Waaree Energies, a Mumbai-based solar module producer, has filed a draft red herring prospectus (DRHP) for an Initial Public Offering (IPO) with the Securities and Exchange Board of India. A DRHP is a preliminary registration document for prospective IPO-making firms. The issue consists of a Rs 13.5 billion fresh issue of equity shares with a face value of Rs 10 each and an offer for sale of 4,007,500 equity shares by existing shareholders and promoters. Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities, and Intensive Fiscal Services have been appointed as lead managers for the issue.
The revenues from the new issuance, totalling Rs 9.78 billion and Rs 1.84 billion, will be used to fund the cost of constructing a 2 GW per annum solar cell manufacturing facility and a 1 GW per annum solar module manufacturing facility in Degam village, Chikhli, Gujarat. The remaining portion of the proceeds will be used for the company’s other objectives. In March 2021, the firm had 2 GW of installed capacity and currently operates three production facilities in India, across Surat, Tumb and Nandigram.