Waaree Energies Unlisted Shares
Waaree plans $350 million IPO fundraise, targets $3 billion valuation
The Economic Times
2 min read
Waaree plans a $350 million IPO fundraising, targeting a $3 billion valuation.
Justification
The biggest Solar panel manufacturer with an installed capacity of 12 GW, Waaree Energies, is working with investment banks Axis Capital, Jefferies, and Nomura on the proposed IPO to raise $300-350 mn at a valuation of $3 billion.
The IPO will serve as a means to finance its capex initiatives and offer an exit strategy for recent private investors. In August 2022, it secured Rs 1000 Cr in funding, led by ValueQuest.
Waaree, boasting a $5 billion order book and a strong presence in exports, aims to backward integrate into solar cell production with a 5.4 GW capacity. Over the next two years, plans to reach 20 GW in module capacity, 11.4 GW in cell manufacturing, and 6 GW in wafer manufacturing capacity.
The Indian government has allocated a manufacturing capacity of 48,337 MW under the PLI scheme to reduce imports from China in the growing renewables sector.
With an EBITDA of over 850 Cr in FY23, expected to double in FY24, the company expects huge growth potential.
The proceeds will deleverage the company, providing capital for growth opportunities.
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