Capital market regulator SEBI has cleared the initial public offering plans of One Mobikwik Systems and Waaree Energies, the largest manufacturer of solar PV modules.
While Waaree Energies will tap the market to mop-up ₹3,000 crore, One Mobikwik Systems, a business payments network plans to raise ₹700 crore. Waaree Energies has aggregate installed capacity of 12 GW, as of June 30, 2023.
The company’s initial public offering comprises a fresh issue of equity shares aggregating up to ₹3,000 crore and an offer for sale of up to 32 lakh equity shares.
The company proposes to use the net proceeds to part finance the cost of establishing a 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha and for general corporate purposes.
Mobikwik Systems
The company will fresh equity shares of face value of ₹2 each. The company may consider a further issue of specified securities including private placement, preferential allotment, rights issue, or any other method aggregating to ₹140 crore as “pre-IPO placement”. If such placement is completed, the fresh issue size will be reduced.
The proceeds from the fresh issue, to the extent of ₹250 crore will be used for funding growth in the financial services business, ₹135 crore for funding growth in the payment services business, ₹135 crore for investment in data, ML and AI and product and technology, ₹70 crore for capital expenditure for the payment devices business and general corporate purposes.
The company caters to businesses and merchants with extensive payments and financial services such as online checkout, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik EDC Machine and Merchant Cash Advance.
Additionally, through its subsidiary Zaakpay, it operates a B2B payment gateway for e-commerce businesses and has received RBI approval for its payment aggregator business.
As of September 30, 2023, the company has amassed 146.94 million registered users and enabled 3.81 million merchants to conduct online and offline payments.