot wafer, solar cell, and solar PV modules, along with general corporate expenses.
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. Link Intime India Private Limited is the registrar for the issue.
Waaree Energies is currently the largest manufacturer of solar PVR modules and has four manufacturing facilities in the country. The company posted a revenue of Rs 3,328 crore in the quarter ended June FY24 and a net profit of Rs 336 crore in the same period. In the financial year 2023, the company had reported a net profit of Rs 482.8 crore on a revenue of Rs 6,750.9 crore.
With 2023 on an end, the public issues for 2024 are lining up as Ola electric and FirstCry also filed their IPO papers recently with the market regulator, aiming for the listing on bourses in the first half of 2024.
Back in September 2021, the Waaree Energies Limited had filed IPO papers for a fresh issue of shares worth Rs 1,300 crore and on OFS of 40.07 lakh shares as compared to the fresh papers on December 28 2023 for Rs 3,000 crore fresh issue and an OFS of 32 lakh shares.
