IPO Alert: WOG Technologies Files Draft Papers with SEBI to Raise Funds

WOG Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).  

The proposed issue includes a fresh issue of equity shares worth ₹375 crore and an offer for sale of up to 43.28 lakh equity shares by existing shareholders.  

The shares have a face value of ₹10 each, and the IPO will be conducted through the book-building route. 

Offer Details  

The offer for sale will see promoter Sunil Kumar and investors Rakesh Kumar Verma, Ruchi Sharma, Punam Choudhury, Pritam Kanti Paul, Sapna Ahuja, Ravinder Pratap Singh and Anuj Kumar Jain selling part of their holdings.  

The company has also stated that it may raise up to ₹60 crore through a pre-IPO placement, which would reduce the size of the fresh issue. 

Use of Proceeds and Allocation 

As per the DRHP, ₹220 crore from the fresh issue proceeds will be used to meet working capital requirements. Another ₹45 crore will be utilised to acquire the remaining 50% stake in Bell Cooling Towers. The remaining amount will be used for general corporate purposes. 

The proposed allocation for the IPO includes up to 50% for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail individual investors. Bigshare Services has been appointed as the registrar to the issue, while Unistone Capital is the sole book-running lead manager. 

Business Operations 

Founded in 2010, WOG Technologies is part of the WOG Group and operates in the environmental engineering and technology space. The company provides services related to water treatment, wastewater recycling, oil separation and biogas generation.  

Its scope of work includes design, engineering, procurement, installation and operation of customised wastewater and effluent treatment systems. 

WOG Technologies has completed 179 projects in India and 16 overseas markets, including South Asia, South East Asia, Central Asia, the Middle East and the Caribbean. As of the DRHP filing, the company was executing 34 projects with an outstanding order book of ₹1,013 crore. Municipal projects accounted for 65.17% of the order book, while industrial projects made up 34.83%. 

WOG Technologies Financial Performance 

For the quarter ended June 30, 2025, the company reported revenue of ₹41.30 crore and profit after tax of ₹9.67 crore. In FY25, revenue increased to ₹165.43 crore from ₹82.18 crore in the previous year. Profit after tax stood at ₹44.24 crore compared with ₹2.78 crore in FY24. 

Conclusion 

The proposed IPO is aimed at funding working capital needs and completing an acquisition, while supporting ongoing project execution in India and overseas. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
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