Water utility and waste-water management solutions provider Vishvaraj Environment has filed preliminary papers with capital markets regulator SEBI to raise ₹2,250 crore through an initial public offering (IPO).
The company’s IPO comprises a fresh issue of shares worth ₹1,250 crore and an offer for sale (OFS) of shares valued ₹1,000 crore by a promoter Premier Financial Services, according to the draft red herring prospectus (DRHP) filed on Monday.
Vishvaraj Environment may consider raising ₹250 crore in pre-IPO round. If the initiative is undertaken, the fresh issue size would be reduced.
The company plans to use the proceeds from the fresh issue primarily to repay borrowings of its subsidiaries and to fund capital expenditure for three key projects. These include Phase 3 of a UF-RO based advanced water treatment plant with a capacity of 300 MLD (million litres per day), a 60 MLD sewage treatment plant, along with an 80 MLD tertiary RO plant, and a 30 MW solar power project under the PM Kusum scheme.
Also, a portion of the funds will be set aside for general corporate purposes.
Vishvaraj Environment is a developer of water utility and wastewater management projects with a focus on recycling treated sewage water for industrial use. Its clients include state and central government agencies, urban local bodies, and power utilities.
According to its draft papers, the company’s portfolio spans 30 cities and includes 30 water treatment plants with a total capacity of 2,090 MLD, of which 19 are operated under O&M contracts.
The wastewater portfolio comprises 60 sewage treatment plants with a combined capacity of 1,706.57 MLD, including 16 O&M projects.
As of March 31, 2025, the company reported an order book of over ₹16,011 crore and assets under management of ₹6,678 crore.
Its 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, Karnataka Rural Drinking Water & Sanitation Department, Maharashtra Jeevan Pradhikaran, and Pimpri-Chinchwad Municipal Corporation.
In FY25, the company diversified into renewable energy and is setting up solar power projects across districts in Maharashtra, including Solapur, Amravati, Chandrapur, Nagpur, Yavatmal, and Jalgaon, with a total planned capacity of 201 MW (AC).
Financially, revenue from operations increased from ₹669 crore in FY23 to ₹1,759 crore in FY25, while restated profit rose from ₹96 crore to ₹266 crore during the same period.
To manage the public offering, JM Financial, Axis Capital and DAM Capital Advisors have been appointed as book-running lead managers.
Published on September 30, 2025
