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Waaree Energies Limited, the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The Company’s initial public offering comprises a fresh issue of Equity Shares aggregating up to 30,000 million and an offer for sale of up to 3,200,000 Equity Shares having face value of 10 each.

The offer for sale comprises of up to 2,700,000 Equity Shares by Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited)( Promoter Selling Shareholder), up to 450,000 Equity Shares by Chandurkar Investments Private Limited and up to 50,000 Equity Shares by Samir Surendra Shah (Other Selling Shareholders)

The company proposes to utilize the Net Proceeds towards part financing the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India as well as for general corporate purposes.

Waaree Energies Limited commenced operations in 2007 focusing on solar PV module manufacturing, with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. Today, the Company is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 30, 2023. For FY23, the company had the second best operating income among all the domestic solar PV module manufacturers in India. The portfolio of solar energy products consists of the following PV modules: multicrystalline modules; monocrystalline modules; TopCon modules, comprising flexible modules which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.

The Company’s leadership position enables them to offer competitive pricing for the products, which in turn facilitates access to a large and diversified customer base and revenue generation from customers. In addition to their large utility and enterprise customer base in India, they have successfully developed a large customer base globally and the products are sold globally, including to customers in the United States, Canada, Italy, Hong Kong, Turkey and Vietnam, with United States being the biggest export market.  The Company is one of the largest retail players in India with a pan-India franchisee network focused on the rooftop and MSME business verticals. As of March 31, 2021, 2022 and 2023 and as of June 30, 2023, the retail network consisted of 290, 373, 253 and 284 franchisees across India, respectively. As of June 30, 2023, the Company operates four manufacturing facilities in India spread over an area of 136.30 acres, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, India. The manufacturing processes and stringent quality controls have enabled them to achieve various global accreditations for the solar products across India and globally.

The focus on continuous efficiency improvements, improved productivity and cost rationalization has enabled them to deliver consistent financial performance. The company has a healthy balance sheet, and have been able to maintain a low debt position. The revenue from operations increased at a CAGR of 85.92% from 19,530.39 million in FY21 to 67,508.73 million in FY23. The total income increased from 19,830.09 million for FY21 to 29,458.51 million for FY22 which further increased to 68,603.64 million for FY23 and was 34,149.98 million for the three months ended June 30, 2023.

The Company has a substantial order book of solar PV modules and as of November 30, 2023, the pending order book of solar PV modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for the subsidiary, Waaree Solar Americas Inc. located in the United States.

The company’s extensive experience in the solar PV module manufacturing business, deep market penetration together with significant and regular capacity expansion of their solar PV module manufacturing as well as backward integration into manufacturing of solar cells, position them well to capture the growing demand for solar energy products domestically and internationally

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited are the Book Running Lead Managers to the issue.

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