Waaree Energies, a manufacturer of solar panels, is in discussions with HNIs and family offices to fund 1,000 crore at a valuation of 13,000 crore in order to partially finance its capital expenditure plans. The fundraising is intended to secure the funding needed for Waaree's $8 billion capital expenditure plan, which calls for the establishment of 6-GW (gigawatts) of manufacturing capacity for solar modules, cells, ingots, and wafers under the production-linked incentive (PLI) system.
"The business has already gotten pledges for almost 600 crore. In this round, the promoter group will spend about 200 crore, the source claimed. The company secured $1 billion from HNIs and family offices just six months prior in an equity transaction led by ValueQuest assets
Advisors with more than $500 billion in assets. Prior to Waaree's first public offering (IPO), ValueQuest's MD, Ravi Dharamshi, stated that the investment company hopes to lead this capital round as well. Waaree needs funding for the greenfield project through a "combination of private placement as well as IPO," according to Dharamshi. "The Company has Initiated the Process for the Same," he continued. One of the reports claimed that ValueQuest had acquired a 10% investment in Waaree during the most recent financing. With a 9 GW capacity, Waaree now has the largest solar panel/module production footprint in the nation. According to the individual cited initially, the most recent capex plan is anticipated to be finished by FY26.
The company is now setting up a 5.4 GW cell manufacturing capacity and increasing its module manufacturing capacity from 9 GW to 12 GW. According to Dharamshi, Waaree has a market share of more than 20% and is India's top maker of solar modules. With a 70% market share, it is also India's leading exporter. In the past 12 months, Waaree Energies' order book has increased from $1 billion to $5 billion, the executive stated. The company initially filed for an IPO in September 2021, however the preparations were never implemented.
"Waaree has been able to attract strong interest from HNIs and family offices for the fundraise as the company has been able to take advantage of US import curbs on certain Chinese goods which impact imports of solar modules," stated the second person previously cited. The company posted good financial results, concluding FY23 with an Ebitda of over 850 crore, and it anticipates that its Ebitda would double in FY24.
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