Waaree Energies, India’s largest solar panel manufacturer, is facing delays in launching its much-anticipated Waaree IPO due to regulatory hurdles. Despite filing its draft papers for an initial public offering (IPO) on December 29, 2022, the company is still waiting for approval from the Securities and Exchange Board of India (SEBI) eight months later.
The delay stems from concerns over a deemed public offer non-compliance with the Companies Act, which restricts unlisted companies from selling shares to more than 200 individuals without a formal public offer.
Waaree IPO Faces Delays Due to Non-Compliance Issues
What Led to the Delay in the Waaree IPO?
Waaree Energies raised funds through pre-IPO rounds, where investors later sold shares to other entities, such as high-net-worth individuals (HNIs) and family offices. This secondary market activity caused the…
