Mumbai-based manufacturer of solar PV modules Waaree Energies has received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO) of equity shares.

The company filed the draft IPO papers with SEBI on December 29, 2023. It had also proposed an IPO in 2021 but did not go through with the issue.

The IPO comprises a fresh issue of equity shares worth ₹30 billion (~$358.77 million) and an offer for sale of up to 3.2 million equity shares with a face value of ₹10 (~$0.12) each.

The offer for sale consists of up to 2.7 million equity shares by Waaree Sustainable Finance, a Promoter Selling Shareholder, up to 450,000 equity shares by Chandurkar Investments, and up to 50,000 equity shares by Samir Surendra Shah.

The company plans to utilize the IPO proceeds to establish a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha and for general corporate purposes.

The Book Running Lead Managers to the issue are 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.

In 2023, the company announced it would build a 5 GW integrated solar cell and module manufacturing facility in Brookshire in the U.S. The facility is expected to produce 3 GW of solar modules annually by the end of 2024.

Waaree Energies is a solar module manufacturer with an aggregate installed capacity of 12 GW as of June 30, 2023. It was among the top 5 solar module suppliers, according to Mercom’s India Solar Market Leaderboard 2024.

The top five suppliers contributed 59.4% of module capacities shipped to domestic solar projects. Waaree Energies accounted for nearly 6% of the annual module shipments.