Bookbuilding IPO | ₹2,250 Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Vishvaraj Environment Ltd. on March 27, 2026. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Vishvaraj Environment Ltd. IPO is a Book Build Issue of ₹2,250.00 crores consisting of a fresh issue of shares worth Rs ₹1,250.00 crores and an offer for sale (OFS) of ₹1,000.00 crores.
The equity shares are proposed to be listed on NSE and BSE. JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Vishvaraj Environment IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | [.] shares (agg. up to ₹2,250 Cr) |
| Fresh Issue | [.] shares (agg. up to ₹1,250 Cr) |
| Offer for Sale | [.] shares of ₹5 (agg. up to ₹1,000 Cr) |
| Share Holding Pre Issue | 35,50,00,000 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Sep 29, 2025 |
| SEBI/Exchange approval received | Fri, Mar 27, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer size |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 2008, Vishvaraj Environment is a leading company in water utility and wastewater management, focusing on recycling treated sewage water for industrial use.
The company provides complete water and wastewater solutions, includng Water Treatment Plants (WTPs), Sewage Treatment Plants (STPs), Industrial water reuse projects, and Water distribution networks.
It works on various models, including Public-Private Partnership (PPP), Hybrid Annuity Model (HAM), Engineering, Procurement and Construction (EPC), and Operations and Maintenance (O&M).
As of March 31, 2025, it sell 240 MLD of treated sewage water through two PPP projects and have 300 MLD under development. As of March 31, 2025, the company has an Order Book of Rs 160,113.44 million and Assets Under Management (AUM) of Rs 66,779.00 million
The company has a strong presence across India with operational and under construction water and waste water projects in 30 cities.
Its upcoming projects include 486 MLD STP project in Nashik to clean the Godavari river before the 2027 Kumbh Mela and an irrigation project covering 20,887 hectares of farmland.
In FY2025, it further entered the solar power sector where the company is setting up 201 MW solar projects across six districts in Maharashtra and have signed Power Purchase Agreements (PPAs) with the Maharashtra State Electricity Distribution Company under the PM-Kusum Scheme.
As of March 31, 2025, the company has 879 permanent employees.
Competitive Strengths
Vishvaraj Environment Ltd.'s revenue increased by 38% and profit after tax (PAT) rose by 61% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 3,004.56 | 1,892.39 | 1,424.05 |
| Total Income | 1,780.65 | 1,291.85 | 693.15 |
| Profit After Tax | 266.27 | 165.79 | 96.06 |
| EBITDA | 423.96 | 268.61 | 161.83 |
| NET Worth | 782.16 | 555.92 | 430.14 |
| Reserves and Surplus | 651.64 | 447.68 | 325.29 |
| Total Borrowing | 1,001.00 | 490.16 | 530.59 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investment in our Subsidiaries, in the form of debt or equity for repayment/ prepayment, as applicable of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by certain of our subsidiaries. | 545.00 |
| 2 | Funding of capital expenditure through investment in our subsidiary, Nagpur Waste Water Management Private Limited to build phase-3 of a UF RO Technology-Based Advanced Water Treatment Plant for supply of 300 MLD water. (“Project A”) | 178.50 |
| 3 | Funding of capital expenditure through investment in our subsidiary, Bhusawal Waste Water Management Private Limited to Design, Build, Finance, Operate and Transfer (“DBFOT”) framework for execution of a 60 MLD STP and a 80 MLD Tertiary Treatment RO (TTRO) plant. (“Project B”) | 112.77 |
| 4 | Funding of capital expenditure to build a 30 MW (AC) aggregate solar photovoltaic power generating solutions under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0, implemented under Component C of the PM-KUSUM scheme. (“Project C”) | 124.18 |
| 5 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 39.80% |
| ROCE | 24.04% |
| Debt/Equity | 0.98 |
| RoNW | 36.59% |
| PAT Margin | 14.95% |
| EBITDA Margin | 24.11% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 100% |
Lead Manager Reports
Vishvaraj Environment IPO is a main-board IPO of 0 equity shares of the face value of ₹5 aggregating up to ₹2,250 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Vishvaraj Environment IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Vishvaraj Environment IPO using UPI as a payment gateway. Zerodha customers can apply in Vishvaraj Environment IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Vishvaraj Environment IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Vishvaraj Environment IPO dates are not announced. Please check back again after some time.
Vishvaraj Environment IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Vishvaraj Environment IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Vishvaraj Environment IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Vishvaraj Environment IPO allotment status.
The Vishvaraj Environment IPO listing date is not yet announced. The tentative date of listing is .
