Waaree Energies files IPO draft with SEBI
Proceedings from the fresh issue will be used to finance the setting up a 2 GW solar cell manufacturing facility and a 1 GW solar module manufacturing facility
Mumbai-based Waaree Energies, a solar module manufacturer, has submitted a red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise INR 1,350 crore via Initial Public Offering (IPO).
Additionally, it involves an offer for sale (OFS) component along with fresh equity shares worth INR 1,350 crore. The DRHP is the preliminary IPO registration document for prospective firms.
A total of INR 978.36 crore and INR 184.23 crore proceedings from the fresh issue will be used to finance the cost of setting up a 2 gigawatt (GW) solar cell manufacturing facility and a 1 gigawatt (GW) solar module manufacturing facility in Gujarat’s Degam village.
While the rest of the proceeds is to be for general corporate purposes, the company stated.
Currently, the company owns and operates three manufacturing facilities in India including four factories at Surat Tumb and Nandigram, which comprise 2 GW of installed capacity as of March 31st, 2021.
An equity share issue of INR 1,350 crore comprises a Fresh Issue of equity shares with a face value of INR 10 each along with an OFS of 4,007,500 equity shares by existing shareholders and promoters.
The OFS comprises of a sale by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi, and Mahavir Thermoequip of 1,315,000 shares, and by Samir Surendra Shah of up to 40,000 along with up to 22,500 shareholdings by Nilesh Gandhi together with Drasta Gandhi.
Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities, and Intensive Fiscal Services have been appointed to represent the Issue as lead managers.
As of 31 March 2021, the company’s operating revenue stood at INR 1,952.78 crore, down from INR 1,995.78 crore in the previous fiscal year. In the same period, the net profit amounted to INR 48.19 crore, up from INR 39.02 crore during the previous year.
Moving forward, Waaree also plans to set up another manufacturing facility at Chikhli in Gujarat. In fiscal 2022, a 3 GW module manufacturing capacity is to be operational, and a 4 GW of the solar cell manufacturing capacity is expected to become operational by fiscal 2023.
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