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Solar panel maker Waaree Energies gets SEBI nod for IPO

On expansion mode, new unit coming up in Guj

With SEBI nod, Solar module major Waaree Energies Ltd is set to go ahead with its IPO.

MUMBAI, Jan 10 (The CONNECT) – Solar module major Waaree Energies Ltd, has received SEBI observations for its initial public offering (IPO) which amount to the market regulator’s nod for the issue.

Waaree Energies - the country's largest solar module manufacturer and the fastest growing EPC Company with presence across 68 countries - had filed draft red herring prospectuis (DRHP) with Sebi in September. The IPO comprises fresh issue of shares worth Rs 1350 crore, and an offer for sale (OFS) up to 4,007,500 equity shares by the company's promoters and shareholders.

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 Private Limited; 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 with four factories 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 in the process of setting up its fifth manufacturing facility at Chikhli, Gujarat.

In the PV module industry, the Mumbai based company competes with Vikram Solar Limited, Mundra Solar Private Limited (Adani), Premier Energies Limited, RenewSys India Private Limited, Emmvee Photovoltaic Power Private Limited and Alpex Solar Private Limited. 

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.

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