Rite Water Solutions Gears Up for Rs 745 Crore IPO Launch

Nagpur-based clean-tech firm, Rite Water Solutions, has filed for a Rs 745 crore IPO. Supported by the Water Access Acceleration Fund, the offering includes a fresh equity issue and an offer for sale. Proceeds will address working capital needs and corporate purposes. The firm is second-fastest in water solutions revenue growth.

Nagpur-headquartered Rite Water Solutions, a prominent Indian clean-tech enterprise, is set to go public with an IPO worth Rs 745 crore. The company recently lodged preliminary documents with the Securities and Exchange Board of India (Sebi), marking a significant step towards expanding its operations.

Backed by the Water Access Acceleration Fund SLP, managed from Belgium by Incofin Investment Management, Rite Water Solutions' IPO entails a fresh issue worth Rs 300 crore and an offer for sale totaling Rs 445 crore. Prominent stakeholders, including the promoters Vinayak Shankarrao Gan and Abhijeet Vinayak Gan, as well as the Water Access Acceleration Fund, will divest portions of their shares as per the draft prospectus.

Established in 2004, Rite Water Solutions distinguishes itself as the sole Indian clean-tech firm with a comprehensive focus on rural transformation. The firm leverages water and solar agriculture innovations alongside IoT solutions to address essential energy, agricultural, and water management challenges. This ambitious IPO aims to furl road map for corporate growth, capital allocation, and the company's mounting order book.