Mumbai3 minutes ago
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Solar panel manufacturer, Vaari Energies Limited, has announced the price band for its initial public offering or IPO. This IPO is opening for subscription on 21st October and will close on 23rd October.
The company has fixed the price band between ₹1,427 to ₹1,503. Investors can bid for lots of nine shares and then in multiples of nine. That is, Rs 13,527 will have to be invested for one lot. At the upper end of the price band, the company plans to raise ₹4,321 crore.
35% of the offer reserved for retail investors
- The company will raise funds from anchor investors on October 18. 50% of the IPO is reserved for institutional investors, while 15% of the issue is reserved for non-institutional investors. 35% of the offer has been set aside for retail investors.
- Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book running lead managers of the IPO.
Company will build solar cell and solar PV module manufacturing facility
The Mumbai-based company will use the proceeds from the fresh issue to set up a 6GW (gigawatt) ingot wafer, solar cell and solar PV module manufacturing facility in Odisha. Additionally, a portion will be used for general corporate purposes.
Vaari Energy is one of the major players in the solar energy industry in India. It operates five manufacturing facilities in Gujarat with one factory located at Surat, Tumbh, Nandigram and Chikhali. There is also an Indosolar facility in Noida, Uttar Pradesh.
