Waaree Energies, a leading solar module manufacturer in India, has announced plans for an initial public offering (IPO) aiming to raise between $300 and $350 million. The move comes on the heels of a ₹1,000 crore ($134 million) fundraising round led by ValueQuest and is supported by Axis Capital (NYSE: AXS ), Jefferies, and Nomura.
The company's growth trajectory has been significantly influenced by US import restrictions on certain Chinese goods, which have affected solar module imports. As a result, Waaree has seen its order book expand to a value of $5 billion.
For the fiscal year ending 2023, Waaree reported an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of over Rs 850 crore ($113 million). The company aims to double its EBITDA in the fiscal year 2024.
To achieve this ambitious goal, Waaree plans to implement backward integration in solar cell production and expand to 20 GW of module capacity and 6 GW wafers manufacturing capacity. The forthcoming IPO will also facilitate an exit for some of the company's investors.
Waaree is also taking advantage of the Indian government's Production Linked Incentive (PLI) scheme, which allocates 48,337 MW manufacturing capacity. The company intends to add a 5.4 GW solar cells capacity under this scheme and has already secured a 6,000 MW allocation. This puts Waaree ahead of its competitor ReNew Power, which secured a 4,800 MW allocation under the same scheme.
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