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Waaree files draft papers for its initial public offering

written by Bella Palmer
solar-energy

The company proposed to utilise net proceeds from its fresh issue for setting up a solar cell manufacturing facility and a solar PV module manufacturing facility in Gujarat, India

Solar energy firm Waaree Energies has filed draft papers for its initial public offering (IPO) that comprises a fresh issue of Rs 1,350 crore and an offer for sale.

The offer for sale of 40,07,500 equity shares included share sale of 13,15,000 equity shares each by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi & Mahavir Thermoequip Pvt Ltd. Among other selling shareholders, Samir Surendra Shah will offload 40,000 equity shares, and Nilesh Gandhi Jointly with Drasta Gandhi will sell 22,500 equity shares.

Waaree Energies is the promoter of listed entity Waaree Renewable Technologies, wherein it holds 54.28 percent shareholding.

The company proposed to utilise net proceeds from its fresh issue for setting up a 2 gigawatt per annum solar cell manufacturing facility (Rs 910.3 crore) and a 1 gigawatt per annum solar PV module manufacturing facility (Rs 141.2 crore) in Chikhli, Gujarat.

Waaree Energies may consider fund raising of Rs 270 crore via pre-IPO placement. If the pre-IPO placement is completed, the fresh issue size will be reduced accordingly.

It is one of the major players in the solar energy industry in India focused on PV module manufacturing, with an aggregate installed capacity of 2 gigawatt as of March 2021. The company currently operates three manufacturing facilities comprising four factories in India at Surat Tumb and Nandigram.

The company provides EPC services, project development, rooftop solutions and solar water pumps. It has presence in over 350 locations nationally and 68 countries internationally.

It had reported revenue from operations at Rs 1,952.78 crore in the year FY21, which was lower compared to Rs 1,995.78 crore in previous year. In the same period, profit increased to Rs 48.19 crore, from Rs 39.02 crore.

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