Waaree Energies Revives IPO Plan After Raising Over $200 Mn In Private Capital
Waaree Group, one of India’s largest makers of solar energy equipment, has revived its plans to list its group holding company, nearly a year after shelving an initial public offering. The photovoltaic equipment maker, which is looking to aggressively expand its manufacturing capacity, may aim to raise as much as Rs 2,000 crore ($242 million) from the capital markets, most likely by the end of the year, a top company executive said.
Hitesh Mehta, the chief financial officer of the Waaree Group, told VCCircle in an interview that the group is planning to list its flagship company, Waaree Energies Ltd, during “this year only”.
However, he did not give a firm timeline for the IPO. Mehta said that Waaree was hoping to raise up to Rs 2,000 crore via the IPO and that the money will be used to fund the group’s capex plans, which involve increasing its solar module manufacturing capacity to 9GW and setting up a 5.4GW solar cell manufacturing capacity.
Although it shelved its IPO plans, the Waaree Group has raised Rs 2,000 crore from private investors since late last year. In September 2022, it completed a Rs 1,000 crore fundraising round from high-net-worth individuals (HINs) and family offices. The group followed it up with a similar amount in June this year.
Waaree Energies revives IPO plan after raising over $200 mn in private capital (vccircle.com)
