Solar Panel maker Waaree Energies has filed an intial public offering with an aim to raise $ 361 million to cash in on a stock market.

Waaree's IPO will include the sale of 3.2 million shares, including up to 2.7 million shares by Waaree Sustainable Finance, an energy equipment maker and Waaree Energies' largest shareholder.

Waaree Energies itself plans to raise 30 billion rupees by selling an unspecified number of new shares, according to its draft prospectus.

The company said it will use some of that to fund a planned 6 gigawatt (GW) manufacturing facility in the eastern Indian state of Odisha.

The company's ambitions also lie abroad, with it announcing plans last week to invest up to $1 billion to build a factory in Texas.