Khaitan & Co has advised Waaree Energies, India's largest manufacturer and exporter of solar modules, on its $515 million initial public offering, with JSA Advocates & Solicitors and Hogan Lovells guiding the bookrunning lead managers. 

The BRLMs on the deal were Axis Capital, IIFL Securities, Intensive Fiscal Services, ITI Capital, Jefferies India, Nomura Financial Advisory and Securities (India), and SBI Capital Markets.

Waaree’s IPO is one of the largest in the renewable energy sector, receiving the most applications and recording a 70 percent listing premium. State-run NTPC Green Energy has a $1.2 billion IPO coming up in November, on which JSA and Trilegal have been engaged. 

With renewable energy likely to play a large part in the country’s economy in coming years, investors will look to increase their bets in the segment, experts say.

High valuations, increased market depth, enhanced liquidity, growing regulatory faith, and a surge in the number of expanding companies have combined to catapult India to the forefront of global IPO activity. Law firms are having to recalibrate their capital markets practices as a result.

Khaitan’s team was led by partners Subhayu Sen and Aayush Mohata, and included associates Hrithik Khurana, Ira Pandya, Aayush Virani and Aastha Sarda.

JSA’s team was led by partner Madhurima Mukherjee Saha, and included partner Anuj Pethia, and associates Richa Prasad, Tamanna Kapoor, and Aryaman Singh.

The Hogan Lovells team was led by India practice lead and Singapore office managing partner Biswajit Chatterjee with support from counsel Kaustubh George, senior associate Varun Jetly, associates Aditya Rajput, Jayant Bharadwaj and Sanjana Ravjiani, and staff attorney Rosen Chen.