Waaree Energies to Pursue $700 Million Institutional Share Placement with Banker Support

Waaree Energies Prepares to Raise Up to $700 Million in Share Sale

Indian solar panel maker Waaree Energies Ltd. is poised to raise as much as $700 million through a share sale to institutional investors as early as July, pending market conditions, according to sources familiar with the matter.

The company has chosen Motilal Oswal Investment Advisors Ltd., JPMorgan Chase & Co., Nuvama Wealth Management Ltd., and Nomura Holdings Inc. to manage the offering. Waaree is expected to initiate formal marketing for the planned share sale in the next month, subject to the ongoing deliberations.

Deliberations are ongoing, and details of the transaction, including the timing and size, may still change, the sources said. Representatives for Waaree Energies and the banks have not responded to requests for comment.

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On April 29, Waaree's board approved a fundraising plan of up to 100 billion rupees ($1 billion) through one or more qualified institutional placements or other routes. This plan is part of the company's strategy to fuel its next phase of growth.

Waaree had an order book of approximately 530 billion rupees and plans capital expenditure of 300 billion rupees across businesses. The company's management discussed these plans during an earnings call on April 30.

Waaree launched its initial public offering in October 2024, raising 43.2 billion rupees at a price of 1,503 rupees a share. The stock price has more than doubled since then and is currently trading at 3,113 rupees.

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