Watrana Rentals IPO is a bookbuilding issue worth ₹120.10 crore. The public issue consists entirely of a fresh issue of 49,02,000 shares aggregating up to ₹120.10 crore. The company intends to use the proceeds primarily for purchasing material handling equipment, aerial work platforms and batteries, along with general corporate purposes.
Watrana Rentals IPO opens for subscription on November 19, 2026, and closes on November 23, 2026. The basis of allotment is expected to be finalised on November 25, 2026, while the tentative listing date is November 27, 2026. The shares are proposed to be listed on the NSE SME platform.
The IPO price band is ₹232 to ₹245 per share, with a face value of ₹10 per share. The minimum application size for individual investors is 1,200 shares, requiring an investment of ₹2,94,000 at the upper price band.
Table of Contents
Watrana Rentals IPO Details
| Particulars | Details |
|---|---|
| IPO Opening Date | November 19, 2026 |
| IPO Closing Date | November 23, 2026 |
| Allotment Date | November 25, 2026 |
| Refund Date | November 26, 2026 |
| Credit of Shares | November 26, 2026 |
| Listing Date | November 27, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹232 to ₹245 |
| Lot Size | 600 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Capital Only |
| Listing At | NSE SME |
| Total Issue Size | 49,02,000 shares (aggregating up to ₹120.10 crore) |
| Market Maker Reservation | 2,52,000 shares (aggregating up to ₹6 crore) |
| Fresh Issue (Ex-Market Maker) | 46,50,000 shares (aggregating up to ₹113.93 crore) |
| Net Offered to Public | 46,50,000 shares (aggregating up to ₹113.93 crore) |
| Shareholding Pre-Issue | 1,14,38,500 shares |
| Shareholding Post-Issue | 1,63,40,500 shares |
| Market Capitalisation | ₹400.34 crore (at the upper price band) |
| Market Maker | Basan Equity Broking Ltd. |
| Lead Manager | Oneview Corporate Advisors Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
Watrana Rentals IPO Dates
Watrana Rentals IPO is scheduled to open on November 19, 2026, and remain open until November 23, 2026. Investors can submit their applications during this period within the prescribed price band and lot-size requirements. The allotment is expected to be completed on November 25, 2026, followed by refunds and credit of shares on November 26, 2026. The company is tentatively scheduled to list on the NSE SME platform on November 27, 2026.
| IPO Event | Date |
|---|---|
| IPO Opens | November 19, 2026 |
| IPO Closes | November 23, 2026 |
| Allotment | November 25, 2026 |
| Refund Initiation | November 26, 2026 |
| Credit of Shares | November 26, 2026 |
| Listing | November 27, 2026 |
Watrana Rentals IPO Reservation
Watrana Rentals IPO comprises a total issue size of 49,02,000 shares. After excluding the 2,52,000 shares reserved for the market maker, the net offer to the public consists of 46,50,000 shares. The net public offer is divided among Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors.
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 23,22,000 | 49.94% | 47.37% |
| Anchor Investor | 13,86,000 | — | 28.27% |
| QIB (Excluding Anchor) | 9,36,000 | — | 19.09% |
| NII (HNI) | 6,98,400 | 15.02% | 14.25% |
| bNII (Above ₹10 lakh) | 4,65,600 | — | 9.50% |
| sNII (Below ₹10 lakh) | 2,32,800 | — | 4.75% |
| Retail | 16,29,600 | 35.05% | 33.24% |
| Market Maker | 2,52,000 | — | 5.14% |
| Total | 49,02,000 | 100.00% | 100.00% |
Watrana Rentals IPO Lot Size
Investors can apply for Watrana Rentals IPO in a minimum lot of 1,200 shares, equivalent to two lots of 600 shares each. Applications must be made in multiples of 600 shares, subject to the applicable investor-category limits. At the upper price band of ₹245 per share, the minimum investment for individual investors is ₹2,94,000.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual Investors (Minimum) | 2 | 1,200 | ₹2,94,000 |
| Individual Investors (Maximum) | 2 | 1,200 | ₹2,94,000 |
| sHNI (Minimum) | 3 | 1,800 | ₹4,41,000 |
| sHNI (Maximum) | 6 | 3,600 | ₹8,82,000 |
| bHNI (Minimum) | 7 | 4,200 | ₹10,29,000 |
About Watrana Rentals Limited
Incorporated on November 19, 2019, Watrana Rentals Limited operates in the material and cargo handling equipment rental business. The company provides material handling equipment (MHE) on a rental basis and is also engaged in trading new and used MHE and batteries used in such equipment.
