Solar company Waaree Energy files for IPO
- ByManjeet Singh | September 30, 2021
Waaree Energy of Mumbai has filed a draft red herring prospectus with market regulator Sebi for an initial public offering. In addition to new equity shares, the company plans to make an offer for sale (OFS).
In a statement, the company stated that the issue comprises a fresh Issue of equity shares of the face value of Rs 10 each, aggregating to Rs 1,350 crore, and an offer for sale of 4,007,500 equity shares by existing shareholders and promoters.
This issue, worth Rs 978.36 crore and Rs 184.23 crore, will be used to set up a 2 gigawatt (Gw) per year solar cell manufacturing facility and a 1 gigawatt solar PV module manufacturing facility in Chikhli, Gujarat. According to the company’s DRHP, the remaining proceeds will be used for general corporate purposes.
The Solar Photovoltaic Module manufacturing capability of Waaree is 2 GW. A total of four factories are located in India at Surat, Tumb, and Nandigram.
Additionally, Waree is in the process of setting up another manufacturing facility in Gujarat. PV module manufacturing capacity of 3 GW is expected to be operational by the end of fiscal 2022, and solar cell manufacturing capacity of 4 GW is expected to be operational by the end of fiscal 2023, the company said in a statement.
Waree’s revenue from operations as of 31st March 2021 was Rs 1,952.78 crore, down from Rs 1,995.78 crore a year ago. Net profit rose from Rs 39.02 crore to Rs 48.19 crore a year ago.
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