The initial public offering (IPO) of Waaree Energies Ltd. is set to open for bidding next week, featuring a price range of Rs 1,427 to Rs 1,503 per share. This IPO consists of a fresh issue of shares valued at Rs 3,600 crore, alongside an offer for sale of 48 lakh shares with a face value of Rs 10 each.
Bidding for the IPO will begin on October 21 and conclude on October 23, with the anchor book opening for subscription on October 18. The minimum bidding lot is nine shares, and additional shares can be bid for in multiples, as detailed in the company’s price band advertisement released on Wednesday. Once issued, the shares will be listed on both the BSE and NSE.
The promoter, Waaree Sustainable Finance Pvt., plans to sell 43.5 lakh shares through the offer for sale (OFS). Additionally, Chandurkar Investments Pvt. will offload 4.5 lakh shares, which represents its entire stake of 0.17%, as noted in the price band advertisement.
To facilitate this IPO, several financial institutions are serving as book-running lead managers, including Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt., SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.
Waaree Energies, a solar photovoltaic module manufacturer, intends to use part of the IPO proceeds to meet its capital expenditure requirements, specifically for establishing a fully integrated six GW manufacturing facility in Odisha.
The company operates five manufacturing sites, located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as the IndoSolar Facility in Noida, Uttar Pradesh. Waaree Energies had previously filed preliminary papers with SEBI in September 2021 for its IPO but decided to postpone the public issue at that time.
