India's Waaree Energies filed for an initial public offering to raise 30 billion rupees ($361 million), its draft papers showed on Friday.
The country's top solar panel joins a rush of companies filing IPOs, including e-tailer FirstCry and electric scooter-maker Ola Electric, amid a record number of listings this year.
Companies are barreling to capitalise on high liquidity and investor demand for IPOs in India, as robust economic growth and hopes that Prime Minister Narendra Modi's ruling party will return to power in 2024 took benchmark indices to record highs.
Waaree's offering includes the issue of 3.2 million fresh shares, with its largest shareholder Waaree Sustainable Finance also selling up to 2.7 million shares, its draft prospectus showed.
The company intends to use some of the funds for capital expenditure, including setting up a 6 gigawatt (GW) manufacturing facility in the eastern Indian state of Odisha, it said.
Last week, Waaree said it would invest up to $1 billion to build a factory in Texas, in a bid to capitalise on soaring U.S. demand for clean energy.
