Waaree to Raise ₹30 Billion via IPO to Fund Solar Module Facility

The company is setting up a 6 GW solar manufacturing facility in Odisha

December 29, 2023


Mumbai-based solar module manufacturer Waaree Energies has filed draft papers with the market regulator to raise ₹30 billion (~$361 million) in an initial public offering (IPO).

The IPO will feature a fresh issue of 3.2 million shares and an offer for sale of 2.7 million shares by promoter shareholder Waaree Sustainable Finance, 450,000 shares by Chandurkar Investments, and 50,000 shares by Samir Surendra Shah, according to the draft red herring prospectus filed with Securities and Exchange Board of India. The shares have a face value of ₹10 (~$0.12).

The company proposes to utilize the proceeds from the IPO to part finance the cost of establishing a 6 GW of ingot, wafer, and solar cell and module manufacturing facility in Odisha, as well as for general corporate purposes.

Waaree had filed papers for an IPO back in 2021 but had not gone through with the issue.

The company said it has an aggregate installed capacity of 12 GW as of June 30, 2023.

It claimed to have a pending order book of 20.16 GW of solar modules as of November 30, 2023, including domestic, export, and franchisee orders and 3.75 GW of orders for its subsidiary in the U.S.

Earlier this month, Waaree announced plans to set up a module manufacturing facility in Brookshire in the U.S. The facility is expected to produce 3 GW of solar modules annually by the end of 2024. The company plans to invest up to $1 billion over the next four years to scale the capacity to 5 GW by 2027.

In August, the company raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its manufacturing capacity by 6 GW.

Waaree was among the top five solar module manufacturers in the first half of 2023, according to Mercom’s India Solar Market Leaderboard 1H 2023. The company’s modules accounted for 8.9% of modules supplied in India during the period.