Denta Water and Infra Solutions initiates IPO process with Sebi filing

Denta Water and Infra Solutions Ltd, a key player in the realm of water engineering, procurement, and construction (EPC) services, has taken the initial step towards going public by filing preliminary papers with the Securities and Exchange Board of India (Sebi) for an upcoming initial public offering (IPO).

The IPO comprises an entirely fresh issue of up to 75 lakh equity shares, as indicated by the draft red herring prospectus (DRHP) submitted to Sebi, with no component for an offer for sale (OFS).

According to the DRHP, the company aims to raise funds for the IPO, with the proceeds from the fresh issue amounting to Rs 150 crore primarily allocated to meeting working capital requirements.

In the fiscal year 2022–23, Denta Water, headquartered in Bengaluru, demonstrated robust financial performance, with a notable 46% increase in revenue from operations, reaching Rs 174.32 crore compared to Rs 119.57 crore in 2021–22.

Additionally, the profit after tax witnessed a significant rise of 30.71% to Rs 50.11 crore, up from Rs 38.34 crore the previous year.

SMC Capitals Limited has been appointed as the exclusive book-running lead manager for the IPO. The company plans to list its equity shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

(With input from PTI)