Waaree Energies Ltd is set to launch its initial public offering (IPO) from October 21 to October 23, with anchor bidding beginning on October 18. The IPO includes a fresh issue worth Rs 3,600 crore and an offer for sale (OFS) of up to 4.8 million shares by existing shareholders, including Waaree Sustainable Finance and Chandurkar Investments Pvt Ltd.
The proceeds will be used to fund a 6GW Ingot Wafer, Solar Cell, and Solar PV Module facility in Odisha, via the company’s subsidiary, Sangam Solar One Private Limited. The share allotment will be finalized on October 24, followed by refunds and crediting shares to demat accounts on October 25. The company’s shares will debut on the stock market on October 28.
As India’s largest solar PV module manufacturer, Waaree Energies has an installed capacity of 12GW as of June 30, 2024, and operates five facilities across Gujarat and Uttar Pradesh. For FY24, the company reported revenue of Rs 3,408.9 crore, an EBITDA of Rs 639.98 crore, and a net profit of Rs 401.12 crore.
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Source: Moneycontrol
News Desk
