Waaree Energies Rs 4321 Crore IPO From October 21

 Mumbai: Solar PV modules manufacturer Waaree Energies announced Rs 4,321 crore initial public offering in the price band of Rs 1427 to Rs 1503 per equity share of Rs 10 face value. The public issue opens on October 21 and closes on October 23, 2024.

Waaree's public offer comprises of a fresh issue of equity shares worth Rs 3,600 crore and an offer for sale of 4.8 million equity shares worth Rs 721.44 crore at the upper price band by waaree Sustainable Finance(4.35 million shares) and Chandurkar Investments(0.45 million shares).

Net proceeds from the fresh issue of up to Rs 2,775 crore will be used to part finance the cost of establishing the 6 GW of ingot wafer, solar cell and solar PV module manufacturing facility in Odisha.

Waaree operates five manufacturing facilities in India located at Surat, Tumb, Nandigram and Chikhli in Gujarat and the Indosolar facility in Noida, Uttar Pradesh with an installed capacity of 12 GW and utilized capacity of 43.37 per cent as of and for the year ended March 31, 2024.