IPO doubled the net worth of Doshi family
Reportedly another company of the energy sector, Waaree Energies, entered the stock market on Monday. The company's stock is getting a lot of support from investors in the share market. Along with this, hitesh Chimanlal Doshi, Chairman and MD of Waaree Energies, which manufactures solar cells, has come in the list of the world's richest people. hitesh Doshi started his business in 1985 by taking a loan of just 5000 rupees. Today the net worth of hitesh Doshi and his family has become around 5.2 billion dollars (about 400 crores rupees). hitesh Doshi named the company after the temple in his village.
Meanwhile hitesh Chimanlal Doshi has been leading the Waaree Group for nearly 40 years. It is counted among the renowned companies in the Renewable Energy sector. According to the Bloomberg Billionaires Index, the issue price of Waaree Energies was Rs 1503, but it was listed at Rs 2500, up by Rs 997. Due to this, the net worth of the Doshi family has almost doubled. hitesh Doshi's two brothers and nephew are included in the company's board of directors. The Doshi family is the largest shareholder of Waaree Group's engineering company Waaree Renewable Technologies and Waaree Technologies. Both these companies have already been listed. Waaree Energies is the largest solar module manufacturer
Moreover Energies is India's largest solar module manufacturer. It has a capacity of 1200 MW. Most of its revenue comes from exports to the US. The company has benefited greatly from China's increased tariff on solar cells. This year, solar stocks are also seeing a significant rise. The company's IPO has made investors happy by giving good returns. The company will use the Rs 2,800 crore raised from the IPO to build a 6 GW manufacturing plant in Odisha.