Waaree Energies, India's largest solar panel manufacturer, 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 prohibits unlisted companies from selling shares to more than 200 people without a public offer, according to people familiar with the situation.

On December 29, the company submitted its draft IPO Papers.

According to people who asked to remain anonymous, the solar panel manufacturer collected money through pre-IPO rounds, after which investors sold the company's shares to other parties such family offices and high net worth individuals (HNIs). This resulted in a breach of the 200-investor ceiling.

In August 2023, Waaree secured Rs 1,000 crore in funding headed by ValueQuest. Previously, the company had raised Rs 1,040 crore from a diverse group of investors, including HNIs and family offices.