Waaree Energies, a solar module manufacturer, on Friday said it has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).
According to the official press release, the company’s initial public offering comprises a fresh issue of equity shares aggregating up to Rs 30,000 million and an offer for sale of up to 3,200,000 equity shares having face value of Rs 10 each.
It plans to utilise the net proceeds towards part financing the cost of establishing the 6-GW of ingot wafer, solar cell and solar module manufacturing facility in Odisha, India as well as for general corporate purposes, added the release.
The offer for sale comprises up to 2,700,000 equity shares by Waaree Sustainable Finance, formerly known as Mahavir Thermoequip, up to 450,000 equity shares by Chandurkar Investments and up to 50,000 equity shares by Samir Surendra Shah, added the release.
The release said that the company’s revenue from operations has increased at a CAGR of 85.92 per cent from Rs 19,530.39 million in FY21 to Rs 67,508.73 million in FY23. The total income increased from Rs 19,830.09 million for FY21 to Rs 29,458.51 million for FY22 which further increased to Rs 68,603.64 million for FY23 and was Rs 34,149.98 million for the three months ended June 30, 2023.
The company’s pending order book of solar modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for the subsidiary, Waaree Solar Americas located in the United States.
Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the Book Running Lead Managers to the issue, added the release.
