Waaree Energies: A Powerhouse in Solar Energy Prepares for Landmark IPO

Waaree Energies is launching its IPO on October 21, aiming to raise Rs 3,600 crore through new share issues. The proceeds will fund a 6GW solar manufacturing facility in Odisha. The offering includes both new shares and an Offer For Sale by existing shareholders.

Waaree Energies, a prominent solar panel manufacturer in India, is preparing to launch its eagerly anticipated Initial Public Offering (IPO) starting October 21. The company plans to raise a substantial Rs 3,600 crore through fresh equity issues.

Spanning over three days, the IPO will wrap up on October 23, with a special bidding window for anchor investors opening on October 18. The offer combines new equity shares worth Rs 3,600 crore and an Offer For Sale (OFS) of 48 lakh shares by a promoter and current shareholders.

The Mumbai-based company intends to utilize the funds for establishing an ambitious 6GW solar manufacturing facility in Odisha, alongside fulfilling corporate expenses. This strategic move comes as Waaree Energies continues to lead the Indian solar energy sector, boasting a total installed capacity of 12 GW as of mid-2023.

(With inputs from agencies.)