Surat-based Waaree Energies Limited to raise Rs 1,350 Cr through IPO

Surat: Surat-based Waaree Energies Limited—manufacturers of solar panels and allied renewable energy products—has filed its Draft Red Herring Prospectus (DHRP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds via the Initial Public Offering (IPO) on Tuesday.

The company will raise Rs 1,350 crore by issuing fresh equity shares as well as an OFS component.

Waaree Energies Limited had installed its first-ever on-grid 100KWp rooftop solar plant at the Surat Municipal Corporation’s (SMC) Science Centre at Ghod Dod Road, which was inaugurated by the then Chief Minister of Gujarat, Narendra Modi in 2013. The power plant generates about 100KW of electricity. At present, the solar plant generates about 1.40 million electricity units during the entire year.

According to the company, 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 (OFS) of 4,007,500 equity shares by existing shareholders and promoters.