Rite Water Solutions Files Draft Papers For Rs 745-Crore IPO
Rite Water's equity shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd.
Rite Water Solutions (India) Ltd. on Tuesday filed its preliminary papers with the Securities and Exchange Board of India to raise up to Rs 750 crore via an initial public offering. The public offer will include mix of fresh issues of shares up to Rs 300 crore and an offer-for-sale of shares worth up to Rs 445 crore by shareholders.
The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd. The company, in consultation with the BRLMS, may consider an issue of equity shares aggregating up to Rs 60 crore as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.
Vinayak S. Gan and Abhijeet V. Gan are the promoters of the company offloading shares in the offer for sale. Additionally, investor Water Access Acceleration Fund S.L.P., organised and existing under the laws of France and managed by Incofin Investment Management in Belgium, will also be selling stake in the OFS.
JM Financial Ltd., and Axis Capital Ltd. are the book-running lead managers for the issue and Bigshare Services Pvt. will be the registrar of the issue.
Proceeds from the fresh issue, amounting to Rs 225 crore, will be utilised to fund the company's working capital requirements and general corporate purposes.
The Nagpur-based company is a clean-tech player that offers a diverse range of solutions and services spanning water management, solar agriculture, and IoT-enabled systems, with a strong emphasis on rural sustainability and large-scale implementation.
Rite Water’s clean-tech offerings include water and wastewater treatment, disinfection and purification systems, community water purification plants, solar irrigation pumps, solar cold storage units, and IoT-based digital monitoring applications.
Rite Water’s clients include state government agencies, organisations, and private enterprises, with strong partnerships under key government initiatives like the Jal Jeevan Mission, PM Kusum Scheme, and the National Mission for Clean Ganga.
As of Dec. 31, 2024, the total order book stood at Rs 1,723.13 crore.
Rite Water Solutions' revenue from operations has increased by 69.76% to Rs 202.75 crore in fiscal 2024 from Rs 119.43 crore in fiscal 2023. Profit grew by 96.95%, to Rs 49.28 crore in fiscal 2024 from Rs 25.02 crore in fiscal 2023.
