Waaree Targets Up To INR 30 Billion Via IPO

• Waaree Energies has filed DRHP with SEBI to launch its IPO to raise around $361 million 
• It plans to offer 3,200,000 shares, pricing these at INR 10/share to fund its expansion plans 
• The proceeds raised will be used to finance its 6 GW vertically integrated solar PV manufacturing in Odisha 
• It has also signed a contract with Australia's 5B to produce Maverick Blocks in India 

Indian solar PV modules manufacturer Waaree Energies has revealed plans to raise INR 30 billion ($361 million) via the initial public offering (IPO) route. It is offering up to 3,200,000 equity shares with a face value of INR 10/share to invest in its expansion plans. 

In a draft red herring prospectus (DRHP) filed with the Indian market regulator Securities and Exchange Board of India (SEBI), Waaree plans to sell up to 3,200,000 equity shares, including 2,700,000 by Waaree Sustainable Finance which was previously known as Mahavir Thermoequip Private Limited. 

Part of the proceeds are planned to be used to finance the cost of establishing 6 GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha state of India. The remaining amount will be deployed for general corporate purposes. 

As one of the winners of the Indian government's Production Linked Incentive (PLI) scheme, Waaree won INR 199.23 billion for 3 GW out of the 6 GW production plans. Later, it raised equity funding of INR 10 billion in a round led by investment firm ValueQuest (see ValueQuest Leads Funding For Indian Module Maker). 

With a 12 GW of solar module manufacturing capacity in India as of June 30, 2023, Waaree produces multicrystalline, monocrystalline and TOPCon solar panels at its 4 factories at Surat, Tumb, Nandigram and Chikhli, all in the state of Gujarat. 

In December 2023, it announced a manufacturing footprint expansion to the US with a 5 GW module factory in Houston, along with an integrated cell facility (see Waaree's Solar Cell & Module Manufacturing Plans For US).  

Waaree had previously filed draft IPO documents with SEBI in September 2021 to raise around INR 13.5 billion for 3 GW solar and module capacity in Gujarat. Later in January 2022, it secured a green signal from SEBI; however, the company reportedly did not go through with it (see India PV News Snippets).  

5B partnership 

Separately, Waaree Group's Waaree Renewable Technologies Limited (Waaree RTL) has signed a Long Form Heads of Agreement (LFHOA) with Australia's 5B Industries PTY LTD. It will lead to the production of 5B's Maverick Blocks in India. 5B's Maverick is a pre-fabricated, 50 kW ground-mounted, modular and re-deployable solution for solar arrays. 

The duo plans to bring down the build cost of Maverick Blocks with an economically competitive price point for the Indian market. 

Waaree RTL said this partnership will accelerate the deployment of utility-scale solar power locally in India along with international markets with a US-compliant supply chain. 

"This partnership with India's largest module manufacturer gives us a foothold in the biggest solar market, the most cost-effective domestic manufacturing hub, and the capability for swift scaling to gigawatt production," said 5B CEO David Griffin. "The joint Waaree5B Maverick production facility is set to commence operations in the first half of 2024, poised to scale up to gigawatt production levels."  

In April 2023, 5B broke ground for its Advanced Manufacturing Line to produce the Maverick solution in Australia (see 5B Constructing New Manufacturing Plant).