Watrana Rentals IPO
Watrana Rentals IPO is an SME bookbuilding issue of ₹120.10 crore, comprising a fresh issue of 49,02,000 equity shares. The IPO price band is ₹232 to ₹245 per share, and the lot size is 600 shares. The issue opens for subscription on November 19, 2026, an
Watrana Rentals IPO Details
Watrana Rentals IPO bidding is scheduled to open on November 19, 2026, and close on November 23, 2026. The allotment is expected to be finalised on November 25, 2026. The company's shares are tentatively scheduled to list on the NSE SME platform on November 27, 2026.
Watrana Rentals IPO Timeline (Tentative)
Watrana Rentals IPO is scheduled to open for subscription on November 19, 2026, and close on November 23, 2026. The allotment is expected to be finalised on November 25, 2026. Refund initiation and credit of shares to successful applicants' Demat accounts are scheduled for November 26, 2026. The company is tentatively expected to list on the NSE SME platform on November 27, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Nov 19, 2026 |
| IPO Close Date | Mon, Nov 23, 2026 |
| Basis of Allotment | Wed, Nov 25, 2026 |
| Initiation of Refunds | Thu, Nov 26, 2026 |
| Credit of Shares to Demat | Thu, Nov 26, 2026 |
| Listing Date | Fri, Nov 27, 2026 |
Watrana Rentals IPO Lot Size
The Watrana Rentals IPO lot size is 600 shares. Individual investors must apply for a minimum of two lots, equivalent to 1,200 shares. At the upper price band of ₹245 per share, the minimum retail investment is ₹2,94,000. Small HNI investors can apply for a minimum of three lots, while the minimum application for Big HNI investors is seven lots.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | 2,94,000 |
| Retail (Max) | 2 | 1,200 | 2,94,000 |
| S-HNI (Min) | 3 | 1,800 | 4,41,000 |
| S-HNI (Max) | 6 | 3,600 | 8,82,000 |
| B-HNI (Min) | 7 | 4,200 | 10,29,000 |
Watrana Rentals IPO Reservation
Watrana Rentals IPO comprises a total issue size of 49,02,000 shares. Out of the total issue, 2,52,000 shares are reserved for the market maker, Basan Equity Broking Ltd. The net offer to the public consists of 46,50,000 shares. Of the net offer, 23,22,000 shares are allocated to Qualified Institutional Buyers, 6,98,400 shares to Non-Institutional Investors and 16,29,600 shares to Retail Individual Investors.
Watrana Rentals IPO Subscription
Watrana Rentals IPO subscription status will show the demand received from Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors during the bidding period. The subscription figures will be updated as applications are received after the issue opens. The final subscription data will be available following the close of the IPO.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Watrana Rentals
Watrana Rentals Limited was incorporated on November 19, 2019. The company is engaged in providing material handling equipment (MHE) on a rental basis and trading new and used material handling equipment and batteries used in such equipment. Its services are designed to support the operational requirements of businesses that need equipment for material movement, cargo handling, warehousing and industrial activities.
The company's equipment portfolio includes battery-operated, diesel and gas forklifts, electric stackers, pallet trucks and speciality attachments. These attachments include paper-roll clamps, bale clamps and side shifters. The company also provides aerial work platforms and other ground-support equipment. Its customers operate across industries such as automotive, tyres, beverages, glass, paper, logistics and warehousing.
The company's business can be divided into three main activities: rental solutions, trading in material handling equipment and trading in batteries for MHEs. Through its rental business, the company provides equipment to customers who require operational flexibility without making a long-term capital investment. Its trading business allows customers to purchase equipment according to their requirements and budgets. The battery business provides compatible batteries for material handling equipment used by rental and trading customers.
As of June 30, 2026, Watrana Rentals owned a fleet of 2,646 MHE units and 33 aerial work platform units. It had also taken five MHE units and two AWP units on rent from third-party suppliers. The company's workforce comprised 3,883 employees across functions such as strategy and planning, administration, human resources, finance, operations, procurement, stores, safety and service.
The company identifies its experienced promoters and senior management team, workforce, quality assurance practices and wide network coverage as its competitive strengths. Its operations depend on equipment availability, service quality, workforce capabilities and its ability to meet the material handling requirements of customers across different industries.
Strengths
- Experienced Promoters and Management: The company highlights the experience of its promoters and senior management team, including their technical expertise.
- Workforce Capabilities: Its workforce is an important asset in providing services and operational support to customers across India.
- Quality Assurance: Quality assurance is an integral part of the company's operations and service delivery.
- Wide Network Coverage: The company identifies its network coverage as a competitive strength in serving customers.
- Equipment Fleet: As of June 30, 2026, the company owned 2,646 MHE units and 33 AWP units, supporting its equipment rental activities.
- Multiple Business Activities: Its operations include equipment rentals, trading in MHE and trading in batteries, providing different services to customers.
- Industry Diversification: The company serves customers across automotive, tyres, beverages, glass, paper, logistics and warehousing industries.
Risks to Consider
- Borrowings: The company reported total borrowings of ₹105.11 crore as of December 31, 2024. Interest costs and repayment obligations may affect its financial position and cash flows.
- Capital Investment Requirements: The company's rental business requires investment in material handling equipment, aerial work platforms and batteries. The returns on these investments depend on equipment utilisation and customer demand.
- Equipment Maintenance: Rental equipment requires regular maintenance and servicing. Higher maintenance costs, equipment downtime or damage may affect operating performance.
