Vishvaraj Environment, a leading developer in water utility and wastewater management, has filed a Draft Red Herring Prospectus (DRHP) with SEBI for its initial public offering (IPO) to raise ₹2,250 crore through a mix of fresh issue and Offer for Sale (OFS). Premier Financial Services is the promoter selling shareholder.
- Book-running lead managers: JM Financial, Axis Capital, DAM Capital Advisors
- Registrar of the issue: MUFG Intime
- Pre-IPO (optional): Up to ₹250 crore, reducing the fresh issue amount
Use of Proceeds
Funds raised will be deployed for:
- Repayment of subsidiary borrowings: ₹545 crore
- Capital expenditure on key projects:
- Phase 3 UF RO advanced water treatment plant (300 MLD) – ₹178.5 crore
- Sewage Treatment Plant (60 MLD) and tertiary RO plant (80 MLD) – ₹112.8 crore
- 30 MW solar photovoltaic project under PM Kusum Scheme – ₹124.1 crore
- General corporate purposes: Remaining funds
Business Model & Operations
Vishvaraj Environment specializes in recycling treated sewage water for industrial use, operating across PPP, HAM, EPC, and O&M models.
Operational Footprint:
- 30 Water Treatment Plants (WTPs): 2,090.10 MLD capacity
- 60 Sewage Treatment Plants (STPs): 1,706.57 MLD capacity
- Pipeline network: 9,984 km
- Cities Covered: 30
Key Clients:
Nagpur Municipal Corporation, Maharashtra State Power Generation Company, Bangalore Water Supply & Sewerage Board, Karnataka Rural Drinking Water & Sanitation Dept., Pimpri-Chinchwad Municipal Corporation
Financial Performance (FY25)
- Revenue: ₹1,758.7 crore (+40% YoY)
- PAT: ₹266.26 crore (+61% YoY)
- EBITDA: ₹423.96 crore (+24% YoY)
- Order Book: ₹16,011.34 crore
- Assets Under Management (AUM): ₹6,677.90 crore
Summary
Vishvaraj Environment is set to enter the public market with a ₹2,250 crore IPO, aiming to strengthen its balance sheet, fund ongoing and new water/wastewater projects, and invest in renewable energy. With a strong order book of ₹16,011 crore and operations in 30 cities, the company is well-positioned to capitalize on India’s growing water infrastructure and sustainability initiatives.
Disclaimer:
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