Mobikwik, Waaree Energies get green signal from SEBI to float IPOs
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.
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.
SBI Capital Markets and DAM Capital Advisors are the merchant bankers to the issue.
Waaree, which intends to raise Rs 3,000 crore capital through the IPO, will spend the money on part-financing the cost of establishing a 6 gigawatt (GW) of ingot wafer, solar cell and solar photovoltaic module manufacturing facility in Odisha.
Earlier, Waaree’s IPO was delayed due to non compliance with a Company’s Act provision which states that an unlisted company cannot offer its shares to more than 200 people in a financial year.
