Waaree Energies files DRHP with Sebi for IPO | Mint
Active Stocks
Tue Feb 20 2024 15:54:00
  1. Power Grid Corporation Of India share price
  2. 287.95 4.16%
  1. HDFC Bank share price
  2. 1,453.75 2.59%
  1. Tata Steel share price
  2. 141.05 -0.60%
  1. NTPC share price
  2. 345.65 2.01%
  1. ITC share price
  2. 406.05 -0.77%
Business News/ Markets / Ipo/  Waaree Energies files DRHP with Sebi for IPO
BackBack

Waaree Energies files DRHP with Sebi for IPO

Waaree Energies' revenue from operations stood at Rs1,952.78 crore in fiscal 2021 against Rs1,995.78 crore a year ago. Net profit was at Rs48.19 crore, up from Rs39.02 crore a year ago

Waaree Energies will set up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat. (Photo: Bloomberg)Premium
Waaree Energies will set up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat. (Photo: Bloomberg)

MUMBAI: Homegrown solar panel maker Waaree Energies Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).

The offer comprises a fresh issue equity shares worth Rs1,350 crore and an offer for sale of up to 4.01 million shares by existing shareholders and promoters.

The OFS will see sale of up to1.32 million shares each by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd.

Axis Capital, HSBC Securities and Capital Markets India Pvt, ICICI Securities are the book running lead managers to the issue. Intensive Fiscal Services Pvt Ltd is also one of the bankers for the Waaree IPO.

Proceeds worth 978.36 crore and 184.23 crore, from the issue, will be used to finance the cost of setting up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat.

The company had an aggregate installed capacity of 2 GW as of March 2021.

It has three manufacturing facilities at Surat, Tump and Nandigram in Gujarat.

The proposed addition of 3 GW PV module manufacturing capacity is expected to be operational by the end of fiscal 2022, and the 4 GW solar cell manufacturing capacity is expected to be operational by the end of fiscal 2023.

As of March 2021, revenue from operations stood at Rs1,952.78 crore against Rs1,995.78 crore a year ago. Net profit was at Rs48.19 crore, up from Rs39.02 crore a year ago.

In fiscal 2021, its products were sold across India, with exports to 19 international jurisdictions. As of 30 June, it had 388 franchisees in 25 states and two Union Territories across India.

Domestic clients include ACME, Larsen & Toubro, Aditya Birla Group, Bharat Petroleum, BHEL, Hero Future Energies, Sterling and Wilson, NTPC and Reliance Industries. International customers comprise ReneSola, EDF Renewables, ENEL, Aldo Energy and Idemitsu.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Sep 2021, 04:16 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App