India’s IPO market continues to attract niche companies seeking capital to fund growth. One such company is Greenleaf Envirotech Limited, an EPC and turnkey solutions provider for wastewater treatment projects, including Sewage Treatment Plants (STPs) and Effluent Treatment Plants (ETPs).
The company is opening its IPO on September 30, 2025, allowing investors to participate in its growth story, backed by a strong order book and in-house project execution capabilities.
About Greenleaf Envirotech Ltd.
Incorporated in 2010, Greenleaf Envirotech Limited provides end-to-end Engineering, Procurement, and Construction (EPC) and turnkey solutions for wastewater treatment, along with environmental laboratory and consulting services, and fire safety solutions.
The company has executed 31 Turnkey/EPCC projects worth ₹66.16 crore in the last three fiscal years. As of May 31, 2025, it has 17 ongoing WWT projects and 2 upcoming projects across Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Karnataka, Assam, and Himachal Pradesh.
Competitive Strengths:
- In-house project execution, engineering, and design capabilities
- State-of-the-art environmental laboratory
- Experienced promoters and management team
- Robust order book of ₹54.11 crore as of May 31, 2025
- Strong quality assurance and certifications
Greenleaf Envirotech IPO Details
The Greenleaf Envirotech IPO is a fixed price issue of ₹21.90 crore, comprising a fresh issue of 0.13 crore shares (₹16.67 Cr) and offer for sale of 0.03 crore shares (₹4.08 Cr). The IPO will be listed on NSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 6, 2025 |
| Tentative Allotment | Oct 7, 2025 |
| Initiation of Refunds | Oct 8, 2025 |
| Credit of Shares to Demat | Oct 8, 2025 |
| Tentative Listing Date | Oct 9, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 6, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price | ₹136 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 16.10 lakh shares (₹21.90 Cr) |
| Fresh Issue | 12.26 lakh shares (₹16.67 Cr) |
| Offer for Sale | 3.00 lakh shares (₹4.08 Cr) |
| Net Offered to Public | 15.26 lakh shares (₹20.75 Cr) |
| Reserved for Market Maker | 84,000 shares (₹1.14 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 46.19 lakh shares |
| Shareholding Post-Issue | 59.29 lakh shares |
Greenleaf Envirotech IPO Reservation
| Investor Category | Shares Offered |
| Market Maker | 84,000 (5.22%) |
| NII (HNI) | 7,48,000 (46.46%) |
| Retail (RII) | 7,78,000 (48.32%) |
| Total | 16,10,000 (100.00%) |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,72,000 |
| Retail (Max) | 2 | 2,000 | ₹2,72,000 |
| HNI (Min) | 3 | 3,000 | ₹4,08,000 |
Promoter Holding:
- Promoters: Mr. Kamlesh Gordhanbhai Goti and Ms. Gopiben Kalpesh Goti
- Pre-IPO: 78.85%
- Post-IPO: 59.37%
Book Running Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
Registrar: KFin Technologies Ltd.
Market Maker: Rikhav Securities Ltd.
Greenleaf Envirotech Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 25.38 | 15.74 | 12.74 |
| Total Income | 39.08 | 32.64 | 26.58 |
| Profit After Tax | 4.70 | 2.28 | 0.97 |
| EBITDA | 6.62 | 3.66 | 2.09 |
| Net Worth | 12.41 | 7.71 | 2.62 |
| Reserves & Surplus | 7.79 | 3.09 | 1.12 |
| Total Borrowing | 2.49 | 5.13 | 6.12 |
Key Performance Indicators (KPI):
| KPI | Values |
| Market Cap | ₹80.64 Cr |
| ROE | 46.68% |
| ROCE | 45.01% |
| Debt/Equity | 0.20 |
| RoNW | 37.84% |
| PAT Margin | 12.09% |
| EBITDA Margin | 17.05% |
| Price to Book Value | 5.06 |
| EPS Pre-IPO (₹) | 10.17 |
| EPS Post-IPO (₹) | 7.92 |
| P/E Pre-IPO (x) | 13.38 |
| P/E Post-IPO (x) | 17.17 |
Objects of the Issue
| S.No. | Objects | Expected Amount (₹ Cr) |
| 1 | Funding capital expenditure for civil machines & equipment | 1.86 |
| 2 | Funding capital expenditure for laboratory equipment | 0.35 |
| 3 | Repayment or prepayment of borrowings | 1.35 |
| 4 | Working Capital Requirements | 9.00 |
| 5 | General corporate purposes | 2.66 |
Industry Outlook
India’s wastewater treatment market is witnessing strong growth due to:
- Increasing government focus on clean water and sewage management
- Expansion of industrial effluent management projects
- Rising adoption of EPC turnkey solutions
- Demand for sustainable and certified environmental solutions
Greenleaf Envirotech, with its in-house capabilities and strong order book, is well-positioned to capitalise on this growing market.
Greenleaf Envirotech IPO: Peer Comparison
Greenleaf Envirotech IPO can be compared with peers like Vivimed Labs Ltd, Va Tech Wabag Ltd, and Ion Exchange (India) Ltd. Reviewing these companies helps investors gauge Greenleaf Envirotech’s position in the wastewater treatment and environmental engineering sector and make informed investment decisions.
Conclusion
Greenleaf Envirotech IPO provides investors a chance to invest in a specialised EPC and WWT solutions provider with consistent financial growth and strong market presence. The company’s integrated execution capabilities, robust order book, and experienced management team make it an attractive opportunity. Potential investors should consider risks like project execution delays, dependency on large contracts, and competition in the wastewater treatment sector.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
