India's biggest solar panel maker Waaree Energies’ IPO delayed over deemed public offer non-compliance

Waaree Energies' IPO Faces Delay Due to Regulatory Non-Compliance.

Expert Analysis:

• IPO Delay: Waaree Energies, has faced a delay in IPO approval due to non-compliance with the Companies Act, which restricts unlisted companies from selling shares to more than 200 people without a public offer.

• Fundraising: The company raised Rs 1,000 crore from investment firm ValueQuest in August 2023 and Rs 1,040 crore from a clutch of investors, including family offices and HNI’s in an earlier round.

• Regulatory Resolution: Due to non-compliance with the Companies Act, Waaree Energies must resolve the issue with the Registrar of Companies and MCA, potentially facing penalties and a lengthy delay in its IPO process.