Waaree Energies' Market Rally Elevates Doshi Siblings To Billionaire Status
Waaree Energies launched its IPO in October 2024, and the issue was heavily oversubscribed, resulting in the stock's bumper debut.
Started three decades ago by the Doshi siblings, Waaree Energies has catapulted Hitesh, Kirit, Pankaj, and Viren to the 37th rank in the Forbes India Rich List.
The collective wealth that the four brothers hold is nearly $7.4 billion.
Waaree Energies, founded in 1990 and headquartered in Mumbai, is the country's largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024.
The company's manufacturing facilities are located in Chikhli, Surat, Tumb, Nandigram in Gujarat, and Noida.
Additionally, it operates a 5.4 GW cell manufacturing facility in Gujarat and a 1.6 GW module manufacturing facility in the USA.
Waaree Energies' IPO was heavily oversubscribed, resulting in the stock's bumper debut, listing at nearly 70% premium to its issue price.
Author's summary: Doshi siblings become billionaires.