Mobikwik and Waaree Energies have recently received approval from SEBI, the capital markets regulator, to proceed with their Initial Public Offerings (IPOs). SEBI issued observation letters on September 19, signaling that both companies can launch their IPOs within a year from that date.
One MobiKwik Systems, backed by Bajaj Finance, Peak XV Partners, Abu Dhabi Investment Authority, and Sequoia Capital, had filed its draft red herring prospectus with SEBI on January 4, 2024, aiming to raise Rs 700 crore via IPO. This IPO will be entirely a fresh issue with no offer-for-sale (OFS) component. Additionally, Mobikwik may raise Rs 140 crore through a pre-IPO placement, which would reduce the fresh issue size accordingly.
Founded by Bipin Preet Singh and Upasana Taku, Mobikwik has acquired over 156 million users and has enabled over 4.1 million merchants to process payments both online and offline. The fintech company offers products in digital credit, investments, and insurance. Of the IPO proceeds, Rs 250 crore will be used for expanding its financial services business, Rs 135 crore for payment services, Rs 135 crore for data, AI, and machine learning technology, and Rs 70.3 crore for payment devices. The remaining amount will be allocated for general corporate purposes.
Meanwhile, Waaree Energies, a leading solar PV modules manufacturer, filed its preliminary papers with SEBI on December 28, 2023. Its IPO will include a fresh issuance of equity shares worth Rs 3,000 crore and an offer-for-sale of 32 lakh shares by current shareholders. Promoter Waaree Sustainable Finance will sell 27 lakh shares, while non-promoters Chandurkar Investments and Samir Surendra Shah will sell the remaining 5 lakh shares.
Since starting operations in 2007, Waaree Energies has expanded its installed capacity from 2 GW in fiscal year 2021 to 12 GW by June 2023, with four manufacturing facilities in Gujarat. The company specializes in solar PV modules utilizing advanced technologies such as Tunnel Oxide Passivated Contact (TopCon), which enhances energy efficiency. Waaree plans to use Rs 2,500 crore from the IPO proceeds to establish a 6GW manufacturing facility for Ingot Wafer, solar cells, and solar PV modules in Odisha. The rest will go toward general corporate purposes.
