Watrana Rentals
Bookbuilding IPO · NSE
- Price band
- ₹232 – ₹245
- Lot size
- 600 shares
- Issue amount
- ₹120.1 cr
- Total subscription
- 0×
- Opens
- 19 Nov 2026
- Closes
- 23 Nov 2026
- Allotment
- 25 Nov 2026
- Listing
- 27 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 49,02,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,39,200
- Fresh issue
- ₹120.1 cr
- Offer for sale
- ₹0 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹2,94,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,14,38,500
- Shares after issue
- 1,63,40,500
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 2 | 1,200 | ₹2,94,000 |
| sHNI | 3 | 1,800 | ₹4,41,000 |
| bHNI | 7 | 4,200 | ₹10,29,000 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 22.93 | 0 |
| RETAIL | 39.93 | 0 |
| NIB | 17.11 | 0 |
| HNIs 2+ | 5.7 | 0 |
| HNIs 10+ | 11.41 | 0 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | - | 29.13 | 24.41 | 18.03 |
| ROE | 8.59 | 41.08 | 55.3 | 78.65 |
| ROCE | 4.87 | 19.06 | 23.85 | 24.11 |
| RONW | 8.24 | 34.08 | 43.32 | 56.47 |
| PRE IPO(PE) | - | - | - | - |
| POST IPO(PE) | - | 8.41x* | 10.04x* | 13.59x* |
Values and labels as reported in the issue data.
Company information
Company profile
Incorporated on November 19, 2019, Watrana Rentals Limited is engaged in providing material and cargo handling equipment (MHE) on a rental basis, along with trading in new and used material handling equipment and batteries. The company's product portfolio includes battery-operated, diesel and gas-powered forklifts, electric stackers, pallet trucks, specialised attachments such as paper-roll clamps, bale clamps and side shifters, as well as ground-support equipment. The company caters to customers across various industries, including automotive, tyre manufacturing, beverages, glass, paper, logistics and warehousing, offering equipment solutions to meet their diverse material handling requirements. Watrana Rentals Limited operates through three primary business segments: rental solutions for material handling equipment, trading in new and used MHE, and trading in batteries compatible with material handling equipment. Its rental services provide businesses with flexible equipment options while reducing the need for substantial upfront capital investment. As of June 30, 2026, the company owned a fleet of 2,646 material handling equipment (MHE) units and 33 aerial work platform (AWP) units. Additionally, it had 5 MHE units and 2 AWP units taken on rent from third-party suppliers. The company had a workforce of 3,883 employees across various functions, including strategy and planning, administration and human resources, finance, operations, procurement, stores, safety and service. The company benefits from experienced promoters, a technically qualified senior management team, a skilled workforce, a focus on quality assurance and a wide network covering customers across India.
Strengths
- Experienced Promoters and Management: The company is backed by experienced promoters and a senior management team with strong technical knowledge and industry expertise.
- Skilled Workforce: A dedicated workforce supporting service delivery and meeting the diverse material handling requirements of customers across India.
- Focus on Quality Assurance: Quality assurance is an integral part of the company's operations, helping maintain service standards and customer satisfaction.
- Wide Network Coverage: An established network that enables the company to serve customers across multiple industries and geographical locations in India.
Risk factors
- High Debt Levels: The company has significant borrowings to finance equipment purchases and business operations, increasing its interest and repayment obligations.
- High Dependence on Rental Business: A major portion of the company's revenue comes from renting material handling equipment, creating dependence on demand for rental services.
- Dependence on Third-Party Suppliers: The company relies on external suppliers for equipment, batteries, maintenance and servicing, which may affect operational efficiency and costs.
- Related-Party Transactions: The company has business dealings with promoter-related entities, which may create potential conflicts of interest.
- Legal Proceedings: The company and its promoters are involved in pending legal proceedings, which could create financial and reputational risks.
- Regulatory Compliance Risks: The company has reported certain delays and errors in statutory filings, which may increase compliance-related risks.
- Capital-Intensive Business: Expansion of the equipment rental fleet requires substantial capital investment, increasing the company's funding requirements.
Promoters
Mr. Sanjeev Kumar Watrana
Mr. Rajeev Kumar Watrana
Mrs. Neha Watrana
Objects of the issue
Purchase of Material Handling Equipment (MHE), Aerial Work Platforms (AWP) and batteries; General Corporate Purposes
Registrar & documents
Lead manager
Oneview Corporate Advisors Private Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
B-2, Third Floor, Derawal Nagar, Near Model Town Metro Station, Gujranwala Colony, North West Delhi, Delhi – 110009, India
+91 9289100302
[email protected]Company website ↗Understanding WATREN IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.