Waaree Energies Announces Price Band For Its IPO

Waaree Energies Announces Price Band For Its IPO

Indian solar module manufacturer Waaree Energies has announced the price band for its upcoming Initial Public Offering (IPO) during a press conference in Mumbai. The price range has been set between Rs 1,427 and Rs 1,503 per equity share.

The company will offer a minimum lot of nine equity shares, with additional shares available in multiples of nine. Waaree plans to utilize the funds raised through the IPO to finance its new 6 GW facility in Odisha, which will produce ingots, wafers, solar cells, and solar modules.

Waaree Energies aims to raise Rs 3,600 crore through the IPO. The subscription period for the public listing will open on October 21, 2024, and close on October 23, 2024. Post-allotment, the company is expected to be listed on Indian stock exchanges on October 28, 2024.

Currently, two other arms of the Waaree Group — Waaree Renewable (EPC division) and Waaree Technologies (storage division) — are already publicly listed. Following the reimposition of the Approved List of Models and Manufacturers (ALMM) in India, many domestic module manufacturers, including Waaree, are expanding their operations, with several entering the solar cell manufacturing sector.

Waaree Energies is set to begin solar cell manufacturing in Gujarat and expand its wafer and ingot production in Odisha. The company’s current module manufacturing capacity is approximately 13 GW, with plans to further expand and explore new technologies such as HJT (heterojunction-terminal).

Other renewable energy companies such as Sterling and Wilson, Borosil Renewables, KPI Green Energy, AHA Solar, Premier Energies, Gensol Engineering, and Websol have already made their stock market debuts. In the solar cell space, Premier Energies and Websol are key players.

Premier Energies, based in Hyderabad, recently entered the stock market with an IPO in late August, and has since performed well. Premier Energies issued its IPO at a price band of Rs ₹427–₹450 per share.

Waaree Energies, as a leading solar module manufacturer, expects positive returns, thanks to its strong manufacturing capacity and diversified portfolio. The company also views government policies, such as tariff barriers (like the Basic Customs Duty on solar cell and module imports) and non-tariff measures (such as the ALMM), as key drivers of growth for India’s solar industry.