Waaree Energies had filed its draft IPO papers on December 29, 2023.
The IPO approval is stuck on the issue of deemed public offer non-compliance of the Companies Act, which states that an unlisted company cannot offer its shares to more than 200 people in a financial year without making a public offering.
Sources added that Waaree Energies had raised funds in pre-IPO rounds, following which investors sold down the company’s shares to others such as high net-worth individuals (HNIs) and family offices, leading to a breach of the 200-investor ceiling.