Solar manufacturer Waaree preps USD-350m IPO in India - report

Indian solar product maker Waaree Energies Ltd is seeking to raise up to USD 350 million (EUR 334.4m) in an initial public offering (IPO) to support its capital requirements and bankroll plans to expand its manufacturing capacity.

The company aims to obtain between USD 300 million and USD 350 million in a transaction that would value the business at USD 3 billion, the Economic Times reports. Unnamed sources have told the daily that investment banks Axis Capital, Jefferies and Nomura will assist Waaree in the planned listing, a draft prospectus for which is expected to be filed by the end of this year.

Plans for the IPO follow the Indian firm’s INR-10-billion equity funding round in August led by Indian investment firm ValueQuest and a INR-10.4-billion fundraising last October. With the fresh capital, it will be able to expand its production and repay some debt, the sources have said.

Mumbai-based Waaree already has 12 GW of solar panel factories in Chikhli, Surat and Umbergaon in the state of Gujarat. It aims to achieve solar module, cell and wafer production capacity of 20 GW, 11.4 GW and 6 GW, respectively, over the next two years.

(USD 1.0 = EUR 0.955)

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