L-R: Mr. Amit Paithankar, Chief Executive Officer, Waaree Energies Limited; Mr. Hitesh Chimanlal Doshi, Chairman and Managing Director, Waaree Energies Limited; Mr. Sonal Shrivastava, Chief Financial Officer, Waaree Energies Limited; Mr. Hitesh Mehta, Whole Time Director, Waaree Energies Limited; Mr. Abhishek Pareek, Group Finance Controller, Waaree Energies Limited
L-R: Mr. Vishal Bangard, Head ECM and Senior Vice President, IIFL Securities Limited; Mr. Suraj Krishnaswamy, Managing Director – Investment Banking, Axis Capital Limited; Mr. Amit Paithankar, Chief Executive Officer, Waaree Energies Limited; Mr. Hitesh Chimanlal Doshi, Chairman And Managing Director, Waaree Energies Limited; Mr. Sonal Shrivastava, Chief Financial Officer, Waaree Energies Limited; Mr. Hitesh Mehta, Whole Time Director, Waaree Energies Limited; Mr. Abhishek Pareek, Group Finance Controller, Waaree Energies Limited; Mr. Mahesh Natarajan, Executive Director, Head Of ECM India, Normura Financial Advisory and Securities (India) Private Limited; Mr. Jibi Jacob, Managing Director, Head of Equity Capital Markets India, Jefferies India Private Limited and Mr. D. K. Surana, Managing Director, Intensive Fiscal Services Private Limited
Mr. Hitesh Chimanlal Doshi, Chairman And Managing Director, Waaree Energies Limited
MUMBAI, 16 OCTOBER, 2024 (GPN):The Mumbai based Solar panel maker Waaree Energies Limited has scheduled its IPO on Monday October 21 involving fresh issue of shares worth Rs 3,600 crore.
The IPO will conclude on Wednesday October 23 and the bidding for anchor investors will open for a day on Friday October 18, according to the Red Herring Prospectus (RHP).
The Price Band of the Offer has been fixed from Rs. 1,427 to Rs. 1,503 per Equity Share. Bids can be made for a minimum of 9 Equity Shares and multiples of 9 Equity Shares thereafter.
As per the documents, the IPO is a combination of a fresh issue of equity shares aggregating to Rs 3,600 crore and an Offer For Sale (OFS) of 48,00,000 equity shares with a face value of Rs. 10 each by a promoter and existing shareholders. Promoter Waaree Sustainable Finance Private Ltd and shareholder Chandurkar Investments Pvt Ltd are selling the OFS shares, according to the Draft Red Herring Prospectus (DRHP).
Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.
Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.
It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.
The firm has twelve direct subsidiaries and three step-down subsidiaries. Waaree Energies’ subsidiaries are Waaree Clean Energy Solutions Private Ltd, Waaree Power Private Ltd, Waaneep Solar One Private Ltd, Sangam Solar One Private Ltd, Waaree Energy Storage Solutions Private Ltd, Waaree Forever Energies Private Ltd, Waaree Green Aluminium Private Ltd, Rasila International Pte Ltd, Waaree Renewable Technologies Ltd, Waaree Solar Americas Inc, Indosolar Ltd, and Waaree Energies Middle East FZE. Additionally, the company’s step-down subsidiaries include Waasang Solar One Private Ltd, Sunsational Solar Private Ltd, and Sunsantional Energy Private Ltd.
Earlier, the company had filed preliminary papers with Sebi in September 2021, for floating an IPO but deferred the maiden public issue. The issue comprised a fresh issue of equity shares aggregating to Rs 1,350 crore and an OFS of 40,07,500 equity shares by existing shareholders and promoters.
Waaree Energies has demonstrated impressive financial growth. For the fiscal year ending March 31, 2023, the company reported revenue from operations of Rs 6,750 crore, a substantial increase from Rs 2,854 crore in FY22. Profit after tax was Rs 500.2 crore, nearly five times higher than Rs 79.6 crore in FY22, with net cash reserves of Rs 642 crore, indicating a positive cash flow.
As per the CRISIL report as of June 30, 2024, the company has emerged as the foremost manufacturer of solar PV modules in India, with a remarkable total installed capacity of 12 GW.From 2007 onwards, the company has been committed to producing solar PV modules with the goal of providing cost-effective, top-notch sustainable energy solutions in various markets and contributing to the reduction of carbon emissions, thereby promoting sustainable energy and improving the overall quality of life.
The individuals promoting the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited. As of the RHP date (October 14), Hitesh Chimanlal Doshi possesses 14,104,082 equity shares, Viren Chimanlal Doshi possesses 10,954,007 equity shares, Pankaj Chimanlal Doshi possesses 24,604,384 equity shares, and Waaree Sustainable Finance Private Ltd possesses 57,117,331 equity shares. These shares represent 5.36%, 4.16%, 9.34%, and 21.69%, respectively, of the pre-Offer issued, subscribed, and paid-up equity share capital of their company.
Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited are the Book Running Lead Managers (BRLM) for the issue.
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