Upcoming IPO: Rite Water Solutions Filed DRHP with SEBI To Raise ₹745 Crore

The Clean-tech company Rite Water Solutions (India) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO) and aim to raise ₹745 crore.

As detailed in the DRHP, Rite Water Solutions IPO includes a fresh issue of equity shares up to ₹300 crore, alongside an offer-for-sale (OFS) of up to ₹445 crore by the promoter and investor selling shareholders. The OFS consists of shares being sold up to ₹85 crore by Vinayak Shankarrao Gan, up to ₹90 crore by Abhijeet Vinayak Gan, and up to ₹270 crore by Water Access Acceleration Fund S.L.P.

Rite Water Solutions IPO registrar and lead managers: Bigshare Services Private is the registrar of the issue, with JM Financial and Axis Capital acting as the book-running lead managers.

The equity shares will be listed on the National Stock Exchange of India (NSE) and BSE.

Use of IPO Proceed

The proceeds from the fresh issue portion of the upcoming IPO will be used to fund the working capital requirements of the company and for general corporate purposes.

According to the DRHP, the offer will be made through the book-building process, with no more than 50% of the net offer allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer assigned to non-institutional and retail individual bidders, respectively.

Rite Water Solutions will not receive any proceeds from the OFS. “Each of the Selling Shareholders shall be entitled to their respective portion of the proceeds of the Offer for Sale, after deducting their portion of the offer-related expenses and relevant taxes,” the company noted in the DRHP.

About Rite Water Solutions (India) Ltd

Established in 2004, Rite Water Solutions (India) is a water technology solutions provider and clean-tech company. The company offers a broad range of solutions and services in water management, solar agriculture, and IoT-enabled systems, with a strong focus on rural sustainability and large-scale implementation. Operating on an asset-light model, the company scales its business efficiently with minimal capital expenditure, ensuring flexibility and resilience.

Rite Water Solutions (India)’s revenue from operations rose by 69.76%, reaching ₹202.75 crore in FY 2024, compared to ₹119.43 crore in FY 2023. This growth was primarily due to the accelerated execution of electro-chlorination projects awarded in Fiscal 2022 and 2023, as well as an order for supplying solar pumps. Profit after tax grew by 96.95%, from ₹25.02 crore in FY 2023 to ₹49.28 crore in FY 2024.

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