Wed Oct 16 17:43:51 UTC 2024: ## Waaree Energies to Raise Rs 4,321 Crore in IPO

**Mumbai, India (October 16, 2024):** Solar panel manufacturer Waaree Energies announced its initial public offering (IPO) plans, aiming to raise Rs 4,321 crore. The IPO, which opens for subscription on October 21st and concludes on October 23rd, will offer a price band of Rs 1,427 to Rs 1,503 per share.

The IPO comprises a fresh issue of Rs 3,600 crore and an Offer For Sale (OFS) of Rs 721.44 crore by promoter Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Private Ltd.

The minimum investment amount for retail investors is Rs 13,527 (9 shares), while small Non-Institutional Investors (NII) need to apply with a minimum investment of Rs 2,02,905 (135 shares) and big NII with Rs 10,00,998 (666 shares). Employees of Waaree Energies have been allotted Rs 65 crore worth of shares.

Proceeds from the fresh issue will be utilized for setting up a 6 GW Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha and for general corporate purposes.

Waaree Energies, with an aggregate installed capacity of 12 GW as of June 30, 2023, is a leading player in the Indian solar energy market. The company operates five manufacturing facilities across Gujarat and Uttar Pradesh.

The IPO is being managed by Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital.

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