Waaree Energies revives IPO plan after raising over $200 million in private capital

Solar energy equipment manufacturer, Waaree Group, has revived its plans to list its group holding company, after previously shelving an initial public offering (IPO). The company, which is looking to aggressively expand its manufacturing capacity, may aim to raise as much as Rs 20 billion ($242 million) from the capital markets, most likely by end 2023.
The funds will be used to fund the group’s capital expenditure plans, which involve setting up a 5.4 GW solar cell manufacturing capacity and increasing its solar module manufacturing capacity to 9 GW.