- Customer and Industry Dependence: The company serves customers across several industrial sectors. Changes in business activity or demand in these sectors may affect equipment rental and trading requirements.
- Competition: The material handling equipment rental and trading market is competitive. The company may face competition from other rental providers, equipment sellers and manufacturers.
- Workforce Requirements: The company's operations depend on employees across operational, safety and service functions. Difficulty in recruiting or retaining skilled employees may affect service delivery.
- Asset Utilisation: The profitability of equipment rental operations depends on the utilisation of the company's fleet. Lower utilisation may affect revenue and returns on equipment investments.
Watrana Rentals Financials (₹ Cr)
Watrana Rentals Limited reported total income of ₹129.49 crore for the period ended December 31, 2024, compared with ₹130.23 crore in FY2024. Profit after tax stood at ₹18.93 crore for the December 2024 period, while the company reported PAT of ₹18.05 crore in FY2024. Its EBITDA was ₹39.20 crore for the period ended December 31, 2024. The company's net worth increased to ₹50.89 crore, while total borrowings stood at ₹105.11 crore for the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 31 Dec 2024 | 129.49 | 18.93 | 183.35 | 50.89 |
| FY2024 | 130.23 | 18.05 | 147.69 | 31.96 |
| FY2023 | 86.19 | 8.52 | 95.98 | 13.91 |
| FY2022 | 47.67 | 3.94 | 50.44 | 5.40 |
KPIs & Valuation
The company's key performance indicators provide information about its profitability, capital efficiency and financial position. For the financial year ended March 31, 2024, Watrana Rentals reported a return on equity of 78.69% and return on capital employed of 18.06%. Its debt-to-equity ratio stood at 2.91, while the reported PAT margin and EBITDA margin were 13.87% and 29.19%, respectively.
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO primarily towards the purchase of material handling equipment (MHE), aerial work platforms (AWP) and batteries. The proposed purchases are intended to support its equipment rental and related business operations. The company also intends to use a portion of the proceeds for general corporate purposes. The main objects of the issue are as follows:
- Purchase of material handling equipment (MHE), aerial work platforms (AWP) and batteries.
- General corporate purposes.
- The company has indicated an allocation of ₹98.13 crore towards the purchase of material handling equipment, aerial work platforms and batteries. These purchases are expected to support its fleet and operational requirements. The specific allocation for general corporate purposes has not been provided in the information shared.
Promoters, Lead Managers & Registrar
Watrana Rentals Limited is promoted by Sanjeev Kumar Watrana, Rajeev Kumar Watrana and Neha Watrana. Oneview Corporate Advisors Pvt. Ltd. is the Book Running Lead Manager to the IPO, while Maashitla Securities Pvt. Ltd. is the registrar. Basan Equity Broking Ltd. has been appointed as the market maker for the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Pvt. Ltd. |
|---|---|
| Phone | 011-45121795 |
| ipo@maashitla.com | |
| Website | https://maashitla.com/ |
Watrana Rentals IPO Review
Watrana Rentals Limited operates in the material handling equipment rental and trading business. The company provides equipment to customers across industries such as automotive, tyres, beverages, glass, paper, logistics and warehousing. Its business model combines equipment rentals with the trading of new and used material handling equipment and batteries.
The company reported total income of ₹129.49 crore for the period ended December 31, 2024, and profit after tax of ₹18.93 crore. Its EBITDA for the same period stood at ₹39.20 crore, while net worth was ₹50.89 crore. Total borrowings were ₹105.11 crore. The reported financial figures show that the company has expanded its asset base over the periods presented, but investors should also consider its borrowing levels and the capital required to maintain and expand its equipment fleet.
The IPO proceeds are primarily intended to fund the purchase of material handling equipment, aerial work platforms and batteries. Such investment may support the company's rental operations by increasing or strengthening its equipment availability. However, the benefits will depend on customer demand, equipment utilisation, rental rates, maintenance expenses and the company's ability to manage its operating costs.
The company identifies its experienced management, workforce, quality assurance and network coverage as competitive strengths. Investors should also evaluate its debt-to-equity ratio, which was reported at 2.91 as of March 31, 2024, along with the company's financial performance and working capital requirements. A review of the RHP, financial statements, valuation and risk factors is important before making an investment decision.
How to Apply
Investors can apply for Watrana Rentals IPO through ASBA or a UPI-enabled broker platform during the subscription period. The IPO is scheduled to open on November 19, 2026, and close on November 23, 2026. The minimum application for individual investors is 1,200 shares, equivalent to two lots. At the upper price band of ₹245 per share, the minimum investment is ₹2,94,000.
Through UPI
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Log in to your stockbroker's mobile application or website.
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Open the IPO section and select Watrana Rentals IPO.
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Enter the number of lots you wish to apply for.
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Select the applicable bid price within the IPO price band.
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Enter your valid UPI ID.
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Submit the IPO application.
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Open your UPI application after receiving the mandate request.
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Verify the mandate details and approve it using your UPI PIN.
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The application amount will be blocked in your bank account.
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If shares are allotted, the required amount will be debited. If no shares are allotted, the blocked amount will be released.
Prospectus & Documents
Investors should refer to the company's Red Herring Prospectus for detailed information about its business operations, financial performance, risk factors, promoters, IPO structure and utilisation of issue proceeds. The RHP contains the detailed disclosures required for evaluating the public issue.
Last updated Nov 13, 2026.