Waaree Energies Gears Up for IPO with Rs 1,277 Crore Boost from Anchors

Waaree Energies, a key player in India's solar industry, secured Rs 1,277 crore from anchor investors ahead of its IPO. The firm offers a mix of new shares and an Offer For Sale, with proceeds funding a manufacturing facility in Odisha. Market valuation exceeds Rs 4,300 crore post-issue.

Waaree Energies, a prominent Indian solar panel manufacturer, secured Rs 1,277 crore through anchor investors, setting the stage for its upcoming initial public offering (IPO). The company's strategy includes a fresh issuance of equity shares and an Offer For Sale (OFS) guaranteeing a robust market debut.

Goldman Sachs, Abu Dhabi Investment Authority, and Morgan Stanley are among the invested anchor parties. As per regulatory submissions, Waaree will distribute 84.96 lakh equity shares at Rs 1,503 each, the upper limit of the designated price band. The public offering is slated from October 21 to 23.

Proceeds from fresh equity will support the development of a major 6GW solar manufacturing facility in Odisha, demonstrating Waaree Energies' commitment to expanding its operations and boosting India's green energy sector. Post-issue, the company is valued at over Rs 4,300 crore.

(With inputs from agencies.)