Its product and service portfolio includes battery-operated, diesel and gas forklifts, electric stackers, pallet trucks, speciality attachments such as paper-roll clamps, bale clamps and side shifters, and ground-support equipment. The company serves customers across multiple industries, including automotive, tyres, beverages, glass, paper, logistics and warehousing.
As of June 30, 2026, the company owned a fleet of 2,646 MHE units and 33 aerial work platform (AWP) units. In addition, it had taken five MHE units and two AWP units on rent from third-party suppliers. The company had 3,883 employees across different functions, including strategy and planning, administration, human resources, finance, operations, procurement, stores, safety and service.
Business Operations
Watrana Rentals Limited’s business activities are organised into three primary segments:
Rental Solutions: The company provides material handling equipment on a rental basis, allowing customers to access equipment according to their operational requirements without making a long-term capital investment.
Trading in MHE: The company is engaged in the trading of material handling equipment, providing customers with options to purchase new and used equipment based on their requirements and budgets.
Trading in Batteries for MHEs: The company offers batteries compatible with material handling equipment for customers using its rental and trading services.
Industry Overview
Material handling equipment plays an important role in industrial operations, manufacturing, logistics, warehousing and supply-chain management. Equipment such as forklifts, stackers, pallet trucks and aerial work platforms supports the movement, storage and handling of goods across industrial facilities.
Businesses may choose to rent equipment to manage operational requirements without committing substantial capital to purchasing and maintaining an entire fleet. Rental arrangements can provide flexibility when equipment requirements vary according to business activity.
Watrana Rentals operates in this equipment rental and trading segment, serving customers across industries such as automotive, tyres, beverages, glass, paper, logistics and warehousing. Specific industry-size and growth estimates are To Be Updated.
Business Strategy
The company’s business model combines equipment rentals with the trading of material handling equipment and batteries. Its fleet ownership supports its rental operations, while its trading activities provide an additional source of business.
The company may continue to focus on equipment availability, service quality, workforce capabilities and network coverage to serve customers across different industries. Further details of its stated business strategy and expansion plans are To Be Updated from the RHP.
Watrana Rentals IPO Financial Information
The following table presents the company’s restated financial information for the periods provided. All figures are in ₹ crore.
| Particulars | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 183.35 | 147.69 | 95.98 | 50.44 |
| Total Income | 129.49 | 130.23 | 86.19 | 47.67 |
| Profit After Tax | 18.93 | 18.05 | 8.52 | 3.94 |
| EBITDA | 39.20 | 37.98 | 25.49 | 13.87 |
| Net Worth | 50.89 | 31.96 | 13.91 | 5.40 |
| Reserves and Surplus | 40.88 | 31.95 | 13.90 | 5.39 |
| Total Borrowings | 105.11 | 93.12 | 67.50 | 32.75 |
Financial Analysis
Watrana Rentals Limited reported total income of ₹129.49 crore for the period ended December 31, 2024, compared with ₹130.23 crore in FY2024. The company reported a profit after tax of ₹18.93 crore for the December 2024 period, against ₹18.05 crore in FY2024.
The company’s EBITDA stood at ₹39.20 crore for the period ended December 31, 2024, while its net worth increased to ₹50.89 crore. Total borrowings were ₹105.11 crore for the same period. Investors should review the complete restated financial statements and the corresponding reporting-period details in the RHP before making an investment decision.
Watrana Rentals IPO Key Performance Indicators (KPI)
The following key performance indicators are provided for the financial year ended March 31, 2024.
| KPI | March 31, 2024 |
|---|---|
| ROE | 78.69% |
| ROCE | 18.06% |
| Debt/Equity | 2.91 |
| RoNW | 37.19% |
| PAT Margin | 13.87% |
| EBITDA Margin | 29.19% |
| NAV | ₹31.93 |
The reported return on equity was 78.69%, while the return on capital employed stood at 18.06%. The debt-to-equity ratio was 2.91, indicating the company’s reported borrowing level relative to its equity. The reported PAT margin and EBITDA margin were 13.87% and 29.19%, respectively. Investors should assess these indicators alongside the company’s borrowing requirements, cash flows and future capital expenditure plans.
