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.
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