Waaree Energies collects Rs 1,277 crore from anchor investors ahead of IPO

New Delhi: Solar panel maker Waaree Energies on Friday said it has mobilised Rs 1,277 crore from anchor investors days before its initial share-sale opening for public subscription.

Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, The Prudential Assurance Company, National Pension Service (Managed by BlackRock Institutional Trust Company, NA), HDFC Mutual Fund (MF), ICICI Prudential MF, Canara Robeco MF, Tata MF and Bandhan MF are among the anchor investors.

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According to a circular uploaded on BSE's website, the company has allotted 84.96 lakh equity shares to 92 funds at RS 1,503 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 1,277 crore.

Out of the total allocation of 84.96 lakh equity shares to the anchor investors, 28.32 lakh equity shares, amounting to 33.33 per cent of the total, were allocated to 17 domestic mutual funds through a total of 45 schemes.

The issue, with a price band of Rs 1,427 to Rs 1,503 per share, will open for public subscription on October 21 and conclude on October 23.

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 lakh equity shares worth Rs 721.44 crore, at the upper end of the price band, by a promoter and existing shareholders. This translates into the total size of Rs 4,321.44 crore.

In the public issue, shares valued Rs 65 crore have been reserved for the employees of the solar panel maker.

Under the OFS, promoter Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Pvt Ltd are offloading shares.

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.

The company's market valuation has been pegged at over Rs 4,300 crore post-issue at the upper end of the price band.

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.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.

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