Synopsis: Watrana Rentals opens its ₹120.10 crore SME IPO on 19 November at ₹232 to ₹245 a share, the only SME issue scheduled next week. The forklift rental company will spend about 82% of the money on new equipment, and the minimum retail application is ₹2.94 lakh.
Delhi-based Watrana Rentals Limited will open its initial public offering on Thursday, 19 November 2026, and close it on Monday, 23 November. The price band is ₹232 to ₹245 per share. The shares are to list on NSE Emerge, the exchange’s SME platform, with listing expected on 27 November after allotment on 25 November, according to the issue details in its red herring prospectus dated 11 November.
Issue at a glance
- Size: 49,02,000 new shares, worth ₹120.10 crore at the top of the band. There is no offer for sale, so all the money goes to the company.
- Lot size: 600 shares. Individual investors must apply for at least two lots (1,200 shares), which costs ₹2,94,000 at ₹245.
- Who gets what: about 47% of the issue is for qualified institutional buyers (including anchor investors), 33% for individual investors, 14% for non-institutional investors and 5% for the market maker.
- Intermediaries: Oneview Corporate Advisors is the lead manager, Maashitla Securities the registrar and Basan Equity Broking the market maker.
What the company does
Watrana Rentals rents out material handling equipment such as forklifts, electric stackers and pallet trucks, and also trades in new and used equipment and batteries. Its customers are in the automotive, tyre, beverage, glass, paper and logistics sectors. As of 30 June 2026 it owned 2,646 material handling units and 33 aerial work platforms. The promoters are Sanjeev Kumar Watrana, Rajeev Kumar Watrana and Neha Watrana.
The numbers
Total income rose to ₹211.69 crore in FY26 from ₹179.66 crore in FY25, and profit after tax to ₹29.16 crore from ₹24.43 crore. For the quarter ended June 2026, income was ₹53.62 crore and profit ₹7.68 crore. At ₹245, the company would be valued at about ₹400 crore, roughly 13.7 times its FY26 profit (EQMint calculation).
Why it matters
This is an expansion bet funded by equity. About ₹98.13 crore, roughly 82% of the issue, is earmarked for buying more equipment and batteries. The issue is also large relative to the business: ₹120 crore of new money against a net worth of ₹93.24 crore in June. Rental fleets are capital-hungry, and the company already carries borrowings of ₹164.72 crore, about 1.8 times its net worth (EQMint calculation), so how quickly new machines are put to work on rent will matter.
It is the only SME IPO on next week’s calendar, after eight SME listings in the first half of November. For mainboard issues, see IPOs to watch next week and the Crystal Crop Protection IPO. All dates are on the EQMint IPO Calendar.
SME shares trade in fixed lots and can be hard to sell quickly. Read the prospectus before applying.
Image credit: background by AICreate; logo from the Watrana Rentals website.
Sources
- Watrana Rentals: red herring prospectus dated 11 November 2026 (copy hosted by Chittorgarh)
- Watrana Rentals: investor page
- NSE India (NSE Emerge)
- Chittorgarh: Watrana Rentals IPO details
Disclaimer: This article is for information purposes only and is not investment advice.
For more such information, visit EQMint
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