The Securities and Exchange Board of India approved the initial public offerings of Waaree Energies Ltd. and One Mobikwik Systems Ltd., totalling Rs 3,700 crore.
Waaree Energies filed for IPO on Dec. 29, 2023, while One Mobikwik Systems filed for IPO on Jan. 5, 2024. However, the approval was obtained on Sept. 19, 2024, according to an update released on Monday.
Waaree Energies IPO is a mix of fresh issue and offer for sale, while One Mobikwik Systems IPO contains only fresh issue.
Shares of these companies will be listed on the BSE and NSE.
Waaree Energies
Waaree Energies' IPO will be a mix of a fresh issue of shares worth Rs 3,000 crore and an offer for sale for 32 lakh shares of face value Rs 10 each.
Promoter Waaree Sustainable Finance Pvt. plans to offload 27 lakh shares via OFS. It holds over 5.73 crore shares or a 21.9% stake in the company. Chandurkar Investments Pvt. will sell 4.5 lakh shares, or its entire 0.17% stake, and Samir Surendra Shah, who holds a 0.04% stake, will sell 50,000 shares, according to the DRHP.
The solar photovoltaic module manufacturer plans to utilise a portion of the IPO proceeds to fund its capital-expenditure needs, including the establishment of a fully integrated 6 GW facility in Odisha.
One Mobikwik Systems
One Mobikwik Systems, which operates a two-sided payments network connecting consumers and merchants, is set to raise Rs 700 crore through an IPO. The IPO will consist entirely of a fresh issue of shares, with no offer for sale component. The company is also considering a pre-IPO placement of Rs 140 crore, which, if completed, will reduce the overall size of the fresh issue.
The Gurugram-based company plans to utilise proceeds from its fresh issue for the allocation, which includes Rs 250 crore to support growth in its financial services sector, Rs 135 crore for expansion in payment services, and another Rs 135 crore for investments in data, machine learning, artificial intelligence, and technology development, as per the DRHP.
Additionally, Rs 70.28 crore will be directed towards capital expenditure for the payment devices business and general corporate purposes.
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