Waaree Energies, MobiKwik get SEBI nod ahead to float IPOs

Solar panel maker Waaree Energies and digital payments firm One MobiKwik Systems have received Sebi's go-ahead to raise funds through initial public offerings, an update with the markets regulator showed on Monday.

Waaree Energies and MobiKwik filed their preliminary initial public offering (IPO) papers in December 2023 and January 2024, respectively. The two companies obtained Sebi's observations on September 19.

In Sebi's parlance, obtaining observations means its go-ahead to float the public issue.

Waaree Energies' proposed IPO comprises a fresh issue of equity shares aggregating to Rs 3,000 crore and an Offer For Sale (OFS) of 32 lakh equity shares by a promoter and existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

Those selling shares in the OFS include promoter Waaree Sustainable Finance Private Ltd and shareholders Chandurkar Investments Pvt Ltd and Samir Surendra Shah.

Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, solar cell and solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.

Mumbai-based Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

MobiKwik is looking to raise up to Rs 700 crore through an initial share sale. The public issue is entirely a fresh issue of equity shares.

Proceeds from the fresh issue to the tune of Rs 250 crore will be used for funding growth in the financial services business and Rs 135 crore for the payment services business.

Further, Rs 135 crore for investment in data, machine learning and artificial intelligence, and product and technology, Rs 70.28 crore for capital expenditure for the payment devices business, and general corporate purposes.

MobiKwik, the company's flagship application, provides consumers access to various payment options and financial products in digital credit, investments and insurance. It was founded by Bipin Preet Singh and Upasana Taku.

Shares of both companies will be listed on BSE and NSE.