Waaree Energies has filed draft papers with Sebi. The IPO comprises fresh issue of shares worth Rs 1350 crore, and an offer for sale up to 4,007,500 equity shares by the company's promoters and existing shareholders.
The offer for sale (OFS) consist of sale of up to 1,315,000 equity shares by Hitesh Chimanlal Doshi, up to 1,315,000 equity shares by Virenkumar Chimanlal Doshi and up to 1,315,000 equity shares by Mahavir Thermoequip; up to 40,000 shares by Samir Surendra Shah; and up to 22,500 shares by Nilesh Gandhi.
Additionally, the company, in consultation with the lead bankers to the issue may consider a further issue of equity shares including a preferential issue aggregating up to Rs. 270 crore. If such placement is completed, the fresh issue size will be reduced.
Proceeds of the issue will be used to the extent of Rs. 910.31 crore for the solar cell manufacturing unit and Rs. 141.24 crore will be used for solar module facility. The remaining proceeds will be used for general corporate purposes.
Waaree Energies is one of the major players in the solar energy industry in India focused on Photo-voltaic (PV) module manufacturing, with an aggregate installed capacity of 2 GW as of March 2021. It currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.
Led by Chairman, Managing Director and Pomoters, Hitesh Chimanlal Doshi who has over 21 years of experience in the engineering industry. The company is also in the process of setting up another manufacturing facility at Chikhli, Gujarat, where it is implementing its capacity expansion plans for PV modules as well as setting up of facilities for backward integration into solar cell manufacturing. The proposed addition of 3 GW PV module manufacturing capacity is expected to be operational by the end of fiscal 2022, and the 4 GW solar cell manufacturing capacity is expected by the end of fiscal 2023.
Among the PV module industry, the Mumbai based company competes with Vikram Solar, Mundra Solar (Adani), Premier Energies, RenewSys India, Emmvee Photovoltaic Power and Alpex Solar.
The company’s key clients in the domestic utility and enterprise segment include ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra. Among international client, it serves Central 40 and Novel Energy.
The company reported revenue from operations of Rs 1,952.78 crore for the fiscal year 2020-21, while its net profit stood at Rs 48.19 crore.
Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Intensive Fiscal Services Private Limited are the book running lead managers to the issue.
