Waaree Energies’ IPO taps into a 357% rally in renewable stocks in India

India's leading solar-panel manufacturer, Waaree Energies Ltd., will open a $514 million IPO, valuing it at $5 billion. Backed by major investors like Goldman Sachs, BlackRock, and Morgan Stanley, the IPO aligns with India's goal of boosting renewable energy to 500 gigawatts by 2030. Still, the sector faces challenges including high leverage and weak cash flows.