By- {Pradeep Saran}
Oct 16, 2024
“Waaree Energies IPO, opening from October 21-23, 2024, includes fresh shares worth ₹3,600 crore and an offer for sale of 48 lakh shares. Funds will support a 6 GW facility in Odisha and corporate purposes.”
Waaree Energies has announced that its initial public offering (IPO) will be open for public subscription from October 21 to 23, 2024. The IPO will include the issue of fresh equity shares worth ₹3,600 crore along with an offer for sale (OFS) of up to 48 lakh shares by selling shareholders, including Waaree Sustainable Finance and Chandurkar Investments.
While the price band has not been disclosed yet, the shares will be listed on the BSE and NSE. Up to 50% of the offer will be reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. The funds raised through the IPO will be allocated for setting up a 6 GW manufacturing facility in Odisha, and for corporate purposes.
Waaree Energies has established itself as a leader in the solar energy market, with an aggregate installed capacity of 12 GW as of June 30, 2023. The company has demonstrated strong financial growth, reporting ₹6,750 crore in revenue for FY23, a significant rise from ₹2,854 crore in FY22. The company’s profit after tax reached ₹500.2 crore in FY23, nearly five times higher than ₹79.6 crore in FY22. Additionally, Waaree is expanding internationally with a 3 GW facility in the United States.
Axis Capital, IIFL Securities, Jefferies India, Nomura, SBI Capital, Intensive Fiscal Services, and ITI Capital are the Book Running Lead Managers for the issue, with Link Intime India Private Limited as the registrar.
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