Watrana Rentals IPO: dates, price band, lot size and GMP
Watrana Rentals IPO opens 19 – 23 Nov 2026 on the SME, price band ₹232 – ₹245, lot 600 shares, no GMP reported yet. Allotment 25 Nov, listing 27 Nov.
Listing date: Watrana Rentals IPO is scheduled to list on 27 Nov on NSE SME.
Updated 13 Nov 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 224 IPOs on its calendar; the Watrana Rentals IPO has a price band of ₹232 – ₹245, a lot of 600 shares and no grey-market premium reported yet as of 13 Nov 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 19 – 23 Nov 2026 |
| Price band | ₹232 – ₹245 |
| Lot size | 600 shares |
| Issue size | ₹120.10 Cr |
| Fresh issue | ₹113.93 Cr |
| Subscription | — |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Oneview Corporate Advisors Pvt.ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 19 Nov
- Issue closes: 23 Nov
- Allotment: 25 Nov
- Refunds: 26 Nov
- Demat credit: 26 Nov
- Listing: 27 Nov
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE SME |
| Market cap at the upper band | ₹400.34 Cr |
| P/E (pre-issue) | 9.61x |
| P/E (post-issue) | 13.03x |
| Fresh issue (shares) | 46,50,000 |
| Total shares offered | 46,50,000 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 70% |
| Promoters | Sanjeev Kumar Watrana, Rajeev Kumar Watrana, Neha Watrana |
| Lead managers | Oneview Corporate Advisors Pvt.ltd. |
| Registrar phone | 011-45121795 |
| Registrar email | ipo@maashitla.com |
| Company website | watranarentals.com |
| Anchor bid date | 18 Nov 2026 |
| Anchor lock-in ends (50%) | 25 Dec 2026 |
| Anchor lock-in ends (remaining) | 23 Feb 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 1,200 | ₹2,94,000 |
| Retail (maximum) | 2 | 1,200 | ₹2,94,000 |
| sNII (minimum) | 3 | 1,800 | ₹2,94,000 |
| bNII (minimum) | 3 | 1,800 | ₹10,29,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.8% | 13,86,000 | |
| QIB | 20.1% | 9,36,000 | Not more than 50% of the Net Issue |
| NII (HNI) | 15% | 6,98,400 | Not less than 15% of the Net Issue |
| sNII | 5% | 2,32,800 | |
| bNII | 10% | 4,65,600 | |
| Retail | 35% | 16,29,600 | Not less than 35% of the Net Issue |
| Market Maker | 5.4% | 2,52,000 |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹25.49 |
|---|---|
| EPS (post-issue) | ₹18.8 |
| P/E (pre-issue) | 9.61x |
| P/E (post-issue) | 13.03x |
| RoNW | 29.13% |
| RoCE | 19.06% |
| RoE | 41.08% |
| PAT margin | 13.8% |
| EBITDA margin | 30.76% |
| Price / book | 2.87x |
| NAV per share | ₹85.47 |
| Debt / equity | 2.91 |
| Market cap (upper band) | ₹400.34 Cr |
Financials (₹ Cr)
| Metric | 30 Jun 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 301.71 | 287.07 | 201.82 | 147.69 | +42.2% |
| Total Income | 53.62 | 211.69 | 179.66 | 130.23 | +17.8% |
| Profit After Tax | 7.68 | 29.16 | 24.43 | 18.05 | +19.4% |
| EBITDA | 18.13 | 65.01 | 51.77 | 37.98 | +25.6% |
| NET Worth | 93.24 | 85.55 | 56.39 | 31.96 | +51.7% |
| Reserves and Surplus | 83.23 | 75.54 | 46.38 | 31.95 | +62.9% |
| Total Borrowing | 164.72 | 164.08 | 110.54 | 93.12 | +48.4% |
About Watrana Rentals
Watrana Rentals Limited is engaged in providing rental and trading solutions for material handling equipment (MHE) and cargo handling requirements. Its 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, along with various ground-support equipment.
The company is an ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certified supplier of industrial material handling equipment, catering to the requirements of customers across various industries in India.
