Waaree Energies, a solar module manufacturer, has filed a draft red herring prospectus (DRHP) with capital market regulator Sebi. The company plans to raise Rs 3000 crore through fresh issue of shares in the IPO.
The company plans to use the IPO proceeds towards part financing the cost of establishing the 6GW of ingot wafer, solar Cell and solar PV module manufacturing facility in Odisha as well as for general corporate purposes.
The offer for sale comprises up to 2.7 million equity shares by Waaree Sustainable Finance Private Limited, up to 450,000 shares by Chandurkar Investments Private Limited and up to 50,000 Equity Shares by Samir Surendra Shahm.
Waaree Energies commenced operations in 2007 focusing on solar PV module manufacturing.
Waaree last week said it would invest up to $1 billion in setting up a solar module manufacturing plant in Texas, US. The facility, to be located in Brookshire, would have an initial capacity to manufacture 3 gigawatts (GW) of solar modules annually by the end of 2024. The company plans to expand the capacity to 5 GW by 2027.
In August, Waaree Energies raised Rs 1,000 crore in a funding round led by investment firm ValueQuest, known for its strategic focus on sustainable and progressive ventures.
