Indian solar panel maker Waaree Energies Ltd. is preparing to raise as much as $700 million through a share sale to institutional investors as soon as July, subject to market conditions, according to people familiar with the matter.
The company has selected Motilal Oswal Investment Advisors Ltd., JPMorgan Chase & Co., Nuvama Wealth Management Ltd. and Nomura Holdings Inc. to manage the offering, the people said, asking not to be identified because the information is private. Waaree is expected to begin formal marketing for the planned share sale next month, the people said.
Deliberations are ongoing and details of the transaction, including the timing and size, could still change, the people said. Representatives for Waaree Energies and the banks didn’t immediately respond to requests for comment.
On April 29, Waaree’s board approved a fundraising plan of as much as 10,000 core ($1 billion) through one or more qualified institutional placements or other routes.
The company had an order book of about 53,000 crore and plans capital expenditure of 30,000 crore across businesses to fuel its next phase of growth, management said during an earnings call on April 30.
Waaree launched its initial public offering in October 2024, raising 4,320 crore at a price of 1,503 rupees a share. The stock price has more than doubled since then and is trading at 3,113 rupees.
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