Mobikwik, Waaree Energies get green signal from SEBI to float IPOs

Mobikwik IPO

Mobikwik, and Waaree Energies have received approval from the capital markets regulator SEBI to raise funds via initial public offering. The regulator had issued observation letters on September 19.

In Sebi parlance, the issuance of observation letter means the company can launch its IPO within one year from the receipt of the letter.

Bajaj Finance, Peak XV Partners, Abu Dhabi Investment Authority, and Sequoia Capital-backed payment service provider One MobiKwik Systems had filed draft red herring prospectus with the regulator on January 4 this year, to raise Rs 700 crore via IPO. The IPO consists entirely of fresh issue with no offer-for-sale component.

The Bipin Preet Singh and Upasana Taku-founded company may raise Rs 140 crore in a pre-IPO placement, before the filing of red herring prospectus with the Registrar of Companies (ROC). If the pre-IPO placement is undertaken, the fresh issue size of the IPO will be reduced to the extent of the said fund raising.

The fintech company acquired over 156 million registered users and enabled more than 4.1 million merchants to make and accept payments online and offline as per the data showed on its portal. It offers products under digital credit, investments, and insurance verticals.

The Gurugram-based digital financial products and services platform that competes with One 97 Communications in India, and Affirm Holdings and PayPal Holdings on the global level, intends to spend Rs 250 crore out of the net fresh issue proceeds on financial services business, and Rs 135 crore on the payment services business. Another Rs 135 crore will be utilised on investment in data, ML and AI and product and technology, and Rs 70.3 crore on payment devices business. The remaining funds will be set aside for general corporate purposes.

Meanwhile, solar PV modules manufacturer Waaree Energies had filed its preliminary papers with the SEBI on December 28, 2023. As per the prospectus, its IPO is a combination of fresh issuance of equity shares worth Rs 3,000 crore, and an offer-for-sale of 32 lakh shares by the existing shareholders.

Promoter Waaree Sustainable Finance will be selling 27 lakh shares in the offer-for-sale, and the remaining 5 lakh shares will be sold by non-promoters Chandurkar Investments, and Samir Surendra Shah.

After commencing operations in 2007, it has expanded aggregate installed capacity from 2 GW in fiscal 2021 to 12 GW in June 2023. With four manufacturing facilities in Gujarat, its solar PV modules are currently manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon), which helps reduce energy loss and enhances overall efficiency.

The company that competes with listed peer Websol Energy System will utilise Rs 2,500 crore out of the net fresh issue proceeds for establishing the 6GW of Ingot Wafer, a solar cell and solar PV module manufacturing facility in Odisha, and the remaining funds for general corporate purposes.