Waaree Energies files IPO papers with SEBI, fresh issue portion at Rs 3,000 crore
Leading solar panel manufacturer Waaree Energies has filed the preliminary papers with the capital markets regulator SEBI for fund raising through initial public offering, on December 28. The IPO is a mix of fresh issue of shares worth Rs 3,000 crore by the company and an offer-for-sale (OFS) of 32 lakh equity shares by the existing shareholders.
Promoter entity Waaree Sustainable Finance (formerly known as Mahavir Thermoequip) will be selling 27 lakh shares in the OFS, while others Chandurkar Investments and Samir Surendra Shah will be offloading 5 lakh shares. Promoters hold 72.32 percent shareholding in the company, and the remaining 27.68 percent shares are held by public.
The Gujarat-based firm with four manufacturing facilities recorded a massive 538 percent on-year growth in net profit at Rs 482.8 crore for the year ended March FY23, and revenue from operations grew by 136.5 percent to Rs 6,750.9 crore compared to FY22, while the revenue during FY21-FY23 grew at a CAGR of 86 percent. It has reported net profit at Rs 336 crore for the quarter ended June FY24, on revenue of Rs 3,328.3 crore.
