Waaree Energies Limited IPO Date, Company Details: Good news is coming for the IPO investors of the country. Let us tell you that solar PV module manufacturing company Vaari Energies Limited can launch its IPO in mid-October.
Waaree Energies Limited has received market regulator SEBI’s approval for public issue on September 20. Fresh equity shares worth Rs 3000 crore will be issued under this IPO.
According to the information received, 32 lakh shares will be sold by the existing shareholders through Offer for Sale (OFS). Where Waaree Energies will use the funds Promoter Waaree Sustainable Finance will sell 27 lakh shares in the offer-for-sale, and the remaining 5 lakh shares will be sold by non-promoter Chandurkar Investments and Sameer Surendra Shah.
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Waaree Energies Limited IPO Motive
According to the filing, Waaree Energies Ltd intends to use the IPO proceeds for setting up a 6 gigawatt (GW) ingot wafer, solar cell and solar PV module manufacturing facility in Odisha as well as for general corporate purposes.
Waaree Energies Limited Business Details
Waaree Energies began operations in 2007. It has increased the total installed capacity from 2 GW in FY2021 to 12 GW in June 2023. The company has four manufacturing facilities in Gujarat.
According to the media reports, Waaree Energies solar PV modules are currently manufactured with the help of emerging technologies such as multicrystalline cells, monocrystalline cells and Tunnel Oxide Passivated Contact (TopCon). This helps in reducing energy loss and increasing overall efficiency.