Objects of Watrana Rentals IPO
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 proceeds are also intended to meet 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 plans to utilise ₹98.13 crore towards the purchase of material handling equipment, aerial work platforms and batteries. These investments are expected to support its rental fleet and business operations. The specific allocation for general corporate purposes has not been provided in the information shared.
Watrana Rentals IPO Listing Performance
Watrana Rentals IPO is proposed to be listed on the NSE SME platform. The tentative listing date is November 27, 2026. The final issue price and listing-day trading performance will be available after completion of the IPO process.
| Particulars | Details |
|---|---|
| Exchange | NSE SME |
| Price Band | ₹232 to ₹245 |
| Final Issue Price | To Be Updated |
| Listing Date | November 27, 2026 |
| Listing-Day Opening Price | To Be Updated |
| Listing-Day Closing Price | To Be Updated |
| Listing Gain/Loss | To Be Updated |
Watrana Rentals IPO Subscription Status
The subscription status will reflect the demand received from Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors during the IPO bidding period. The live subscription figures are not included in the information provided and will be updated during the issue period.
| Investor Category | Subscription |
|---|---|
| QIB | To Be Updated |
| NII | To Be Updated |
| Retail | To Be Updated |
| Total | To Be Updated |
Watrana Rentals IPO Review
Watrana Rentals Limited operates in the material handling equipment rental and trading segment. Its business combines equipment rentals with the sale of new and used MHE and batteries. The company reported an owned fleet of 2,646 MHE units and 33 AWP units as of June 30, 2026, supporting its equipment rental activities.
The company’s financial information shows an increase in assets and net worth over the periods presented. For the period ended December 31, 2024, it reported total income of ₹129.49 crore and profit after tax of ₹18.93 crore. However, total borrowings stood at ₹105.11 crore for the same period, and the reported debt-to-equity ratio for March 31, 2024, was 2.91. Investors should carefully assess the company’s debt levels, equipment investment requirements, operating performance and ability to generate cash flows.
The IPO proposes to use a significant portion of its proceeds for purchasing MHE, AWPs and batteries. This may support the company’s rental fleet and business operations, but the returns from such investment will depend on equipment utilisation, customer demand, maintenance costs and operating efficiency. Investors should read the RHP and consider the risks before applying.
Strengths of Watrana Rentals Limited
- Experienced Promoters and Management: The company highlights the experience of its promoters and senior management team, including their technical expertise.
- Skilled Workforce: Its workforce is an important part of service delivery and operational support for clients across India.
- Quality Assurance: Quality assurance is identified as an integral part of the company’s operations.
- Wide Network Coverage: The company identifies its network coverage as a competitive strength in serving customers.
Risk Factors of Watrana Rentals Limited
The detailed risk factors should be reviewed in the company’s RHP. Based on the information provided, investors should consider the following business-related areas:
- Borrowings: The company reported total borrowings of ₹105.11 crore as of December 31, 2024. Debt servicing and borrowing requirements may affect financial flexibility.
- Capital Expenditure: The proposed use of IPO proceeds includes purchasing MHE, AWPs and batteries. The expected benefits depend on equipment utilisation and demand.
- Equipment Maintenance: Rental operations require equipment to remain operational and meet customer requirements. Maintenance and repair costs may affect profitability.
- Industry and Customer Exposure: The company serves customers across several industries. Changes in demand or operating conditions in these sectors may affect business performance.
- Operational Workforce: Service delivery depends on the availability and performance of employees across operations, safety and service functions.
These points are not a substitute for the complete risk disclosures in the RHP.
