About Rite Water Solutions IPO
Rite Water Solutions IPO Details
The Rite Water Solutions IPO is a 100% book-built issue of ₹745 crore, comprising a fresh issue of ₹300 crore and an offer for sale (OFS) of ₹445 crore, with a face value of ₹2 per share. The company filed its DRHP with SEBI on February 10, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead managers of the issue are JM Financial Ltd. and Axis Capital Ltd., while the registrar to the issue is Bigshare Services Pvt. Ltd.
Rite Water Solutions IPO Date & Timeline
Rite Water Solutions Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on February 10, 2025. However, the specific Rite Water Solutions IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Rite Water Solutions IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Rite Water Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | Upto [●] Equity Shares of face value of ₹2 each aggregating upto ₹745.0 Cr |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Upto[●] Equity Shares of face value of ₹2 each aggregating upto ₹300 cr |
| Offer for Sale | Upto [●] Equity Shares of face value of ₹2 each aggregating upto ₹445.00 Cr |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Rite Water Solutions IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Rite Water Solutions IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Rite Water Solutions Ltd. was incorporated as 'Nagpur Aquatech Private Limited' on September 24, 2004, in Nagpur, Maharashtra; then transformed from a private limited company to a public limited company on March 12, 2012, to proceed with its public listing procedure.
The company has strategically expanded its geographic presence and currently operates in multiple states across India, focusing on executing large-scale rural sustainability projects. The main objective of the company is to design, manufacture and deal in assembling, testing erecting, operate and maintain the marketing of all kinds of plants and projects.
Operations & Product Range
The core operations of Rite Water Solutions Ltd. are structured around providing technology-driven climate interventions, primarily in rural areas. The operating model is divided into three main verticals: the water solutions, solar agriculture solutions and IoT division. They focus on the water and wastewater treatment (purification, integrated water supply), deliver solar irrigation pumps and cold storage and digital monitoring systems to track water quality/flow/energy usage across existing infrastructure, respectively.
Facilities & Capacity
The facility of Rite Water Solutions Ltd. is to execute complex, nationwide projects and they rely on a highly scalable, asset-light operational infrastructure. As of December 31, 2024, the company had engaged in projects across 21,807 villages and has the capacity for the execution of 9,131 installations featuring a purifying capacity of 627.42 million litres per day. Moreover, the infrastructure supports the deployment of over 8,736 solar pumps and numerous IoT monitoring systems.
Brands & Market Presence
Rite Water Solutions Ltd. has cultivated a strong market presence as a trusted partner for both government bodies and private corporations. Its domestic exposure is deep, collaborating on major national initiatives such as the Jal Jeevan Mission, PM-KUSUM Scheme and the National Mission for Clean Ganga. The company is ISO 9001:2015 certified and has received recognitions, including the 'Doing Good for Bharat Award 2024' and being named 'Best Innovative Company in Water' by ASSOCHAM.
Revenue Streams & Business Model
Rite Water Solutions Ltd. generates revenue by executing engineering, procurement and construction contracts, alongside operation and maintenance services. The company has shown growing financial statements, as for FY24, the revenue from operations was reported at ₹202.74 crore and PAT was at ₹4.92 crore.
The business model of Rite Water Solutions Ltd. relies on securing and efficiently executing large institutional and government contracts. They follow an asset-light business model where they can focus on cost efficiency and strengthen their balance sheet.
Management & Shareholding
Rite Water Solutions Ltd. is promoted by Vinayak S. Gan and Abhijeet V. Gan. Before the IPO, the promoters held the 80.13% stake of the company, but after the IPO, the promoters' shareholding will be diluted as existing shareholders are selling their shares, which is up to ₹445 crore.
Board & Key Management
The leadership of Rite Water Solutions Ltd. is led by a team of experts with many years of experience. Vinayak S. Gan serves as the Chairman & Whole-Time Director and gives strategic direction to the firm. The daily operations are managed by Abhijeet V. Gan, the Managing Director & CEO. To ensure good governance, the board includes Independent Directors Vinod K. Verma, Ashutosh Prabhakar Joshi and Khushboo Anish Pasari for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Rite Water Solutions IPO Financial Information
Latest Revenue
309.65
₹ Crore
Profit After Tax
71.51
₹ Crore
Net Worth
305.71
₹ Crore
Total Borrowing
45.93
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 422.18 | 309.65 | 71.51 | 305.71 | — | 45.93 | |||
| 31 Mar 2024 | 295.25 | 206.84 | 49.28 | 234.20 | — | 18.65 | |||
| 31 Mar 2023 | 126.13 | 121.59 | 25.02 | 93.17 | — | 4.35 | |||
| 31 Mar 2022 | 101.09 | 78.86 | 8.68 | 68.19 | — | 16.76 | |||
| Amount in ₹ Crore | |||||||||
Rite Water Solutions Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 21.04% |
| ROCE | 27.22% |
| Debt/Equity | 0.08x |
| RoNW | 21.04% |
| PAT Margin | 24.31% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 9.99 (basic) 8.38 (diluted) | - |
| P/E (x) | - | - |
Rite Water Solutions IPO Objectives
The company intended to use the Rite Water Solutions IPO for strategic purposes:
- • Funding working capital requirements to support the execution of ongoing and future projects.
- • General corporate purposes.
Rite Water Solutions IPO Review
Rite Water Solutions Ltd. holds a distinct space in the clean-tech sector, capitalising on the push for rural transformation. Its involvement in high-priority government schemes provides strong revenue visibility, supported by an asset-light execution model.
Financially, the company has shown a healthy and growing financial statement, as for FY24, the revenue from operations was reported at ₹202.74 crore and PAT was at ₹4.92 crore, with a growing EBITDA margin of 34.77%.
However, investors must consider risks associated with government contracting, such as dependency on policy continuity and potential delays in receivables. The competitive landscape is also intensifying. Overall, the IPO review represents an opportunity for investors, but the results of the IPO will depend on the final valuation metrics set during the book-building process.
Conclusion
Rite Water Solutions IPO is an opportunity for investors to invest in a growing company, which is India's clean-tech and rural infrastructure narrative. The company has demonstrated strong execution focus, translating the need for clean water and sustainable agricultural energy into substantial financial growth. With this issue, the company aims to focus on funding the capital expenditure and day-to-day expenses to maintain a healthy cash flow.
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Competitive Strengths
Comprehensive clean-tech portfolio offers diverse, integrated solutions across water, solar, agriculture and IoT
Asset-Light scalability enables rapid expansion with minimal capital expenditure
Strong government partnerships under flagship national schemes ensure a steady project pipeline
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 04/07/2025 | - |
| 2 | Filed with SEBI/Exchange | 13/02/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |