Mumbai based Renewable Energy Company Waaree Energies files DRHP with SEBI for the proposed IPO; Key Details here

Waaree Energies is into Power and Energy Renewable Energy and is looking raise funds through Fresh Issue and Offer For Sale

Waaree EnergiesIPO: Fresh Issue of Equity shares aggregating up to Rs.3000 crores. Offer of Sale of 3,200,000 Equity Shares through public issue IPO

Waaree Energies IPO: Waaree Energies Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.

Promoters of Waaree Energies are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited) and holds 72.32% stake in the company.

Key Details:

• Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 3000 crores and an Offer for Sale of Up to 3,200,000 Equity Shares.
• Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, ITI Capital have been appointed as lead merchant bankers for the proposed IPO.
• It has appointed Link Intime India Pvt. Ltd. as Registrar and Share transfer Agent.
• Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 3,000 Crs and offer-for-sale (OFS) of up to 3,200,000 equity shares by Promoter company Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited) who will offload upto 2,700,000 equity shares via OFS...

ALSO READ: Gurugram based Automobile Company Hyundai Motor India files DRHP with SEBI for the proposed IPO; Key Details here

Objects of the issue:
1) Capex towards establishment of 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India and , 2) General Corporate purpose.

About Company:
Established in 1990, Mumbai based Waaree Energies is manufacturer of solar PV modules in India with an aggregate installed capacity of 12 GW (Q1FY24) Company's portfolio of solar energy products consists of the following PV modules: (i) multicrystalline modules; (ii) monocrystalline modules; and (iii) TopCon modules, comprising flexible modules, which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules. It has four manufacturing facilities in India spread over an area of 136.30 acres and are located at Surat, Tumb, Nandigram and Chikhli in Gujarat, India.

• Company has Installed capacity of 12GW in Q1FY24 (v/s 9GW in FY23 / 2GW in FY21).
• Operate manufacting facilities are four locations in Gujarat State at Surat (“Surat Facility”), Tumb (“Tumb Facility”), Nandigram (“Nandigram Facility”) and Chikhli (“Chikhli Facility”)
• Business and Revenue model: (i) Direct Sales to Utilities and Enterprises; (ii) Export Sales (iii) Retail Sales (comprising franchisee sales) and (iv) EPC services, O&M services, trading in ancillary products, export incentives, generation of electricity from renewable resources and scrap sale.
• Export sales constitutes 73.35% in Q1FY24 (v/s 68.38% in FY23 / 23.05% in FY22 of total sales
• Orderbook: Order book of solar PV modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for our Subsidiary, Waaree Solar Americas Inc. located in the USA.

ALSO READ: Thane based NBFC Company Manba Finance files DRHP with SEBI for the proposed IPO; Key Details here

About Industry:
Solar energy potential is the greatest in India amongst all the commercially available renewable energy sources. India is endowed with vast solar energy potential. (Source: CRISIL Report) About 5,000 trillion kWh (kilo watt hour) per year of energy is incident over the land area, with most parts receiving 4kWh to 7 kWh per square meter per day. (Source: CRISIL Report) During Fiscals 2018 to 2023, approximately 55 GW of solar capacity has been commissioned compared with the expected commissioning of 60 GW to 65 GW.

Source: SEBI, BSE, NSE, DRHP, Waaree Energies, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.