Vishvaraj Environment Ltd. IPO Details
Vishvaraj Environment was incorporated on September 22, 2008. The company is a leading developer of water utility and wastewater management projects, specialising in recycling treated sewage water for industrial use. Its solutions include WTPs, STPs, industrial water reuse projects, and water distribution networks, delivered via PPP, HAM, EPC, and O&M models
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 0 | - | - | ₹22,500.0 M | DRHP DOC |
Vishvaraj Environment issue details
Vishvaraj Environment IPO issue size is ₹ 22,500.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
Vishvaraj Environment IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Vishvaraj Environment NUMBER OF SHARES ON OFFER
Vishvaraj Environment FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 1,758.7 | 266.3 | -281.9 | -341.1 | 24.1% |
| FY24 | 1,255.4 | 165.8 | 264.6 | 256.8 | 21.4% |
| FY23 | 670.0 | 96.1 | -17.7 | -30.2 | 24.2% |
Vishvaraj Environment INFORMATION ON IPO ISSUE
About Vishvaraj Environment
Vishvaraj Environment was incorporated on September 22, 2008. The company is a leading developer of water utility and wastewater management projects, specialising in recycling treated sewage water for industrial use. Its solutions include WTPs, STPs, industrial water reuse projects, and water distribution networks, delivered via PPP, HAM, EPC, and O&M models
Object of the Issue
- Investment in its subsidiaries, in the form of debt or equity for repayment/ prepayment, as applicable, of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by certain of their subsidiaries
- Funding of capital expenditure through investment in their subsidiary, Nagpur Waste Water Management, to build phase-3 of a UF RO Technology-Based Advanced Water Treatment Plant to supply 300 MLD water
- Funding of capital expenditure through investment in their subsidiary, Bhusawal Waste Water Management, to Design, Build, Finance, Operate and Transfer (“DBFOT”) a framework for execution of a 60 MLD STP and an 80 MLD Tertiary Treatment RO (TTRO) plant
- Funding of capital expenditure to build a 30 MW (AC) aggregate solar photovoltaic power generating solutions under the Mukhyamantri Saur Krushi Vahini Yojana MSKVY) 2.0, implemented under Component C of the PM-KUSUM scheme
- General corporate purposes
Vishvaraj Environment - PROMOTERS
| Name |
|---|
| Arun Hanumandas Lakhani |
| Vandana Arun Lakhani |
| Sidhaartha Arun Lakhanee |
| Sarang Arun Lakhanee |
| Premier Financial Services Private Limited |
Vishvaraj Environment - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Arun Hanumandas Lakhani | Chairman & Managing Director |
| Vandana Arun Lakhani | Executive Director |
| Suresh Kumar Agiwal | Non-Executive Director |
| Satyajeet Surendra Raut | Non-Executive Director |
| Anurag Shrivastava | Independent Director |
| Vaibhav Moreshwar Lade | Independent Director |
| Ulhas Pralhadrao Debadwar | Independent Director |
| Sandeep Madhukarrao Thakre | Additional, Non-Executive & Independent Director |
Vishvaraj Environment Book Running Lead Manager
JM Financial Limited
vishvaraj.ipo@jmfl.com
Axis Capital Limited
vishvaraj.ipo@axiscap.in
DAM Capital Advisors Limited
ipo.vishvaraj@damcapital.in
Vishvaraj Environment Registrar to the Offer
MUFG Intime India Private Limited
vishvaraj.ipo@in.mpms.mufg.com
Vishvaraj Environment Strengths
Asset ownership model
The company has built a diversified business delivering water utility and wastewater management solutions in India. Through a mix of asset ownership, PPP, HAM, EPC, and O&M models, it operates WTPs, STPs, industrial water reuse projects, and distribution networks, providing predictable cash flows and long-term financial stability
In-house EPC & O&M capabilities
The company has proven end-to-end project execution capabilities, managing approvals, financing, design, engineering, procurement, construction, and O&M. Its in-house EPC team ensures quality, timely delivery, and flexibility in technology and suppliers across current and future projects
Diversified order book
The company has strong credentials, including the 190 MLD wastewater reuse project in Nagpur (PPP), enabling it to execute diverse projects. As of March 31, 2025, it had a well-diversified Order Book of Rs 16,011.3 crore, positioning it to capitalize on growing water and wastewater demand in India
Vishvaraj Environment Risks
Project execution risks
The company faces risks of delays, defects, or faults in its water and wastewater projects, which could lead to cost overruns, penalties, or project cancellations. Past instances of delayed delivery due to external factors, such as unavailable work fronts, have resulted in liquidated damages
Counter-party credit risk
The company is exposed to counterparty credit risk, where delays or defaults in client payments, especially from government entities, could increase receivables and negatively impact business and operations
Dependent on In-house design & engineering
The company relies on its 55-member in-house design and engineering team for pre-bid studies and project execution. Any deviations from these estimates during implementation could negatively impact cash flows, operations, and financial condition
IPO FAQs
The promoters of the company are Arun Hanumandas Lakhani, Vandana Arun Lakhani, Sidhaartha Arun Lakhanee, Sarang Arun Lakhanee and Premier Financial Services Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.