Waaree Energies raises ₹1277 Crore from anchor investors

21 Oct 2024 , 09:52 AM

Mumbai-based India’s leading manufacturer of solar photovoltaic modules, Waaree Energies has raised ₹1,276.9 crore from 92 anchor investors on October 18. The ₹4,321-crore initial public offering (IPO) is now available for subscription from October 21 and will conclude on October 23.

The IPO comprises a fresh issue of equity shares amounting to ₹3,600 crore, and an offer-for-sale (OFS) of 4.8 million shares valued at ₹721.44 crore. The selling shareholders in the OFS include Waaree Sustainable Finance and Chandurkar Investments.

The company has allocated 8,495,887 equity shares to anchor investors at a price of ₹1,503 per share. Many notable investors took part in the anchor book including Morgan Stanley, Blackrock, Goldman Sachs, Abu Dhabi Investment Authority, and several others.

Among the domestic mutual funds participating, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Aditya Birla Sun Life Trustee, among others. In total, 28.31 lakh shares were allocated to 17 domestic mutual funds through 45 schemes.

Additionally, several insurance companies, including HDFC Life and SBI Life, also participated and become shareholders via the anchor book.

Waaree Energies holds the title of India’s largest solar photovoltaic module manufacturer, boasting an installed capacity of 12 GW as of June 2024, up from 4 GW in FY22. Its subsidiary, Indosolar, recently launched a 1.3 GW solar module manufacturing facility in Noida, Uttar Pradesh, complementing its four existing facilities in Gujarat.

As per the RHP, the company also plans to expand its global footprint, with plans for a 1.6 GW facility in Texas, USA, which can potentially be expanded to 3 GW by FY26 and 5 GW by FY27, depending on market conditions.

The proceeds from the fresh issue, after deducting IPO expenses, will be allocated for establishing a 6 GW manufacturing facility for solar ingots, wafers, cells, and modules in Odisha, with the remainder earmarked for general corporate purposes.

The price band for the IPO has been set between ₹1,427-₹1,503 per share.