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Schedule of Rite Water Solutions (India) Ltd
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About Rite Water Solutions (India) Ltd IPO
The IPO comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹300 crores while the offer for sale aggregates up to ₹445 crores. The face value of equity shares of fresh issue and offer for sale is ₹2 each.
Objectives of Rite Water Solutions (India) Ltd IPO
- Funding working capital requirements of the company
- General corporate purposes
Rite Water Solutions (India) Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to ₹300 crores |
Offer for Sale | Up to ₹445 crores |
EPS in ₹ for FY 24 | 7.43 |
Rite Water Solutions (India) Ltd Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the offer |
Non-institutional investors | Not less than 15% of the offer |
Retail individual investors | Not less than 35% of the offer |
Industry Outlook
The Indian addressable water and wastewater treatment solutions market, valued at US$ 7.3B in FY24, is projected to reach US$ 14.4B by FY30, with a CAGR of 12% during this period. This growth is driven by the economic imperative of efficient water management. As the concerns over water scarcity intensify, industries and municipalities face increasing pressure to adopt efficient wastewater treatment practices.
Company Information
Rite Water Solutions India Ltd is the only Clean-tech company in India with a diverse offering for rural transformation, focused on water solutions, solar agriculture solutions, and internet of things (IoT) solutions for energy, agriculture, and water management sectors.
Since its incorporation in 2004, the company has evolved from a water technology solutions provider to a Clean-tech player offering a spectrum of offerings and services across water solutions, solar agriculture solutions, and IoT solutions focusing on rural sustainability and operations of scale.
The company’s solutions span three verticals. The include (i)water solutions which includes water and waste water treatment, disinfection and purification systems, community water purification plans (CWPP) and water supply schemes, (ii) solar agriculture solutions, which includes solar irrigation pumps and solar cold storage systems and (iii) IoT solutions, providing digital monitoring applications for enhancing efficiency, improving productivity and reducing losses for water and energy infrastructure.
Rite Water Solutions (India) Ltd Strengths
Comprehensive solutions focused on Clean-tech projects across multiple high growth sectors
Rite Water Solutions the only Clean-tech company in India with a diverse offering for rural transformation, focused on water solutions, solar agriculture solutions, and IoT solutions for energy, agriculture, and water management sectors. It offers a comprehensive portfolio of offerings across multiple areas of operation, which is tailored to meet the specific needs of communities and environmental conditions.
They have a comprehensive portfolio of water solutions, solar agriculture solutions and IoT solutions, with a variety of applications like water and waste water treatment, water disinfection and purification, water supply, solar powered irrigation pumps and cold storages, and IoT.
Track record of executing complex projects backed by innovation, enabling a strong order book and client relationships
The company has a proven track record of successfully executing complex projects of various sizes across India’s public sector. Its technical expertise is demonstrated through key ongoing projects such as:
➔ Project of supply, installation, commissioning and maintenance of electro chlorination plants across 17,320 villages across Maharashtra for disinfection of water supply schemes under Jal Jeevan Mission
➔ Supply of solar irrigation pumps to 24,000 farmers under PM Kusum Scheme
➔ IoT based monitoring of water supply schemes covering 2,639 villages across Maharashtra which leverage real-time data collection and analytics to monitor, control, and optimise water supply systems, ensuring efficient utilisation and minimizing wastage.
Asset light business model enabling agility and scalability
The company follows an asset-light business model, focusing on strategic sourcing to optimise its core operations and enable scalability across geographies. Its asset light business model is characterised by focussing on core competencies, reduced capital expenditure, strategic partnerships and cost efficiency.
Risks of Rite Water Solutions (India) Ltd
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Dependence of Government Contracts and Policy Risk: The company derived a significant portion of its revenue from operations i.e. 96.02%, 83.76%, 98.73% and 77.74% in the nine-month period ended December 31, 2024, Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively from contracts awarded by government entities under various government sponsored schemes through a bidding process. Any change in the Government policies, schemes, political instability or focus and/or any inability to procure such contracts in the future, would adversely affect its business, financial conditions and result of operations.
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Dependence on top customers: A substantial portion of their revenues is dependent on top five customers. Loss of these customers will impact their business, revenues and profitability.
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Dependence of Key Industry Sectors and Associated Risks: The company’s business is dependent on the performance of the water solutions, solar agriculture, and IoT sectors. Any adverse changes in the conditions affecting such sectors may adversely impact its business, results of operations, financial condition and cash flows.
