WOG Technologies IPO
WOG Technologies Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI returned the draft on 30 October 2026.
- Status
- Returned by SEBI30 Oct 2026
- SEBI received draft
- 29 Dec 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Unistone Capital Pvt. Ltd.
- Last SEBI contact
- 10 Jun 2026
- Price band and dates
- Not announced
Where it stands
WOG Technologies IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI29 Dec 2025
- SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI returned the draft offer document. The company can file a fresh draft later.
DRHP at a glance
WOG Technologies DRHP at a glance
Draft red herring prospectus, 28 Dec 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 243 to 244) and Basis for Offer Price (p. 153 to 154)WOG Technologies is an environmental engineering company. It designs, builds and commissions water treatment, wastewater treatment, effluent treatment and recycling plants and oil-water separation systems for industrial and municipal clients, and runs plants afterwards under operation and maintenance contracts. The WOG Group was set up in 2010; the registered office is in New Delhi and the corporate office in Gurugram.
As of 30 November 2025 the WOG Group had executed or was executing 179 projects in 9 states and 1 union territory in India and 16 other countries, and the company's order book was ₹1,012.96 crore across 34 projects. It has four subsidiaries, two of them in Singapore. Revenue from outside India was 73.25% of FY25 revenue.
Revenue by segment, FY25
- Engineering, procurement and construction or management (EPC/EPM): 96.92%
- Operation and maintenance: 3.08%
The offer
DRHP cover page, The Offer (p. 88 to 89) and Objects of the Offer (p. 131)| Fresh issue | Up to ₹375 croreMoney goes to the company |
| Offer for sale | Up to 43,28,000 sharesPromoter Sunil Kumar sells up to 36,36,000 (average cost negligible); eight other shareholders sell the rest (average cost ₹44.46) |
| Shares before the IPO | 12,35,90,700The offer for sale is about 3.5% of them (ours) |
| Pre-IPO placement | Up to ₹60 croreOptional; would reduce the offer size |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Unistone Capital Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Satyapal Singh, Sunil Kumar and Amrita Panwar |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 131 to 132)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Working capital | 220.00 | 58.7% |
| Buying another 50% of Bell Cooling Towers Private Limited | 45.00 | 12.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹375 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 91 to 94) and Basis for Offer Price, KPIs (p. 157 to 158), ₹ crore| ₹ crore | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from operations | 61.72 | 82.18 | 165.43 | 41.31 |
| Operating EBITDA | 3.98 | 7.72 | 67.99 | 14.10 |
| Operating EBITDA margin | 6.45% | 9.39% | 41.10% | 34.15% |
| Profit after tax | 1.23 | 2.79 | 44.24 | 9.68 |
| Diluted EPS (₹) | 0.10 | 0.23 | 3.59 | 0.78 |
| Net worth | 9.70 | 12.50 | 110.75 | 126.36 |
| Cash from operations | 2.83 | -4.84 | -21.14 | 4.79 |
| Return on equity | 25.35% | 25.11% | 71.79% | 8.16% |
| Debt to equity | 1.52 | 1.48 | 0.18 | 0.11 |
| Orders in hand | 76.27 | 145.39 | 229.40 | 444.28 |
Restated figures. Q1 FY26 is April to June 2025 and is not annualised. Net worth is equity share capital plus other equity (our sum). Revenue grew about 63.7% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 155). Peer prices as of 23 Dec 2025 on NSE.The DRHP says the peers work in the same broad sector but their product lines may differ. The P/E for WOG is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| WOG Technologies (FY25) | 3.59 | Set with the price band | 39.95% |
| VA Tech Wabag | 46.80 | 27.64x | 13.80% |
| Ion Exchange (India) | 17.53 | 21.20x | 17.20% |
| EMS | 33.05 | 13.39x | 18.81% |
| Enviro Infra Engineers | 11.76 | 17.67x | 17.73% |
| Denta Water and Infra Solutions | 25.83 | 12.97x | 12.94% |
| Welspun Enterprises | 23.30 | 22.17x | 12.70% |
Risks the draft lists first
DRHP, Risk Factors (p. 36 to 45)- Customer concentrationThe top ten customers gave 97.53% of FY25 revenue and 99.30% in Q1 FY26. (Risk factor 1, p. 36)
- Competitive biddingMany projects are won through competitive bids, which it may fail to win. (Risk factor 2, p. 38)
- Order bookCustomers can change, cancel or suspend contracts, so the order book may not turn into revenue. (Risk factor 3, p. 39)
- SuppliersIt depends on outside vendors for all equipment and specialised components. (Risk factor 4, p. 40)
- Oil and gasThe oil, gas and petrochemical industry gave 51.91% of FY25 revenue. (Risk factor 9, p. 44)
- ReceivablesDelays or defaults in collecting trade receivables could hurt cash flows. (Risk factor 10, p. 45)
Documents
WOG Technologies DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
WOG Technologies IPO FAQs
When will the WOG Technologies IPO open?
There is no IPO date. The draft was returned by SEBI. The company would have to file a fresh draft.
Has SEBI approved the WOG Technologies IPO?
SEBI returned the draft offer document. The company can file a fresh draft later.
What is the WOG Technologies IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the WOG Technologies IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the WOG Technologies IPO?
Unistone Capital Pvt. Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will WOG Technologies do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹220.00 crore), buying another 50% of Bell Cooling Towers Private Limited (₹45.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does WOG Technologies do?
WOG Technologies is an environmental engineering company. It designs, builds and commissions water treatment, wastewater treatment, effluent treatment and recycling plants and oil-water separation systems for industrial and municipal clients, and runs plants afterwards under operation and maintenance contracts. The WOG Group was set up in 2010; the registered office is in New Delhi and the corporate office in Gurugram.
Where can I read the WOG Technologies DRHP?
On SEBI's website, where the draft red herring prospectus was published on 29 December 2025. The draft is dated 28 December 2025 and runs to 504 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 28 December 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.