The company's business operations are primarily divided into the following segments:
The company has an extensive pan-India presence, with more than 304 rental sites, enabling it to provide equipment accessibility and timely service support to customers across different locations.
As of April 30, 2025, the company had an operational fleet of over 1,441 material handling equipment units. Its fleet comprises diesel and electric forklifts, reach trucks, battery-operated stackers, pallet trucks, order pickers, towing trucks and other equipment.
As of April 30, 2025, the company had a workforce of approximately 3,122 employees, comprising equipment operators, technicians, engineers, site supervisors and other support staff.
Objects of the issue
- Purchase of material handling equipment (MHE), aerial work platform (AWP) and batteries — ₹98.13 Cr
- General Corporate Purposes
Net proceeds: ₹98.13 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Watrana Rentals Ltd. (issuer) | 29.13 | 29.13 | 85.47 | — | 34.08% | — | Standalone |
| Seemax Resources Ltd. | 5.83 | 5.83 | 24.9 | 16.07x | 23.41% | 3.88 | Standalone |
| Leap India Ltd. | 1.52 | 1.5 | 24.52 | 76.81x | 6.19% | 3.88 | Consolidated |
P/E figures for the peer are based on closing market prices of equity shares on NSE on October 30, 2026
Risk factors (as disclosed by the company)
- Our lenders have created a charge over our movable and other assets for securing the borrowings availed by our Company — We have availed various secured loans for the acquisition of equipment and to fund our business requirements.
- Our Company is significantly dependent on borrowings from banks and financial institutions, and any default, delay — Our Company has availed various loan facilities from multiple banks and financial institutions to fund our business operations, capital expenditure, and equipment procurement.
- Our business is substantially dependent on revenue from the rental of Material Handling Equipment — Our Company derives a significant portion of its revenue from the rental of Material Handling Equipment (MHE).
- Our Company has availed secured loans that are subject to restrictive covenants and may be recalled upon default, which could adversely affect our operations — As of December 31, 2024, our Company has availed various secured loan facilities from banks and financial institutions to fund capital expenditure, working capital requirements, and general business…
- Our Company has unsecured loans and a secured loan which are repayable on demand — Our Company has availed unsecured loans from our Promoters and a secured loan from HDFC Bank Limited, which may be recalled by them at any time with or without the existence of an event of default,…
- We operate under trademarks owned by our Group Company, Watrana Traction Private Limited — Our Company operates its business using trademarks registered in the name of Watrana Traction Private Limited, which is one of our Group Company.
- Rapid technological advancements in Material Handling Equipment may render our existing fleet obsolete — The Material Handling Equipment industry is subject to technological innovation and evolving client expectations, particularly with the increasing adoption of automation, batteries, and advanced…
- The Company and its Director are party to certain litigations — The Company and its Director are not involved in any legal proceedings except those specifically mentioned below.
From the DRHP (risk factors pages 33–38). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Watrana Rentals IPO GMP today and trend
- Watrana Rentals IPO subscription status, day by day
- Watrana Rentals IPO allotment status and how to check
Frequently asked questions
When does the Watrana Rentals IPO open and close?
The issue is scheduled for 19 – 23 Nov 2026.
What is the Watrana Rentals IPO price band?
The price band is ₹232 – ₹245 per share with a lot size of 600 shares.
How big is the Watrana Rentals IPO?
The total issue size is ₹120.10 Cr.
When will Watrana Rentals list?
The tentative listing date is 27 Nov on the SME platform.
How do I apply for the Watrana Rentals IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Watrana Rentals · as filed with SEBI · nsearchives.nseindia.com
- Registrar allotment page, Maashitla Securities Pvt.Ltd. · allotment 25 Nov · maashitla.com
- NSE public issues page · listing 27 Nov · nseindia.com
- Watrana Rentals company website · watranarentals.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 13 Nov, 14:25 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Watrana Rentals IPO”, https://buyunlistedshares.com/ipo/watrana-rentals-ipo, as of 13 Nov 2026.
Other IPOs on the calendar
- Crystal Crop Protection IPO · 18 – 20 Nov 2026
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 13 Nov 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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