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Thursday, July 18, 2024

Waaree Energies submits DRHP for an IPO of Rs. 3000 crore

<p>The capital market regulator Sebi has received a draft red herring prospectus (DRHP) from solar module maker Waaree Energies. With the IPO, the business hopes to raise Rs 3000 crore by issuing new shares.</p>
<p><img decoding=”async” class=”alignnone wp-image-332514″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-waaree-energies-submits-drhp-for-an-ipo-of-rs-3000-crore-images-2023-12-30t160722..jpg” alt=”theindiaprint.com waaree energies submits drhp for an ipo of rs 3000 crore images 2023 12 30t160722.” width=”887″ height=”887″ title=”Waaree Energies submits DRHP for an IPO of Rs. 3000 crore 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-waaree-energies-submits-drhp-for-an-ipo-of-rs-3000-crore-images-2023-12-30t160722..jpg 225w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-waaree-energies-submits-drhp-for-an-ipo-of-rs-3000-crore-images-2023-12-30t160722.-96×96.jpg 96w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-waaree-energies-submits-drhp-for-an-ipo-of-rs-3000-crore-images-2023-12-30t160722.-150×150.jpg 150w” sizes=”(max-width: 887px) 100vw, 887px” /></p>
<p>In addition to using the profits from the initial public offering (IPO) for normal business reasons, the firm intends to use them to partially finance the establishment of a 6GW ingot wafer, solar cell, and solar PV module production plant in Odisha.</p>
<p>As of June 30, 2023, the company’s total installed capacity was 12 GW.</p>
<p>Waaree Sustainable Finance Private Limited is offering up to 2.7 million equity shares, Chandurkar Investments Private Limited is offering up to 450,000 shares, and Samir Surendra Shahm is offering up to 50,000 equity shares.</p>
<p>Waaree Energies began operations in 2007 with a concentration on the production of solar PV modules.</p>
<p>Waaree said last week that it will spend up to $1 billion to establish a solar module production facility in Texas, United States. By the end of 2024, the Brookshire-based factory would have the ability to produce 3 gigawatts (GW) of solar modules yearly. By 2027, the business wants to increase capacity to 5 GW.</p>
<p>Known for its strategic emphasis on sustainable and progressive initiatives, investment company ValueQuest led a fundraising round in August that garnered Rs 1,000 crore for Waaree Energies.</p>

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