Solar panel manufacturer, Waaree Energies, has submitted draft papers for an initial public offering (IPO) with the aim of raising Rs 3,000 crore ($361 million). 

The move aligns with a trend of various companies, such as FirstCry and Ola Electric, filing for IPOs amidst a surge in listings, buoyed by ample liquidity and strong investor interest in India’s growing economy. 

The optimism is fuelled by robust economic growth and expectations of the ruling party, led by Prime Minister Narendra Modi, retaining power in the 2024 elections, propelling benchmark indices to unprecedented levels.

Waaree Energies’ IPO includes the issuance of 3.2 million new shares, with major shareholder Waaree Sustainable Finance planning to sell up to 2.7 million shares, as outlined in the draft prospectus. 

The funds raised will be directed towards various capital expenditures, including the establishment of a 6 gigawatt (GW) manufacturing facility in Odisha.

In addition to its domestic plans, Waaree Energies recently announced a significant investment of up to $1 billion to construct a factory in Texas, responding to the surging demand for clean energy in the United States. 

This strategic move underscores the company’s commitment to capitalising on global opportunities and meeting the growing need for sustainable energy solutions.

(With Reuters Inputs)