Thu Oct 17 03:49:44 UTC 2024: ## Waaree Energies Sets Price Band for ₹4,321 Crore IPO

**Mumbai, October 19:** Waaree Energies, a leading solar panel manufacturer in India, announced its upcoming initial public offering (IPO) will open on October 21 and close on October 23, with a price band set between ₹1,427 and ₹1,503 per share.

The IPO, valued at ₹4,321.44 crore, consists of a fresh issue worth ₹3,600 crore and an offer for sale (OFS) of 48 lakh shares worth ₹721.44 crore by promoter Waaree Sustainable Finance and shareholder Chandurkar Investments. The anchor investor window will open on October 18.

The issue has been allocated as follows: 50% for qualified institutional investors, 35% for retail investors, and 15% for non-institutional investors. An additional ₹65 crore worth of shares have been reserved for employees.

Proceeds from the fresh issue will be used to establish a 6-GW Ingot Wafer, Solar Cell, and Solar PV module manufacturing facility in Odisha, with a portion also dedicated to general corporate purposes.

Waaree Energies, a major player in the Indian solar energy sector, specializes in PV module manufacturing, with an installed capacity of 12 GW as of June 30. The company operates five manufacturing facilities across Gujarat and Uttar Pradesh.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are acting as book-running lead managers for the IPO.

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