Waaree Energies Limited and Five-Star Business Finance Limited today received approval from the Securities and Exchange Board of India (SEBI) for their respective initial public offering, information available on the capital market regulator’s website showed.
Waaree Energies had filed its draft papers for the public issue in September with the intention to raise Rs 1,350 crore through the issue of fresh shares and an offer for sale of four million shares. The company in its draft red herring prospectus had said that it will use proceeds of the fresh issue for setting up a 2GW per annum solar cell manufacturing unit and 1 GW per annum solar PV module manufacturing.
The company is involved in the business of manufacturing solar PV modules and operates three facilities in Surat Tumb and Nandigram.
Five-Star Business Finance is bringing an IPO of Rs 2,752 crore, which is entirely an offer for sale. The non-bank lender is backed by some of the biggest names in the private equity market such as TPG, Sequoia, KKR, Matrix Partners, and Norwest Ventures.
The promoter group as well as some of the private equity investors of Five-Star Business Finance will offload shares in the company’s IPO.