Waaree Energies Limited Plans Mega IPO, files DRHP with SEBI

Surat : Waaree Energies Limited, the Surat-based India’s leading solar PV module manufacturer boasting an aggregate installed capacity of 12 GW has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), signaling a potential game-changer in the country’s renewable energy landscape.

The IPO entails a fresh issue of Equity Shares, raising up to Rs 30,000 million, coupled with an offer for sale of up to 3,200,000 Equity Shares with a face value of Rs.10 each. The offer for sale includes shares from various stakeholders, notably Waaree Sustainable Finance Private Limited, Chandurkar Investments Private Limited, and Samir Surendra Shah.

The proceeds from the IPO are slated to finance the establishment of a monumental 6GW manufacturing facility for Ingot Wafer, Solar Cell, and Solar PV Modules in Odisha, India. Additionally, the funds will bolster general corporate purposes, reinforcing the company’s mission of providing quality, cost-effective sustainable energy solutions while curbing carbon footprints and enhancing the quality of life.

Waaree Energies Limited, since its inception in 2007, has been at the forefront of solar PV module manufacturing, striving to drive sustainable energy solutions and reduce environmental impact. Holding the mantle of India’s largest solar PV module manufacturer, the company not only boasts a robust domestic presence but has also carved a niche in global markets, exporting products to various countries, with the United States as its primary export market.

The company’s comprehensive portfolio encompasses a diverse range of PV modules, catering to various energy needs, from multicrystalline and monocrystalline modules to TopCon modules, including flexible and bifacial modules, and building-integrated photovoltaic (BIPV) modules.

With a significant retail footprint bolstered by a pan-India franchisee network, Waaree Energies has steadily expanded its reach in both rooftop and MSME business verticals. Its focus on quality manufacturing processes and stringent quality controls has garnered global accreditations for its solar products, further enhancing its credibility and reach.

Fueled by continuous efficiency enhancements, productivity improvements, and prudent cost management, the company has displayed remarkable financial performance. Its revenue surged impressively at a CAGR of 85.92% from FY21 to FY23, and the healthy order book of solar PV modules, standing at 20.16 GW as of November 30, 2023, signifies its strong market position and promising future prospects.