Vishvaraj Environment files DRHP to raise ₹2,250-cr via IPO; check details

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Vishvaraj Environment IPO: Vishvaraj Environment, developer of water utility and wastewater management projects, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its maiden public issue. The company plans to raise ₹2,250 crore through a combination of fresh issue and an offer for sale (OFS). Premier Financial Services is the promoter selling shareholder. 

 

MUFG Intime is the registrar of the issue. JM Financial, Axis Capital, and DAM Capital Advisors are the book-running lead managers of the issue.

 

The company may consider a Pre IPO aggregating up to ₹250 crore prior to filing of its RHP. If undertaken the amount raised would be reduced from the fresh issue, as per the DRHP.

 

According to the DRHP, the company proposes to utilise the net proceeds from the fresh issue to repay or prepay borrowings of its subsidiaries amounting to ₹545 crore, and to fund capital expenditure for three key projects: Phase 3 of a UF RO technology-based advanced water treatment plant with a capacity of 300 MLD at a cost of ₹178.5 crore, a 60 MLD sewage treatment plant (STP) and an 80 MLD tertiary treatment RO plant at a cost of ₹112.8 crore, and a 30 MW (AC) solar photovoltaic power project under the PM Kusum Scheme at a cost of ₹124.1 crore. The remaining funds will be used for general corporate purposes.   Check Trualt Bioenergy IPO Allotment Status

About Vishwaraj Environment

Vishvaraj Environment is a developer of water utility and wastewater management projects in India with a focus on recycling treated sewage water for industrial use. The company operates under a diversified business model comprising Public Private Partnership (PPP), Hybrid Annuity Model (HAM), Engineering Procurement & Construction (EPC), and Operations & Maintenance (O&M). 

 

According to the DRHP, the company's portfolio across 30 cities includes 30 Water Treatment Plants (WTPs) with a combined treatment capacity of 2,090.10 MLD, including 19 O&M projects and a distribution network of 9,984 km of pipelines. The wastewater portfolio consisted of 60 Sewage Treatment Plants (STPs) with a total treatment capacity of 1,706.57 MLD, including 16 O&M projects. 

 

As on March 31, 2025, the company had an order book of ₹16,011.34 crore and Assets Under Management (AUM) of ₹6,677.90 crore comprising of three operational projects. The company has three projects under construction in PPP amounting to ₹4,428.920 crore; three projects under construction in HAM amounting to ₹1,221.53 crores and four projects under construction in PPP renewable model amounting to ₹1,027.45 crore.

 

Vishvaraj Environment's key clients include Nagpur Municipal Corporation, Maharashtra State Power Generation Company, Maharashtra State Electricity Distribution Company, Nagpur Metropolitan Region Development Authority, Bangalore Water Supply and Sewerage Board, Tapi Irrigation Development Corporation, Karnataka Rural Drinking Water & Sanitation Department, Maharashtra Jeevan Pradhikaran and Pimpri-Chinchwad Municipal Corporation.

Vishvaraj Environment financial overview

In the financial year 2024-25 (FY25), Vishvaraj reported a revenue from operations of ₹1,758.7 crore, up 40.09 per cent from ₹1,255.4 crore in the previous fiscal. The company reported a profit after tax (PAT) of ₹266.26 crore, up 60.61 per cent from ₹165.7 crore in FY24. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) stood at ₹423.96 crore, up 24.11 per cent from ₹268.6 crore in the FY24.