Waaree Energies, a leading Indian manufacturer of solar PV modules, has announced its IPO with a price band of Rs 1,427-1,503 per share. The IPO includes a fresh share sale of Rs 3,600 crore and an offer-for-sale of up to 48,00,000 equity shares. The solar company aims to raise Rs 4,321.44 crore and has a subsidiary, Waaree Renewable Technologies Limited, leading its solar EPC business. Investors can apply for a minimum of 9 equity shares and its multiples thereafter, with bidding closing on October 23.
Waaree Energies IPO: A Deep Dive into India's Leading Solar PV Manufacturer
Introduction
Waaree Energies Ltd., India's largest solar PV (photovoltaic) module manufacturer, is set to raise funds through an initial public offering (IPO). The IPO, priced between Rs 1,427 and Rs 1,503 per share, will comprise a fresh share sale of Rs 3,600 crore and an offer-for-sale (OFS) of up to 48 lakh equity shares.
Background
Established in 1989, Waaree Energies is a pioneer in the Indian solar industry. The company has a strong track record of growth and innovation, with a manufacturing capacity exceeding 4 GW annually. It offers a wide range of solar solutions, including modules, inverters, and EPC (engineering, procurement, and construction) services.
IPO Details
Objectives
The proceeds from the IPO will be utilized for the following purposes:
Key Financials
For the fiscal year ended March 2022, Waaree Energies reported a revenue of Rs 4,842.41 crore, a 63% increase from the previous year. The company's net profit also grew by 37% to Rs 647.56 crore.
Top 5 FAQs
Q: Why is Waaree Energies going public?
A: To raise funds for expansion, debt repayment, and general corporate purposes.
Q: What is the size of the IPO?
A: Rs 4,321.44 crore.
Q: What is the issue period?
A: October 20-23, 2023.
Q: Who are the promoters of Waaree Energies?
A: Hitesh Chimanlal Doshi and Sunita Hitesh Doshi.
Q: What is the market share of Waaree Energies in India?
A: Approximately 20% of the domestic solar PV module market.
Conclusion
The IPO of Waaree Energies is a significant event for the Indian solar industry. The company's strong track record, expanding market share, and ambitious growth plans make it an attractive investment opportunity for investors looking to capitalize on the growing demand for renewable energy.
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