SFC Environmental IPO
SFC Environmental Technologies Limitedsfcenvironment.com
- Price band
- ₹313 – ₹330
- Issue size
- ₹668 Cr
- Lot size
- 45 sh
- Bidding
- 27 – 29 Oct
- Grey market
- ₹18
22% fresh capital
₹14,850 minimum
Lists 3 Nov 2026
Unofficial quote · 27 Oct
Market data to 30 Oct 2026. Company figures are as filed, sourced 30 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
65% of the scoring model was backed by disclosed data for SFC Environmental, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 22.5% of the raise is fresh capital into the company; the rest goes to selling shareholders.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2005 · Navi Mumbai, Maharashtra · 181 employees
SFC Environmental Technologies designs and supplies the technology and equipment that treats sewage and industrial effluent. Its core product is C-Tech, a sequencing batch reactor process sold as a package: design and engineering, decanters, diffusers, turbo blowers, fibre disc filters, solar sludge dryers and PLC/SCADA automation. The DRHP counts 639 installations as of 31 March 2025, covering 15,209 MLD of treatment capacity. Its direct customers are mostly EPC contractors who win municipal sewage-plant tenders, not the municipalities themselves. A second line builds and operates municipal solid-waste plants on its OREX separation technology — two plants in Goa totalling about 425 TPD — and has won compressed-biogas plant orders of 125 TPD and 300 TPD from a state-owned oil company. A third, new line distributes DuPont membranes in India for wastewater recycling and reuse.
Revenue is project-linked: technology packages and equipment billed against contract milestones, plus O&M on the solid-waste plants. Bought-in goods, materials and project cost took 45.8% of total income in FY2025 and employee cost 10.0%; operating EBITDA margin was 29.73% and PAT ₹152.01 crore on ₹697.86 crore of revenue from operations. The structural constraint is working capital against a lumpy order book — the cash conversion cycle stretched from 105 days in FY2023 to 232 days in FY2025, and the total order book fell to ₹560.39 crore at 31 March 2025 from ₹785.23 crore a year earlier. Top ten customers were 61.4% of FY2025 revenue. Of the fresh issue, ₹69.67 crore funds working capital and ₹47.46 crore prepays borrowings.
The company on paper
- Legal name
- SFC Environmental Technologies Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 29 Mar 2005
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U37003MH2005PLC152235
- Sector
- Industrials · Wastewater and solid-waste treatment technology
- Employees
- 181
- Registered office
- Navi Mumbai, Maharashtra
- Promoters
- Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, Saketchandrasingh Pratapsingh Dhandoriya
- Promoter holding, pre-issue
- 42.8%
- Website
- sfcenvironment.com
The numbers
Financial performance
Revenue has compounded at 15.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
22% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹150 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- —
- Total issue size
- ₹668 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
What issues at this level of demand have done
This issue’s book stands at 9.47×, which puts it in the 3–10× band of 2026's 39 settled issues.
- Median listing day
- +2.6%
- Opened below issue
- 31%
- Median today
- +2.8%
That is what those 39 issues did, not a forecast of what this one will do — and the book is not final until bidding closes. How every band finished →
Anchor book
Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.
- Raised from anchors
- ₹200 Cr
- Anchor investors
- 17
- 50% lock-in ends
- 29 Nov 2026
- Remaining lock-in ends
- 28 Jan 2027
Lock-in dates are counted from the allotment date under SEBI’s 30- and 90-day anchor rule, not quoted from a filing.
Notable participants
Grey market premium
Premium quoted over the ₹330 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹18 to ₹32, a spread of ₹14, across the period shown.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 45
- At cut-off price
- ₹330.00
- Amount blocked
- ₹14,850
One lot is 45 shares at ₹14,850. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~37%
chance of one lot, per application
- Retail subscription
- 2.71×
- Applicants per share available
- 2.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
₹348.00
implied listing price, 5.5% over the cut-off
- Cut-off price
- ₹330.00
- Grey market premium
- ₹18.00
- If allotted 45 shares
- ₹810
Grey-market premiums have historically moved sharply in the days before listing and have been wrong in both directions. Treat this figure as a measure of current enthusiasm, nothing more.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- The ₹150 crore is the fresh issue only. The offer for sale is 1,23,07,500 shares, which has no rupee value until a price is fixed, so no total offer size exists yet — the DRHP leaves it as [●].
- SEBI's observations are dated 12 December 2025 and lapse twelve months later, so the approval expires around 11 December 2026 unless the RHP is filed before then.
- The EBITDA figures are the DRHP's own 'Operating EBITDA' — profit before tax plus depreciation, amortisation and finance costs, less other income and share of joint-venture profit. It is therefore lower than a conventional EBITDA that includes other income (₹29.11 crore in FY2025).
- FY2025 growth was uneven beneath the headline: revenue rose 6.1%, but the wastewater segment (two-thirds of revenue) shrank to ₹469.21 crore from ₹524.44 crore, with the increase coming from solid waste.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Draft Red Herring Prospectus dated 25 August 2025 (494 pages, BSE-hosted)25 Aug 2025The first draft, filed for review. No price band and no dates.Opens on bseindia.com
- Corrigendum to the DRHP dated 25 August 2025 — Notice to Investors11 Dec 2025A correction to an earlier filing. Can move a stated figure.Opens on sfcenvironment.com
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- IIFL Capital Services Limited, JM Financial Limited, Nuvama Wealth Management Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited
How these figures were checked
Reconciled to SFC Environmental's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- SFC Environmental Technologies — DRHP dated 25 August 2025 (BSE-hosted PDF; downloaded and read in full) · read 17 Oct 2026
- SFC Environmental Technologies — investor page, Draft Red Herring Prospectus · read 17 Oct 2026
- Corrigendum to the DRHP — Notice to Investors, dated 11 December 2025 · read 17 Oct 2026
- NSE issue information for SFCTECH — issueSize 1,41,59,744 equity shares. That field is the NET book EXCLUDING the anchor portion; added to the record's own anchor book of 60,68,460 shares it gives a total offer of 2,02,28,204 shares, which cross-checks as exactly 60% of a 50% QIB portion (6,068,461 vs 6,068,460) and reproduces the stated anchor value of ₹200.26 Cr at the ₹330 cap. · read 30 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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