Waaree Energies, solar panel maker, on Wednesday, set a price band of ₹1,427-1,503 for its upcoming IPO that will open on October 21 and end on October 23.
The ₹4,321.44-crore IPO is a combination of a fresh issue worth ₹3,600 crore and an offer for sale (OFS) of 48 lakh shares worth ₹721.44 crore by a promoter and existing shareholders. Under the OFS, promoter Waaree Sustainable Finance and shareholder Chandurkar Investments are offloading shares.
The window for anchor investors will open on October 18.
Half of the issue has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Besides, shares worth ₹65 crore have been reserved for employees.
Utility of funds
Proceeds from the fresh issue will be used for setting up the 6-GW Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.
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. 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), SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue.