The proceeds from IPO will be used for setting up a 2 GW per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat.
Waaree Energies, India’s largest solar module manufacturer, has filed a draft red herring prospectus with markets regulator Securities and Exchange Board of India (Sebi) to raise Rs 1,350 crore via initial public offer (IPO). The issue will also have offer for sale by promoters.
The proceeds from IPO will be used for setting up a 2 GW per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat. Around Rs 978.36 crore will be used for the solar cell manufacturing unit and Rs 184.23 crore will be used for PV module unit. The remaining proceeds will be used for general corporate purposes.
The issue will include fresh issuance of 4,007,500 equity shares of Rs 10 each by the existing shareholders and promoters. The offer for sale (OFS) would consist of sale of 13,15,000 shares by Hitesh Chimanlal Doshi, Viren Chimanlal Doshi and Mahavir Thermoequip; up to 40,000 shares by Samir Surendra Shah; and up to 22,500 shares by Nilesh Shah.
Waaree has an aggregate installed capacity of 2 GW as of March 31, 2021 and is in the process of setting up another 3GW module facility at Chikhli Gujarat. It is expected to be operational by the end of FY22. Another 4 GW solar cell manufacturing capacity is expected to be operational by the end of fiscal 2023.