Top Solar Panel Maker’s IPO Taps Into Renewables Boom in India

India’s largest solar-panel producer will open its $514 million initial public offering for orders on Monday, looking to capitalize on the world-beating rally in the nation’s renewable energy stocks this year.

Waaree Energies Ltd. is valued at $5 billion at the upper end of its price range of 1,427 rupees to 1,503 rupees. Its shares, which have attracted investments from Goldman Sachs Group Inc., BlackRock Inc., and Morgan Stanley, will start trading next week.

The backing by these prominent Wall Street names underscores the appeal of India’s renewable sector, where stocks have rallied as much as 357% ...