New Delhi: State-run enterprise WAPCOS filed a draft red herring prospectus (DRHP) to launch an initial public offering (IPO) with the capital markets regulator Sebi.
WAPCOS is a wholly-owned public sector enterprise engaged in engineering consultancy and construction under the control of the Ministry of Jal Shakti, Government of India.
It provides engineering consultancy services and construction services in the field of water, power and infrastructure for businesses and communities in India and overseas.
The issue is entirely an offer for sale by the government of India of up to 3.25 crore equity shares with a face value of Rs 10 each, according to DRHP.
In FY22, it was placed first among the top ten international consultancy firms in the water and other urban infrastructure sectors, according to an Asian Development Bank report, its DRHP mentioned.
In the past five decades, WAPCOS and its subsidiaries have provided engineering consultancy services for projects in water, power, and infrastructure sectors within India and overseas, particularly in South Asia and across Africa.
WAPCOS has ongoing projects in 30 countries and has been associated with over 455 overseas projects, both completed and ongoing.
It was placed third among the top five Indian corporations for consulting services between 2017 and 2021. Some of its listed peers in the segment are
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For FY 2021-22, the company reported an 11 per cent rise in the income from operations to Rs 2,797.99 crore, which was Rs 2,512.87 crore in the previous year. Its profit-after-tax (PAT) jumped 14 per cent to Rs 69.16 crore from Rs 60.42 crore.
Its order book, constituting engineering consultancy services stood at Rs 2,533.93 crore and Rs 18,497.33 crore for construction contracts, as on March 31, 2022, with a strong debt-to-equity ratio of 0.10 times.
The company has reserved 50 per cent of shares for qualified institutional buyers, whereas 15 per cent of shares will be allocated to non-institutional investors, and the remaining 35 per cent will be allocated to retail bidders.
Capital Markets & Securities Limited and SMC Capitals Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
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