The move is in sync with India's drive to bolster its renewable energy capacity and the global trend towards clean energy and fuels, in line with commitments at the latest COP
Solar panel manufacturer Waaree Energies has filed for an initial public offering (IPO) to raise $361 million. This move aligns with the nation's drive for increased renewable energy in response to a growing demand for power.
Waaree's IPO, which joins the ranks of recent entrants like FirstCry and Ola Electric, is fuelled by optimism around India's robust economic growth and expectations of political stability in 2024, propelling the stock market to unprecedented heights.
The IPO comprises the sale of 3.2 million shares, including up to 2.7 million shares from Waaree Sustainable Finance, an energy equipment manufacturer and the largest shareholder of Waaree Energies. The latter aims to raise 30 billion rupees by selling new shares, part of which will fund a planned 6-gigawatt manufacturing facility in Odisha.
Amid India's push to increase non-fossil fuel energy capacity, particularly from solar and wind sources, green energy companies like Waaree are thriving.
Competing with industry giants like Adani Green and Tata Power, Waaree witnessed a remarkable over-sixfold surge in profit for the fiscal year ending March 31.
Aiming to expand its global presence, Waaree recently unveiled plans to invest up to $1 billion in constructing a factory in Texas. The lead managers for Waaree's IPO include SBI Capital Markets, Jefferies India, and Nomura Financial Advisory and Securities. As of now, $1 equals Rs 83.1450.