Wed Oct 16 13:03:19 UTC 2024: ## Waaree Energies to Raise Rs 4,321 Crore in IPO, Expanding Solar Cell Production

**MUMBAI:** Waaree Energies, a leading solar PV module manufacturer, is set to enter the solar cell manufacturing market and has announced plans for an Initial Public Offering (IPO) worth Rs 4,321 crore. The issue, which will open on October 21, will be priced between Rs 1,427 and Rs 1,503 per share.

Founded in 1990, Waaree boasts an impressive track record in solar module manufacturing, with a combined installed capacity of 12 GW across its plants in Gujarat. The company is also actively expanding its operations, currently building a Rs 2,500 crore solar cell plant in Gujarat.

The IPO will involve fresh equity shares worth Rs 3,600 crore and an offer for sale of up to 48 lakh shares by existing shareholders, totalling Rs 721.44 crore.

While the Doshi family, the promoter group, will dilute 10% of their holdings through the offer for sale, the main external shareholder Valuequest, which owns over 10%, will not be participating.

Waaree reported a strong financial performance in FY23 and FY24, with revenues reaching Rs 6,800 crore and Rs 11,600 crore, respectively. The company’s net income also saw significant growth, increasing from Rs 5,000 crore in FY23 to Rs 1,270 crore in FY24.

A major chunk of the IPO proceeds (Rs 2,700 crore) will be used to finance the construction of a new Rs 9,000 crore PV module plant in Odisha. The company has already secured funding for the project from an SBI-led consortium of lenders, who have committed Rs 5,000 crore.

Waaree is a financially strong company, with a cash balance of Rs 3,600 crore and only Rs 360 crore in long-term debt.

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