Both Waaree Energies and Vikram Solar, two GW-scale Indian solar manufacturers, are reportedly planning IPOs. According to anonymous sources, each of these aim to raise $200 million for manufacturing expansions. At present, India’s native manufacturers are mostly project developers, but we are seeing that some will shift to a largely manufacturing-based business model, in the context of India’s promotion of its domestic manufacturing with Production Linked Incentives, looming steep import tariffs, and directives for government-backed schemes such as KUSUM, which helps farmers switch from diesel to solar to power water pumps, to only buy Indian products. These IPOs however go beyond solar: they’re part of a broader “IPO rush” across the Indian economy. As of last week, 28 IPOs had…