Waaree Energies and MobiKwik Get Sebi Approval for IPOs

Solar panel maker Waaree Energies and digital payments firm MobiKwik have received approval from Sebi to raise funds through initial public offerings. Waaree is set to raise Rs 3,000 crore while MobiKwik aims for Rs 700 crore. The funds will support various expansions and investments.

Solar panel maker Waaree Energies and digital payments firm One MobiKwik Systems have secured the green light from the Securities and Exchange Board of India (Sebi) to raise funds through initial public offerings, according to an update from the markets regulator released on Monday.

Waaree Energies and MobiKwik initially filed their IPO papers in December 2023 and January 2024, respectively, receiving Sebi's essential observations on September 19. In regulatory terms, these observations signify their clearance to proceed with the public issues.

Waaree Energies' IPO plans include a fresh issue of equity shares amounting to Rs 3,000 crore and an Offer For Sale of 32 lakh equity shares by its promoter and existing shareholders. The proceeds from the fresh issue will be utilized to set up a 6GW manufacturing facility in Odisha and for other corporate purposes.

MobiKwik aims to raise Rs 700 crore through its IPO, with the funds earmarked for expansion in the financial services and payment services businesses, investment in data and AI technologies, and general corporate purposes. Shares from both companies will be listed on BSE and NSE.