Waaree Energies announced it has secured ₹1,277 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription on October 21. Notable investors include Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, and various domestic mutual funds.
The company has allotted 84.96 lakh equity shares to 92 funds at ₹1,503 each, the upper limit of the price band. This allocation accounts for 33.33% of the total shares allotted to anchor investors, with 28.32 lakh shares distributed among 17 domestic mutual funds across 45 schemes.
The IPO comprises a fresh equity issue of ₹3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares worth ₹721.44 crore by promoters and existing shareholders, bringing the total size of the issue to ₹4,321.44 crore. Additionally, shares valued at ₹65 crore are reserved for employees.
Proceeds from the fresh equity issue will fund the establishment of a 6GW manufacturing facility for ingot wafers, solar cells, and solar PV modules in Odisha. Remaining funds will be allocated for general corporate purposes.
With a post-issue market valuation exceeding ₹4,300 crore, Waaree Energies is a key player in India’s solar energy sector, boasting a manufacturing capacity of 12 GW across its five facilities in Gujarat and Uttar Pradesh.
