Watrana Rentals files DRHP for IPO
By Shishta Dutta | Updated at: Nov 26, 2025 11:08 AM IST
Mumbai, 1 July 2025: Watrana Rentals Limited has filed its Draft Red Herring Prospectus (DRHP) dated 30 June 2025 with the National Stock Exchange (NSE) for its upcoming Initial Public Offering (IPO). The company proposes to issue up to 36,10,000 fresh equity shares with a face value of ₹10 each. The IPO, which carries no offer-for-sale component, will be listed on the NSE SME segment under NSE EMERGE.
Entirely Fresh Issue to Drive Expansion Without Promoter Divestment
This IPO is a 100% book-built issue consisting solely of new equity shares. There is no offer-for-sale, ensuring that promoter shareholding is only diluted by the issue of new capital, not existing shares.
| Particulars | Details |
|---|---|
| Issue Type | 100% Book Built (Fresh Issue only) |
| Issue Size | 36,10,000 Equity Shares |
| Face Value | ₹10 per share |
| Listing Platform | NSE EMERGE (SME segment) |
| Offer for Sale | Not Applicable |
| Promoters | Mr. Sanjeev Kumar Watrana and Mr. Rajeev Kumar Watrana |
| Registrar to the Issue | Maashitla Securities Pvt. Ltd |
| BRLM | Oneview Corporate Advisors Pvt. Ltd |
Watrana Rentals IPO: Plans ₹[●] Cr Fundraise Through 100% Fresh Issue on NSE SME Platform
Mumbai, 1 July 2025: Watrana Rentals Limited has filed its Draft Red Herring Prospectus (DRHP) dated 30 June 2025 with the National Stock Exchange (NSE) for its upcoming Initial Public Offering (IPO). The company proposes to issue up to 36,10,000 fresh equity shares with a face value of ₹10 each. The IPO, which carries no offer-for-sale component, will be listed on the NSE SME segment under NSE EMERGE.
Entirely Fresh Issue to Drive Expansion Without Promoter Divestment
This IPO is a 100% book-built issue consisting solely of new equity shares. There is no offer-for-sale, ensuring that promoter shareholding is only diluted by the issue of new capital, not existing shares.
| Utilization Head | Amount (₹ in Lakhs) | FY 2025–26 | FY 2026–27 |
|---|---|---|---|
| Purchase of MHE and Batteries | 9,967.37 | 3,433.72 | 6,533.65 |
| General Corporate Purposes | [●] | [●] | [●] |
| Total | [●] |
No proceeds are allocated for debt repayment. As the issue size qualifies under SEBI norms, a monitoring agency will be appointed in line with Regulation 262 of the SEBI ICDR.
Diverse Sector Presence Backed by a Growing Equipment Fleet
Headquartered in North West Delhi, Watrana Rentals Limited offers ISO-certified rental and trading services for industrial MHE. The company serves a wide range of industries, including:
- Automotive
- Cosmeceuticals
- Tyres
- Beverages
- Paper
- Airports
As of 30 April 2025, the company operates a fleet of 1,441 units, offering both new and used MHE along with battery solutions.
Strong Financials Reflect Consistent Growth and Operational Efficiency
Watrana has posted steady growth in both revenue and profitability over recent years. For the nine months ended December 2024, revenue stood at ₹12,925.59 lakh, with a profit after tax of ₹1,892.60 lakh. EBITDA for the same period was ₹3,920.02 lakh.
| Particulars | 9M FY25 (Dec 2024) | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue from Operations | ₹12,925.59 lakh | ₹13,011.62 lakh | ₹8,611.81 lakh | ₹4,729.91 lakh |
| Profit After Tax (PAT) | ₹1,892.60 lakh | ₹1,805.03 lakh | ₹851.70 lakh | ₹393.54 lakh |
| EBITDA | ₹3,920.02 lakh | ₹3,797.92 lakh | ₹2,549.32 lakh | ₹1,386.80 lakh |
| PAT Margin | 14.64% | 13.87% | 9.89% | 8.32% |
| Net Worth | ₹5,088.85 lakh | ₹3,196.25 lakh | ₹1,391.23 lakh | ₹539.53 lakh |
| Total Borrowings | ₹10,511.03 lakh | ₹9,312.09 lakh | ₹6,750.22 lakh | ₹3,275.21 lakh |
As of 31 December 2024, total assets stood at ₹18,334.53 lakh, with contingent liabilities and commitments amounting to ₹277.46 lakh.
Promoters to Retain Significant Stake Post-Issue
Before the IPO, promoters Sanjeev and Rajeev Kumar Watrana each hold 50,04,975 equity shares, accounting for 99.99% of the company’s share capital. Post-issue holdings will dilute proportionately based on the final issue price and share allocation.
| Name | Pre-Issue Holding | Post-Issue Holding |
|---|---|---|
| Sanjeev Kumar Watrana | 49.999% | [●] |
| Rajeev Kumar Watrana | 49.999% | [●] |
Listing on NSE EMERGE to Enhance Visibility and Compliance
Watrana Rentals will list its equity shares on NSE EMERGE, the SME platform of the NSE. The company is eligible under Chapter IX of SEBI’s ICDR Regulations, 2018, and complies with Regulation 229(2) and Rule 19(2)(b) of the Securities Contracts (Regulation) Rules (SCRR).
Company Positioned for Long-Term Growth in the MHE Sector
Watrana Rentals Limited (CIN: U74999DL2019PLC357671) was incorporated in November 2019 and converted to a public limited company in December 2024. It offers integrated rental and trading solutions for material handling equipment, including short-term and long-term rentals with or without operators. The company is supported by in-house technical and safety teams, enabling it to deliver reliable services across sectors.
Disclaimer: Final IPO pricing, allocation details, and schedule are subject to approval by NSE and will be disclosed in the Red Herring Prospectus and public advertisements at least two working days before the IPO opening.
REF: https://nsearchives.nseindia.com/emerge/corporates/content/Registration_30062025193837_DRHPWRL.pdf
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