Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. The product portfolio of solar energy products consists of the following PV modules;

• Multicrystalline modules
• Monocrystalline modules; and
• TopCon modules include flexible bifacial modules (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.

Waaree Energies Subsidiaries: The firm has twelve direct subsidiaries and three step-down subsidiaries. Waaree Energies’ subsidiaries are Waaree Clean Energy Solutions Private Ltd, Waaree Power Private Ltd, Waaneep Solar One Private Ltd, Sangam Solar One Private Ltd, Waaree Energy Storage Solutions Private Ltd, Waaree Forever Energies Private Ltd, Waaree Green Aluminium Private Ltd, Rasila International Pte Ltd, Waaree Renewable Technologies Ltd, Waaree Solar Americas Inc, Indosolar Ltd, and Waaree Energies Middle East FZE. Additionally, the company’s step-down subsidiaries include Waasang Solar One Private Ltd, Sunsational Solar Private Ltd, and Sunsantional Energy Private Ltd.

Group Companies: All India Solar Industries Association, Dhari Solar Park, ITEC Measures, Jain International Trade Organisation, SGP Industrial Infrastructure (formerly known as Waaree Renewables Private Limited), Shalibhadra Energies, Waa Cables, Waa Motors and Pumps, Waaree ESS, and Waaree Technologies are group companies of Waaree Energies.

For the year/period ended (Rs. in Cr.)

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• Largest solar PV module manufacturer in India well positioned to capture industry tailwinds and growth prospects for solar energy in India and globally;
• Diversified base of global and Indian customers with a large order book;
• Advanced manufacturing facilities with global accreditations;
• Extensive pan-India retail network;
• Consistent track record of financial performance in the last 3 years; &
• Experienced senior management team with demonstrated execution capabilities and a committed employee base.

• Part finance the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India(“Project”) and
• General corporate purposes.

At the upper band, the issue is fairly valued within peer group. Hence, investors should apply for handsome rewards in medium to long term.