All Financial Information about Rite Water Solutions (India) Ltd
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company Name | Revenue from Operations (in ₹ crores) | EPS in ₹ | Return on Net Worth (in %) | NAV Asset Value per Equity Share (in ₹) |
|---|---|---|---|---|
Rite Water Solutions (India) Ltd | 202.749 | 7.43 | 21.04 | 35.31 |
ION Exchange (India) Ltd | 2347.849 | 16.53 | 19.19 | 69.40 |
VA Tech Wabag Ltd | 2856.400 | 39.49 | 13.77 | 292.42 |
Shakti Pumps India Ltd | 1370.739 | 12.81 | 18.75 | 62.86 |
EMS Ltd | 793.311 | 29.38 | 19.13 | 143.73 |
Ceinsys Tech Ltd | 252.939 | 22.52 | 14.95 | 143.27 |
Enviro Infra Engineers Ltd | 728.915 | 8.13 | 37.16 | 21.35 |
Anchor Investor Bidding Date TBA
IPO Registrar and Book Running Lead Manager
- Registrar: Bigshare Services Pvt Ltd
- Book Running Lead Managers: JM Financial Ltd and Axis Capital Ltd
Business Model
Rite Water Solutions (India) Ltd’s spectrum of clean-tech solutions cover three verticals, namely:
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Water solutions, which includes water and wastewater treatment, disinfection and purification systems, community water purification plants
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Solar agriculture solutions, which includes solar irrigation pumps and solar cold storage systems
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IoT solutions, providing digital monitoring applications for enhancing efficiency, improving productivity and reducing losses for water and energy infrastructure
Additionally, the company also provides operation and maintenance (O&M) services for projects executed by them in each of our three verticals.
Company Growth Trajectory
Rite Water Solutions (India) Ltd has a consistent track record of strong financial performance over the past nine months for the period ended December 31, 2024, and last three Fiscals. Its revenue from operations jumped from ₹76.814 crore in FY 22 to ₹202.749 crore in FY 24. Its EBITDA margin jumped from 11.32% in FY 22 to 34.77% in FY 24.
Rite Water Solutions (India) Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 206.843 | 121.586 | 78.859 |
Restated Profit/(loss) Before Tax (in ₹ crores) | 70.645 | 36.034 | 8.507 |
Restated Profit/(loss) After Tax (in ₹ crores) | 49.280 | 25.021 | 8.675 |
EPS | 7.43 | 2.97 | 1.03 |
Rite Water Solutions (India) Ltd Cash Flow Statement
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Restated Profit/(loss) Before Tax (in ₹ crores) | 70.645 | 36.034 | 8.507 |
Net Cash Inflow (used in) / Generated from Operating Activities (in ₹ crores) | (21.918) | 31.777 | 0.096 |
Net Cash (used in) / Generated from Investing Activities (in ₹ crores) | (56.299) | 4.154 | 5.883 |
Net Cash Generated from / (used in) Financing Activities (in ₹ crores) | 102.621 | (14.609) | (0.699) |
Cash and Cash Equivalents at the End of the Year (in ₹ crores) | 51.997 | 27.593 | 6.271 |
How to Check Allotment Status of Rite Water Solutions (India) Ltd?
1. Visit the Registrar’s Website
To check IPO allotment status, visit the official website of Bigshare Services Pvt Ltd and click on any one of the three servers. Select the company name from the dropdown and choose the selection type (application number/ PAN/ beneficiary ID). Enter captcha and click on search to know the allotment status.
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Select 'Equity' from the dropdown menu
- Choose 'Rite Water Solutions India Ltd' in the next dropdown
- Enter your application number
- Enter your PAN
Click 'Search’ to know allotment status.
3. Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO bid verification module. You can use it to check the status of Rite Water Solutions (India) Ltd IPO. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit' to know the allotment status.
How to Apply for Rite Water Solutions (India) Ltd IPO?
- Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Rite Water Solutions (India) Ltd IPO FAQs
What is the Rite Water Solutions (India) Ltd IPO?
The IPO of Rite Water Solutions India Ltd comprises fresh issue and an offer for sale. The fresh issue aggregates up to ₹300 crores while the offer for sale aggregates up to ₹445 crores. It’s a 100% book-built offer.
When will the IPO of Rite Water Solutions (India) Ltd go live?
The exact dates of the IPO are yet to be announced.
Who is the MD and CEO of Rite Water Solutions (India) Ltd?
Abhijeet V Gan is the MD and CEO of Rite Water Solutions India Ltd.
From where can I read more about the IPO of Rite Water Solutions (India) Ltd?
You can read more about the IPO of Rite Water Solutions (India) Ltd from the company’s draft red herring prospectus here.
Upcoming IPOs
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