The Rs 4,321 crore initial public offering (IPO) of Waaree Energies opened for public subscription today. The issue will close on October 23 and comprises a fresh share issuance of Rs 3,600 crore and an offer for sale (OFS) of up to 48 lakh shares worth Rs 721.4 crore.
Ahead of the issue opening, the company mopped up Rs 1,277 crore from 92 anchor investors, including the likes of HDFC Funds, Aditya Birla Funds, Mirae Asset, Motilal Oswal Funds, Pinebridge and Nomura among others.
Ahead of the issue opening, the company mopped up Rs 1,277 crore from 92 anchor investors, including the likes of HDFC Funds, Aditya Birla Funds, Mirae Asset, Motilal Oswal Funds, Pinebridge and Nomura among others.
The price band for the issue has been decided in the range of Rs 1,427- Rs 1,503 per share.
Post the issue, promoter’s holdng in the company will be brought down to 64.15 per cent.
IPO objective:
Through the proceeds, the renewable energy company intends to partially finance the cost of establishing a 6GW ingot-wafer, solar cell, and solar PV module manufacturing facility in Odisha, India. Also, it intends to deploy the remaining funds towards general corporate purpose.
