Waaree Energies gets Sebi nod for IPO, fresh issue worth Rs 3,000 crore

Solar PV modules manufacturer Waaree Energies on Monday received market regulator Securities and Exchange Board of India’s (Sebi) approval for its proposed initial public offering (IPO). The company’s initial public offering comprises a fresh issue of equity shares aggregating up to Rs 3,000 crore and an offer for sale of up to 3,200,000 Equity Shares having face value of Rs 10 each.

The company had applied for the public issue before Sebi on December 29, 2023 and the regulator issued an observation letter on September 19, 2024.

The OFS comprises up to 27 lakh equity shares by Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited). It is the promoter selling shareholder. Among other selling shareholders are, Chandurkar Investments Private Limited and Samir Surendra Shah who will off-load up to 450,000 equity shares and 50,000 equity shares, respectively.

The company claims to be the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2023.

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited are the Book Running Lead Managers (BRLM) to the issue.

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