The SFC Environmental Technologies IPO opens for bidding on Tuesday, October 27, and the anchor book goes first today, October 26. It is a ₹668 crore issue at a price band of ₹313 to ₹330, and at the top end it values the Maharashtra-based wastewater treatment company at around ₹3,233 crore, according to a PTI report in Business Standard. Bidding closes on October 29, and listing on BSE and NSE is planned for November 3.
In this article
How the SFC Environmental Technologies IPO is split
Most of this money is not going to the company. Only ₹150 crore is a fresh issue. The rest is an offer for sale of roughly 1.57 crore shares by promoters and other existing shareholders. Moneycontrol notes the promoters selling include Sandeep Sudhakar Asolkar and Saketchandrasingh Pratapsingh Dhandoriya, and that the OFS was made bigger than the 1.23 crore shares first proposed.
From the fresh money, ₹42.2 crore goes to repaying debt and ₹74.9 crore to working capital, with the balance for general corporate purposes. For context, Moneycontrol puts total consolidated borrowings at ₹253.1 crore as of July 2026, so the repayment chips away at debt rather than clearing it.
Half the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail. A single lot is 45 shares, per the BSE issue page, which works out to ₹14,850 at the upper band. IIFL Capital Services, JM Financial and Nuvama Wealth Management are the book-running lead managers.
What the business does
SFC was set up in 2005 and sells technology and engineering for wastewater treatment, wastewater recycling and reuse, and solid waste treatment. Its main process is C-Tech, used for sewage and effluent. The company says it has commissioned 728 installations in wastewater treatment and claims more than 80% of India’s sequencing batch reactor (SBR) technology market. That market share figure is the company’s own claim as reported by Moneycontrol, not an independent estimate.
The order book, as of August 2026, stood at ₹641 crore in wastewater treatment, ₹561 crore in recycling and reuse, and ₹454.5 crore in solid waste treatment.
The numbers behind the price
The company’s FY26 annual report shows consolidated revenue from operations of ₹803.6 crore, up from ₹697.9 crore in FY25. That is growth of about 15%. Consolidated profit after tax rose more slowly, to ₹160.2 crore from ₹152.0 crore, or about 5%. By our arithmetic, the ₹3,233 crore valuation is roughly 20 times FY26 consolidated profit.
The June quarter is small for this business. SFC reported a profit of ₹1.5 crore on revenue of ₹133.9 crore, against a loss of ₹1.3 crore on ₹67.8 crore a year earlier, per Moneycontrol.
What we would watch
Two things. First, the gap between revenue growth and profit growth in FY26: sales grew roughly three times faster than profit, and we want to know why before paying 20 times earnings. Second, the size of the OFS. When most of an issue goes to selling shareholders, the prospectus is the place to check who is selling and how much they keep. Our guide to the objects of the issue walks through that section, and our IPOs this week round-up covers the other four mainboard issues opening alongside SFC. For the basics of bidding, see our IPO investing guide.
Disclaimer: This article is for information and education only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.
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