Vishvaraj Environment IPO

About Vishvaraj Environment IPO

The IPO of Vishvaraj Environment comprises a fresh issue and an offer for sale aggregating up to ₹2250 crores. The fresh issue aggregates up to ₹1250 crores while the offer for sale aggregates up to ₹1000 crores. The IPO is a 100% book-built offer.

Vishvaraj Environment IPO opens on [XX] and closes on [YY]. The allotment of shares will take place on [TBA]. The credit of shares to the demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

Vishvaraj Environment is a leading developer of water utility and wastewater management projects with a focus on the recycling of treated sewage water for industrial use. It provides solutions across the water cycle value chain in India.

Objectives of Vishvaraj Environment IPO

The company proposes to utilise the IPO proceeds for:

• Investment in its subsidiaries, in the form of debt or equity for repayment/ prepayment
  
• Funding of capital expenditure through investment in its subsidiary, Nagpur Waste Water Management to build phase-3 of a UF RO technology-based advanced water treatment plant for supply of 300 MLD water
  
• Funding of capital expenditure through investment in its subsidiary, Bhusawal Waste Water Management 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
  
• Funding of capital expenditure to build a 30 MW (AC) aggregate solar photovoltaic power generating solution under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0, implemented under Component C of the PM-KUSUM scheme. (“Project C”)
  
• General corporate purposes
  

Industry Outlook

The Indian water treatment market has grown remarkably over the past five years, fuelled by the government’s initiatives to enhance water supply and sanitation infrastructure. The Har Ghar Jal scheme for rural areas under the Jal Jeevan Mission and the 24x7 water supply plan for 500 cities under the AMRUT programme have been instrumental in driving this growth, with additional support from other schemes such as the Smart City Mission.

As a result, the market size is expected to expand by 1.6 to 1.7 times growth from Fiscal 2020 to 2024 to 2025 to 2029. This rapid growth can be attributed to significant investments in water infrastructure, including the augmentation of water treatment plant (WTP) capacity, renovation of existing WTPs and expansion of pipeline infrastructure.

The integration of cutting-edge technologies, such as SCADA and leakage detection systems, has played a crucial role in modernising the sector. With continued urbanisation and industrialisation, the country’s demand for clean water is on the rise, creating a pressing need for efficient water treatment solutions.

Vishvaraj Environment Company Information

Vishvaraj Environment is a leading developer of water utility and wastewater management projects with a focus on the recycling of treated sewage water for industrial use. It provides solutions across the water cycle value chain in India.

Its water and wastewater management solutions include setting up and operating water treatment plants (“WTPs”), sewage treatment plants (“STPs”), industrial water reuse projects and water distribution networks. The company focuses on executing long-term concession agreements and provides solutions through different business models of public-private partnership (“PPP”), hybrid annuity model (“HAM”), engineering, procurement and construction (“EPC”) services and operations and maintenance (“O&M”) services.

Strengths of Vishvaraj Environment

• Leading developer of water utility and wastewater management projects well-positioned to capitalise on industry tailwinds
• Asset ownership model with focus on long-term concessions with predictable cash flows
• Demonstrated end-to-end execution capabilities with in-house EPC and O&M capabilities
• Substantial and well diversified order book serving marquee clients
• Track record of consistent operational and financial performance
• Experienced promoters and management team

Risks of Vishvaraj Environment

• Adverse developments in the water utility and waste management sectors may adversely affect business
• If contracts are terminated, business, results of operations and financial condition may be adversely affected
• Inability to successfully bid for new projects may be adversely affect business and results of operations
• Any adverse developments in relation to EPC operations may adversely affect business
• Risk of exposure to liabilities arising from delays, defects or faults in projects
• Significant reduction in revenue from top 10 clients may adversely affect business
• Adverse developments in Maharashtra, Karnataka and Uttar Pradesh may adversely affect business
• The company is exposed to counter-party credit risk
• Uncertainty in realising project value could adversely affect business
• Failure to undertake operations and maintenance may have an adverse effect on reputation, business and financial condition

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: MUFG Intime India
• Book Running Lead Managers: JM Financial, Axis Capital and DAM Capital Advisors

Vishvaraj Environment Business Model

Vishvaraj provides solutions across the water cycle value chain in India. Its water and wastewater management solutions include setting up and operating water treatment plants (“WTPs”), sewage treatment plants (“STPs”), industrial water reuse projects and water distribution networks.

Its focus is on executing long-term concession agreements and providing solutions through different business models of public-private partnership (“PPP”), hybrid annuity model (“HAM”), engineering, procurement and construction (“EPC”) services and operations and maintenance (“O&M”) services. The company sells 240.00 MLD of treated sewage water through two PPP projects developed by it and has 300.00 MLD of projects under development, as of March 31, 2025.

Vishvaraj Environment Growth Trajectory

The revenue from operations of Vishvaraj Environment grew from ₹669.992 crores in FY 23 to ₹1758.711 crores in FY 25, while its assets under management grew from ₹1451.740 crores in FY 23 to ₹6677.900 crores in FY 25. Its PAT margin increased from 13.86% in FY 23 to 14.95% in FY 25. The company ranks second amongst its peers in terms of revenue growth, with its revenue from operations growing at a CAGR of 62.02% between fiscal 2023 to fiscal 2025.

Vishvaraj Environment Market Position

Vishvaraj Environment is ranked 24th globally among the top 50 private water operators in the world by Global Water Intelligence, based on number of people served, and was the fourth Indian company in such list, as of March 31, 2025. It has a strong presence across India with operational and under construction water and waste water projects in 30 cities.

Under the National Mission for Clean Ganga, the company is setting up13 STPs aggregating to a capacity of 177.60 MLD at Agra, Uttar Pradesh, five STPs aggregating to a capacity of 192 MLD at Dhanbad, Jharkhand, and 35 MLD STP at Mahesthala, Kolkata.

How to Check Allotment Status of Vishvaraj Environment IPO?

1. Visit the Registrar’s Website

• Visit the website of MUFG Intime India
• Choose ‘Public Issues’ from Investor Services dropdown
• Choose the name of the company from ‘Select Company’ dropdown
• Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
• Click on ‘Submit’ to check the status

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of Vishvaraj Environment IPO. Go to the NSE website and find the ‘Invest’ tab. Click on ‘Verify IPO Bids’ under ‘Resources & Tools’.

On the NSE IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click ‘Submit’ to know the allotment status.

3. Check on BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website 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 ‘Vishvaraj Environment’ in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click ‘Search’ to know allotment status
  

How to Apply for the Vishvaraj Environment IPO?

To apply for this 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.