Incofin’s Water Access Acceleration Fund and Ace Investor Mukul Agrawal backed Rite Water Solutions (India)..

Incofin’s Water Access Acceleration Fund and Ace Investor Mukul Agrawal backed Rite Water Solutions (India) files DRHP for Rs 745 crore IPO

Nagpur-based, Clean-tech player, Rite Water Solutions (India), has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 745 crore through Initial Public Offering (IPO). It is supported by the Water Access Acceleration Fund S.L.P. (“W2AF”) organized and existing under the laws of France and managed by Incofin Investment Management in Belgium and backed by Ace Investor Mukul Agrawal.

The IPO, with a face value of Rs 2, combines a fresh issue of equity shares of up to Rs 300 crore with an offer-for-sale of up to Rs 445 crore by the Promoter and Investor Selling Shareholders.

Offer for Sale consists of shareholders selling shares up to Rs 85 crore by Vinayak Shankarrao Gan, up to Rs 90 crore by Abhijeet Vinayak Gan, and up to Rs 270 crore by Water Access Acceleration Fund S.L.P.

The company, in consultation with the BRLMS, may consider an issue of specified securities aggregating up to Rs 60 crore as pre-IPO placement. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.

The proceeds from the fresh issue, amounting to Rs 225 crore, will be utilized to fund the company's working capital requirements and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.

Since its establishment in 2004, Rite Water Solutions (India) Limited has grown from a water technology solutions provider into a leading Clean-tech company. It offers a diverse range of solutions and services spanning water management, solar agriculture, and IoT-enabled systems, with a strong emphasis on rural sustainability and large-scale implementation. Operating on an asset-light model, the company efficiently scales its business with minimal capital expenditure, ensuring flexibility and resilience.