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State-run WAPCOS has filed preliminary papers with markets regulator Sebi to float an initial public offering (IPO).
IDBI Capital and SMC Capitals are the lead managers to the issue. The IPO, the company informed, is a complete offer for sale (OFS) of up to 32,500,000 equity shares by the promoter, the Government of India, according to the draft red herring prospectus (DRHP). Wapcos is a central public sector enterprise under the administrative control of the ministry of Jal Shakti. It engages in engineering consultancy and construction in the fields of water, power and infrastructure for businesses and communities in India and overseas. The state-run firm has projects in 30 countries and has provided engineering consultancy services to clients in over 50 countries in the last five decades. These countries are Bangladesh, Bhutan, Burundi, Botswana, Cambodia, Cuba, the Central African Republic, DR Congo, Eswatini, Ethiopia, and Fiji Islands. The firm's consolidated order book position was Rs2,533.94 crore and construction contracts for Rs18,497.83 crore. Total outstanding borrowings are Rs722.10 crore. For the financial year 2021-22, the firm reported revenue of Rs2,797.99 crore versus Rs2,512.87 crore a year ago. Net profit was at Rs 68.77 crore versus Rs 60.15 crore last year. (ANI)
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