Vishvaraj Environment, a provider of water utility and wastewater management solutions, has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) aimed at raising ₹2,250 crore through an initial public offering (IPO).
According to the draft red herring prospectus (DRHP) filed on Monday, the IPO includes a fresh issue of shares worth ₹1,250 crore and an offer for sale (OFS) of ₹1,000 crore by promoter Premier Financial Services. The company is also considering a pre-IPO financing round of ₹250 crore, which would subsequently reduce the size of the fresh issue.
Proceeds from the fresh issue are primarily intended for repaying borrowings of the company’s subsidiaries and funding capital expenditures for three significant projects. These projects include Phase 3 of an advanced water treatment plant employing UF-RO technology with a capacity of 300 million litres per day (MLD), a 60 MLD sewage treatment plant, an 80 MLD tertiary RO plant, and a 30 MW solar power project under the PM Kusum scheme. Additional funds will be allocated for general corporate purposes.
Vishvaraj Environment specializes in developing water utility and wastewater management projects, notably focusing on recycling treated sewage for industrial applications. Its clientele includes various state and central government agencies, urban local bodies, and power utilities.
The company’s portfolio serves 30 cities and includes 30 water treatment facilities with a combined capacity of 2,090 MLD, of which 19 are managed under operation and maintenance (O&M) contracts. In addition, it oversees 60 sewage treatment plants with a total capacity of 1,706.57 MLD, including 16 O&M projects.
As of March 31, 2025, Vishvaraj Environment reported an order book exceeding ₹16,011 crore and assets under management totaling ₹6,678 crore. Key clients encompass Nagpur Municipal Corporation, Maharashtra State Power Generation Company, Maharashtra State Electricity Distribution Company, Nagpur Metropolitan Region Development Authority, Bangalore Water Supply and Sewerage Board, Karnataka Rural Drinking Water & Sanitation Department, Maharashtra Jeevan Pradhikaran, and Pimpri-Chinchwad Municipal Corporation.
In FY25, the company diversified its operations into renewable energy, launching solar power projects across various districts in Maharashtra, including Solapur, Amravati, Chandrapur, Nagpur, Yavatmal, and Jalgaon, with a total planned capacity of 201 MW (AC).
Financially, the company experienced a significant increase in revenue from operations, which rose from ₹669 crore in FY23 to ₹1,759 crore in FY25. Similarly, the restated profit grew from ₹96 crore to ₹266 crore during the same period.
To facilitate the public offering, JM Financial, Axis Capital, and DAM Capital Advisors have been appointed as book-running lead managers.