Khaitan & Co, JSA and Hogan Lovells counselled parties involved in the INR36 billion (USD515 million) initial public offering (IPO) of Waaree Energies, India’s largest solar module manufacturer.
Khaitan & Co served as Indian legal counsel to both Waaree Energies and the selling shareholders in relation to the company’s IPO.
The core team consisted of partners Subhayu Sen and Aayush Mohata, and associates Hrithik Khurana, Ira Pandya, Aayush Virani and Aastha Sarda.
JSA acted as the Indian legal counsel for the book running lead managers, which included Axis Capital, IIFL Securities, Jefferies, Nomura, SBI Capital Markets, Intensive Fiscal and ITI Capital.
Partners Madhurima Mukherjee Saha and Anuj Pethia led the team with the assistance of associates Richa Prasad, Tamanna Kapoor and Aryaman Singh.
Hogan Lovells counselled on international legal matters for the book running lead managers. Managing partner and the head of India practice, Biswajit Chatterjee, led the team with the support of counsel Kaustubh George, senior associate Varun Jetly, as well as associates Aditya Rajput, Jayant Bharadwaj and Sanjana Ravjiani and staff attorney Rosen Chen.
Chatterjee said, “We worked with Waaree for almost three years, with a ringside seat to the spectacular growth of the solar power sector in India, as Waaree massively expanded its operations across India and in the US, with a focus on increasingly sophisticated high-value innovative products.”
He added, “The transaction amplifies Waaree’s leadership position in the solar module manufacturing space in India and will provide a much-needed push to companies in the solar space in India.”
Waaree’s IPO is one of the largest in the renewable energy sector, attracting the highest number of applications to date and achieved a remarkable 70% premium on listing. Shares debuted on the NSE and BSE on 28 October 2024.
The IPO comprised a fresh issue of 23,952,095 equity shares, raising USD515 million, alongside the sale of existing shares. Waaree Sustainable Finance, one of the promoters, is offering 4,350,000 shares, valued at INR6.5 billion, and Chandurkar Investments is selling 450,000 shares valued at INR676.35 million. The IPO has attracted robust investor interest, achieving an overall subscription rate of 56.44 times. Institutional investors ensured the qualified institutional buyer segment was oversubscribed 214.7 times.
