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  3. Solar module maker Waaree Energies wins approval for IPO in India

Solar module maker Waaree Energies wins approval for IPO in India

24 Sept 2024

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Key Takeaways

Waaree Energies targets INR 30 billion through IPO to expand its solar production.

Waaree Energies targets INR 30 billion through IPO to expand its solar production.

Waaree Energies

Waaree Energies

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Expert Analysis

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).

Publisher:Renewables Now