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.
