Competing with industry giants like Adani Green and Tata Power, Waaree witnessed a remarkable over-sixfold surge in profit for the fiscal year ending 31 March  

 The manufacturer of solar panels, Waaree Energies, has formally filed for an IPO, hoping to raise USD 361 million. This calculated action is in line with India’s focus on increasing the amount of renewable energy it can produce to fulfil the country’s rising power demands. The news of the IPO follows in the footsteps of other recent market debuts, namely FirstCry and Ola Electric. The stock market reached record highs due to optimism surrounding India’s strong economic growth and predictions of political stability in 2024.

The main stakeholder of Waaree Energies and a manufacturer of energy equipment, Waaree Sustainable Finance, is offering up to 2.7 million shares for sale as part of the IPO, which involves the sale of 3.2 million shares overall. Through the sale of additional shares, Waaree Energies hopes to raise 30 billion rupees, some of which will go towards building a 6-gigawatt production facility in Odisha.

Within the framework of India’s coordinated endeavours to increase the capacity of non-fossil fuel energy sources, particularly solar and wind power, businesses in the green energy space, such as Waaree, are growing significantly. Waaree had an astounding over-sixfold increase in profit for the fiscal year that ended on the 31 of March, despite competition from industry heavyweights like Adani Green and Tata Power.

Waaree has revealed intentions to invest up to USD1 billion in building a facility in Texas as part of its global expansion strategy. SBI Capital Markets, Jefferies India, and Nomura Financial Advisory and Securities are the lead managers for Waaree’s initial public offering. At the moment, USD 1 is equivalent to 83.1450 rupees.