India’s Leading Solar Panel Manufacturer Eyes IPO Windfall
Waaree Energies, India’s premier solar panel company, has officially filed for an initial public offering (IPO) to raise an impressive 30 billion rupees ($361 million), as per its recently released draft papers.
Surge in IPO Filings in India
Waaree Energies’ IPO announcement comes in the midst of a flurry of companies filing IPOs in India. Notable entities like e-commerce giant FirstCry and electric scooter manufacturer Ola Electric are part of this rush, taking advantage of the record-breaking number of listings this year.
Key Details of Waaree’s Offering
The solar powerhouse plans to issue 3.2 million fresh shares in its IPO, accompanied by its major shareholder, Waaree Sustainable Finance, selling up to 2.7 million shares, as outlined in the draft prospectus. The funds generated will primarily support capital expenditure, including the establishment of a substantial 6 gigawatt manufacturing facility in Odisha, eastern India.
Global Expansion with U.S. Investment
In a strategic move, Waaree Energies disclosed its intention to invest up to $1 billion in constructing a factory in Texas last week. This move aligns with the company’s strategy to tap into the surging demand for clean energy in the United States.
Waaree Energies’ IPO signifies its commitment to expansion and innovation, reflecting the broader trend of companies capitalizing on India’s economic growth and the favorable IPO climate.
Source：vccircle.com
