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

Waaree Energies, India's largest solar panel maker, is still awaiting approval from the market regulator for its IPO, eight months after filing its draft share sale papers due to concerns about non-compliance with the Companies Act, which limits unlisted companies from selling shares to more than 200 people without a public offer, people familiar with the development said. The company filed its draft IPO papers on December 29.The solar panel maker raised funds in pre-IPO rounds, following which investors sold 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, the people said, requesting anonymity. Waaree raised Rs 1,000 crore in a funding round led by investment firm ValueQuest in August 2023 and in a previous round had raised Rs 1,040 crore from a clutch of investors, including family offices and HNIs.