Waaree Energies has released a Monitoring Agency Report concerning the utilization of proceeds from its IPO. The report, submitted to both BSE and NSE, details fund allocation up to September 30, 2025. While some funds are allocated to planned projects, a portion remains in term deposits. A location change for manufacturing facilities from Odisha to Gujarat and Maharashtra was approved via postal ballot on August 2, 2025.
IPO Funds Allocation
Waaree Energies has provided an update on how funds raised from its IPO are being utilized, according to a monitoring report for the quarter ending September 30, 2025. The report indicates that the raised capital is being strategically deployed across various initiatives.
Project Location Change
A significant development is the approved change in the location of planned manufacturing projects. Originally slated for Odisha, the facilities for solar cell and module manufacturing will now be based in Gujarat, while Ingot-wafer manufacturing will take place in Maharashtra. This decision was ratified by shareholders via a postal ballot held on August 2, 2025.
Utilization Status and Delays
The IPO’s proceeds are partially utilized, with the remaining amount held in term deposits with scheduled commercial banks. There’s a reported delay in utilizing funds of up to ₹52.22 crore, originally projected for deployment by March 31, 2025; however, the board has been informed that this will be fully utilized in the FY 2025-26.
Specific Fund Allocations
Out of the IPO funds, ₹222.78 crore has been used for project development during the quarter. The report also highlights that ₹13.32 crore has been directed towards covering issue expenses. General corporate purposes saw no utilization of funds during this period. As of the end of the quarter, a total of ₹1000.82 crore has been utilized from the IPO proceeds.
Unutilized Funds Deployment
The company has deployed the unutilized funds primarily into term deposits with various banks, including Axis Bank and Bank of Baroda, and State Bank of India with the return on investment ranging from 5.00% to 7.93% with some deposits set to mature in October 2025 and others in March 2026.
Source: BSE
