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Bengaluru-based water infrastructure company Denta Water and Infra Solutions Limited has filed draft papers with SEBI for an initial public offering (IPO). The IPO consists entirely of a fresh issue of up to 7.5 million shares, with no offer for sale component.
The company may consider a further private placement of up to 1.1 million shares if required. The proceeds from the IPO will be used primarily to meet Denta Water’s working capital requirements.
Established in 2016, Denta Water has expertise in designing, installing, and maintaining water infrastructure projects involving groundwater recharging using recycled water. It has completed 16 such projects so far and is undertaking 19 more across various stages.
The company has been awarded government contracts worth over Rs 975 crore under India’s Jal Jeevan Mission for drinking water and other water management initiatives. Denta Water’s projects use technologies like lift irrigation systems and have contributed significantly to water sustainability efforts in Bengaluru.
As of October 2023, Denta Water has an aggregate order book of over Rs 770 crore. For fiscal 2022-23, its revenues grew 46% to Rs 174 crore while net profit rose 31% to Rs 50 crore.
SMC Capitals is the lead manager for the IPO. The company plans to list on the BSE and NSE. Equity shares have a face value of Rs 10.