WAPCOS Ltd, the public sector firm, has filed preliminary papers with capital markets regulator SEBI to float an Initial Public Offering (IPO). The public issue would be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, the Government of India.

WAPCOS, which comes under the Ministry of Jal Shakti, provides consultancy, engineering, procurement and construction (EPC) services in the water, power and infrastructure sectors. WAPCOS also provides its services abroad, particularly in Africa and South Asia, in dam and reservoir engineering, flood control, and irrigation.

As per DRHP (draft red herring prospectus), it has ongoing projects in 30 countries and has been associated with over 455 overseas projects, both completed and ongoing. The company’s revenue from operations rose 11.35 per cent to Rs 2,798 crore in 2022. On the other hand, PAT (profit after tax) increased 14.47 per cent to Rs 69.16 crore during the same period.
Some of the listed peers in the segment are Rites, Engineers India, NBCC, Ircon International, and Va Tech Wabag. As of 2022, the company’s order book remained at Rs 2,533.93 crore and Rs 18,497.33 crore for construction contracts.
In the current fiscal year, the Centre has collected Rs 20,557 crore through divestment proceeds through the Life Insurance Corporation of India (LIC) IPO and Rs 3,000 crore from minority stake sales in ONGC.

Formerly known as Water and Power Consultancy Services (India) Limited, WAPCOS Limited is a government-owned consultancy service provider. The company provides consultancy services in water resources, power and infrastructure. Launched in 1969, the company is now an ISO 9001:2015 certified Mini Ratna firm.