Watrana Rentals IPO Promoters
The promoters of Watrana Rentals Limited are Sanjeev Kumar Watrana, Rajeev Kumar Watrana and Neha Watrana.
| Promoter | Details |
|---|---|
| Sanjeev Kumar Watrana | Promoter |
| Rajeev Kumar Watrana | Promoter |
| Neha Watrana | Promoter |
Shareholding Structure
| Category | Pre-Issue | Post-Issue |
|---|---|---|
| Promoter and Promoter Group | 100% | 70% |
| Public | — | 30.00% |
| Total | 100% | 100% |
Watrana Rentals IPO Management Team
The detailed names and designations of the company’s management team are To Be Updated from the RHP.
| Name | Designation |
|---|---|
| To Be Updated | To Be Updated |
Watrana Rentals IPO Registrar Details
Maashitla Securities Pvt. Ltd. is the registrar to the Watrana Rentals IPO. Investors can contact the registrar for queries related to the IPO application and allotment process.
| Particulars | Details |
|---|---|
| Registrar | Maashitla Securities Pvt. Ltd. |
| Phone | 011-45121795 |
| [email protected] | |
| Website | To Be Updated |
Watrana Rentals IPO Lead Manager Details
Oneview Corporate Advisors Pvt. Ltd. is the book running lead manager to the Watrana Rentals IPO.
| Particulars | Details |
|---|---|
| Lead Manager | Oneview Corporate Advisors Pvt. Ltd. |
| Lead Manager Reports | To Be Updated |
| Market Maker | Basan Equity Broking Ltd. |
Watrana Rentals Limited Contact Details
| Particulars | Details |
|---|---|
| Company Name | Watrana Rentals Limited |
| Address | B-2, Third Floor, Derawal Nagar, Near Model Town Metro Station, Gujranwala Colony, North West Delhi, New Delhi, 110009 |
| Phone | +91 9289100302 |
| [email protected] | |
| Website | https://watranarentals.com/ |
Watrana Rentals IPO Allotment Status
The Watrana Rentals IPO allotment is expected to be finalised on November 25, 2026. After the allotment process, refunds for unsuccessful applicants and credit of shares to successful applicants are scheduled for November 26, 2026. Investors can check their application status through the registrar’s website once the allotment details are made available.
Through Registrar
Investors can check the Watrana Rentals IPO allotment status through the official website of Maashitla Securities Pvt. Ltd., the registrar to the issue. The allotment status can be checked after the basis of allotment is finalised.
Investors will generally need to select the IPO name and provide the requested application details, such as PAN or application number, to view their allotment status.
Through BSE
The issue is proposed to be listed on the NSE SME platform. The exchange-based allotment status facility and applicable process should be checked through the official exchange or registrar instructions once the allotment is finalised.
Conclusion
Watrana Rentals IPO is a fresh issue of ₹120.10 crore, comprising 49,02,000 shares. The company operates in the material handling equipment rental and trading business and serves customers across industries such as automotive, tyres, beverages, glass, paper, logistics and warehousing.
The company reported total income of ₹129.49 crore and profit after tax of ₹18.93 crore for the period ended December 31, 2024. Its IPO proceeds are primarily intended for the purchase of material handling equipment, aerial work platforms and batteries. Investors should evaluate the company’s financial performance, borrowings, equipment investment plans and the complete risk factors disclosed in the RHP before making an investment decision.
Watrana Rentals IPO FAQs
What is the Watrana Rentals IPO date?
Watrana Rentals IPO opens on November 19, 2026, and closes on November 23, 2026.
What is the price band of Watrana Rentals IPO?
The price band for Watrana Rentals IPO is ₹232 to ₹245 per share.
What is the lot size of Watrana Rentals IPO?
The lot size is 600 shares. Individual investors must apply for a minimum of two lots, or 1,200 shares.
What is the minimum investment for Watrana Rentals IPO?
The minimum investment for individual investors is ₹2,94,000 for 1,200 shares, calculated at the upper price band of ₹245 per share.
What is the total issue size of Watrana Rentals IPO?
The total issue size is ₹120.10 crore, consisting entirely of a fresh issue of 49,02,000 shares.
When will Watrana Rentals IPO allotment be finalised?
The allotment is expected to be finalised on November 25, 2026.
What is the tentative listing date of Watrana Rentals IPO?
The tentative listing date is November 27, 2026, on the NSE SME platform.
Who is the registrar of Watrana Rentals IPO?
Maashitla Securities Pvt. Ltd. is the registrar of the issue.
Who is the lead manager of Watrana Rentals IPO?
Oneview Corporate Advisors Pvt. Ltd. is the book running lead manager of the IPO.
