IPO Watch: Water Access Acceleration Fund of Incofin, Mukul Aggarwal -backed Reet Water Solutions Files Draft Papers IPO. Stock market news

IPO Watch: Rite Water Solutions (India) has filed its draft Red Herring Prospectus (DRHP) For the Capital Market Regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO,

A clean-tech company located in Nagpur has been developed by being a provider of water technology solution for a prominent player in the clean-technical area. It offers a wide range of solutions and services that include water management, solar agriculture and IOT-enabled systems, which focus a lot on rural stability and mass execution.

According to a report by 1LATTICE cited in DRHP, the company is recognized as the second fastest growing unit in the water sector. Ebitda Improve margin from 11.32% to 34.77% during that time limit.

The customer of Rite Water includes the state government institutions, organizations, and private sector companies, including a major government initiative under the initiative of the major government like Jal Life Mission (JJM), PM Kusum Yojana and National Mission for Clean Ganga (NMCG). . As of December 31, 2024, the total value of the orders stood up 1,723.13 crore.

The company’s operational revenue increased by 69.76%, 202.75 crore in FY 2024, from above 119.43 crore in FY 2023, mainly due to the rapid implementation of electro-chlorination projects provided in FY 2022 and 2023 with an order for solar pump supply. After tax, profit increased by 96.95% 49.28 crore in FY 2024, compared to, 25.02 crore in FY 2023.

The IPO is being supported by the Water Access Acceleration Fund SLP (“W2AF”), which is organized and operated under France’s laws. The fund is managed by Infin Investment Management located in Belgium, and the IPO has a 16.18% stake. Additionally, leading investor Mukul Aggarwal supports the initiative with 2.89% stake, as the draft is detailed in the Red Herring Prospectus (DRHP).

IPO details

IPO has an inscribed value 2 And it includes a new issue of equity stocks 300 crores, along with sale for a proposal 445 crore by promoters and other investors selling shareholders.

Within offer-for-cell, shares will be sold to Vinayak Shankarao Gana to sell shares 85 crores, Abhijeet Vinayak Gana 90 crores, and Water Access Accelerating Fund SLP has been scheduled to offer shares 270 crores. The purpose of this combination is to provide both fresh investment and liquidity for existing shareholders.

After consulting with BRMMS, the company may detect the option to issue total specified securities. 60 crores as pre-IPO placement. Whether the pre-IPO placement should be finalized, the funds generated will be deducted from the fresh point amount.

Money from the new issue, which is set 225 crore, will be allocated to support the company’s working capital needs and other general corporate activities.

JM Financial Limited and Axis Capital Limited are serving as the book-earning lead managers, while Bigshare Services Private Limited will serve as Registrar for the issue.

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