Solar module maker Waaree Energies wins approval for IPO in India

Waaree Energies Secures SEBI Approval for INR 30 Billion IPO.

Expert Analysis:

• SEBI Approval: Waaree Energies received final SEBI approval to raise INR 30 billion through an IPO.

• IPO Breakdown: The IPO includes a fresh issue of shares worth INR 30 billion (USD 258.9m/EUR 322.8m) and an offer for sale of up to 3.2 million equity shares with a face value of INR 10 each by existing shareholders and promoters.

• Use of Proceeds: Proceeds will be used to build a 6-GW factory for wafers, cells, and modules in Odisha.

• Current Production Capacity: Waaree's current production capacity includes 12 GW for solar modules and 5.4 GW for cells at four Gujarat factories (Chikhli, Surat, Tumb, and Nandigram).