New Delhi, Oct 18 (PTI) Solar panel maker Waaree Energies on Friday said it has raised Rs 1,277 crore from anchor investors days before the initial sale of shares for public subscription.

Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, The Prudential Assurance Company, National Pension Service (managed by BlackRock Institutional Trust Company, NA), HDFC Mutual Fund (MF), ICICI Prudential MF, Canara Robeco MF, Tata MF and Bandhan MF are among the key investors.

According to a circular posted on the BSE website, the company has allotted 84.96 lakh shares to 92 funds at RS 1,503 each, which is also the upper end of the price band. This totals the transaction size to Rs 1,277 crore.

Out of the total allotment of 84.96 lakh shares to anchor investors, 28.32 lakh shares, or 33.33 per cent of the total, were allotted to 17 domestic mutual funds through a total of 45 programs.

The issue, with a price band of Rs 1,427 to Rs 1,503 per share, will open for public subscription on October 21 and close on October 23.

The IPO is a combination of a fresh issue of equity shares totaling Rs 3,600 crore and an offer for sale (OFS) of 48 lakh equity shares worth Rs 721.44 crore, at the upper end of the price band, by a promoter and existing shareholders. . This translates to a total size of Rs 4,321.44 crore.

In the public issue, shares worth Rs 65 crore have been reserved for employees of the solar panel maker.

Under the OFS, promoter Waaree Sustainable Finance Pvt Ltd and shareholder Chandurkar Investments Pvt Ltd are transferring shares.

The proceeds from the fresh issue will be used for setting up the 6 GW (gigawatt) wafer ingot, solar cell and solar PV module manufacturing plant in Odisha. Additionally, a portion will be used for general corporate purposes.

The company’s market valuation was pegged at over Rs 4,300 crore post-issue, at the upper end of the price band.

Waaree Energies, one of the leading players in the solar power industry in India, is focused on manufacturing PV modules with a total installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, as well as the IndoSolar facility, in Noida, Uttar Pradesh.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the lead book-running managers of the issue.