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SFC Environmental Technologies IPO Date, GMP, Review, Price, Allotment Details
Updated
SFC Environmental Technologies listed on BSE and NSE on 3 Nov 2026. Its issue price was ₹330. The IPO was subscribed 9.17 times overall. Bidding ran from 27 Oct to 29 Oct 2026 with a lot size of 45 shares.
- Price band
- ₹313–330
- Lot size
- 45 shares
- Minimum investment
- ₹14,850
- Bidding
- 27 Oct – 29 Oct 2026
- Listing
- 3 Nov 2026
- Issue size
- ₹668 crore
- Exchange
- BSE and NSE
- Registrar
- MUFG Intime India Private Limited
SFC Environmental Technologies IPO GMP today
| Last GMP before listing | ₹18 per share |
|---|---|
| Price band (upper) | ₹330 |
| Implied listing price | ₹348 (+5.5%) |
| Last updated | 27 Oct 2026, 4:02 pm IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About SFC Environmental Technologies
SFC Environmental Technologies Limited is an environmental technology company based in Navi Mumbai, Maharashtra. It designs and supplies systems that treat sewage and industrial wastewater, recycle treated water for reuse, and process municipal solid waste. It also makes key equipment and supervises installation.
The company was incorporated in 2005. Its promoters are Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar and Saketchandrasingh Pratapsingh Dhandoriya, who together with the promoter group held about 48.2% of the company before the IPO. Part of its solid waste work runs through a wholly owned subsidiary, Vasudha Waste Treatment Private Limited.
In wastewater, the main product is a sequencing batch reactor (SBR) system sold under the C-Tech name. The company says it holds more than 80% of the Indian market for SBR technology, with over 600 installations. In solid waste it uses its OREX technology and operates two integrated waste treatment plants in Goa with a combined capacity of 425 tonnes a day. It is also moving into agro-waste and compressed biogas projects.
Most wastewater projects are municipal sewage schemes, where the company usually supplies technology and equipment to EPC contractors such as Enviro Control and Vishvaraj Environment rather than to the government body directly. The Goa Waste Management Corporation is its main solid waste client. Repeat customers gave about 92% of revenue in FY26. The company had 178 employees, including 97 engineers, as of September 2024.
Its order book in August 2026 was about ₹641 crore in wastewater treatment, ₹561 crore in recycling and reuse, and ₹455 crore in solid waste treatment.
Total income was ₹677 crore in FY24, ₹727 crore in FY25 and ₹821 crore in FY26. Profit after tax was ₹144 crore, ₹152 crore and ₹160 crore over the same years, so profit growth slowed to about 5% in FY26. Net worth rose to ₹804 crore at March 2026, while borrowings went up from ₹84 crore to ₹196 crore during FY26 and were about ₹253 crore by July 2026. The June 2026 quarter brought revenue of ₹134 crore but a profit of only ₹1.5 crore.
The IPO of about ₹668 crore has a fresh issue of ₹150 crore and an offer for sale of 1,56,82,750 shares, worth about ₹518 crore, by two promoters. The offer for sale is larger than the 1.23 crore shares in the draft papers. From the fresh issue, about ₹42 crore will repay borrowings of the company and its subsidiary, about ₹75 crore will fund working capital, and the rest will go to general corporate purposes.
Shares have a face value of ₹2 and will list on NSE and BSE.
The price band is ₹313 to ₹330 and the lot is 45 shares. At the upper band the company is valued at about ₹3,233 crore after the issue, or about 20 times FY26 profit. Listed peers in water and environmental engineering trade at about 25 to 58 times earnings.
Things to watch include the dependence on municipal and government spending, long payment cycles and high working capital needs, the rise in borrowings during FY26, the weak June quarter, execution risk on large solid waste projects, and the promoters selling a sizeable block of shares in the issue.
Products and services
- Sewage and industrial wastewater treatment systems (C-Tech SBR technology)
- Wastewater recycling and reuse plants
- Municipal solid waste treatment (OREX technology)
- Integrated solid waste plants in Goa (425 tonnes a day)
- Agro-waste and compressed biogas projects
- Key treatment equipment made in-house
Key strengths
- More than 80% share of India's SBR wastewater technology market (company claim)
- Over 600 SBR installations
- Profit after tax of ₹144-160 crore a year from FY24 to FY26
- Order book of about ₹1,657 crore (August 2026)
- About 90% of FY24 revenue from repeat customers
- In-house manufacture of key components
SWOT analysis
Strengths
- Leading position in SBR technology
- High return on net worth (about 24% in FY25)
- Own technologies in both wastewater and solid waste
- Long-serving management team
Weaknesses
- Profit growth slowed to about 5% in FY26
- Borrowings rose from ₹84 crore to ₹196 crore in FY26
- Weak June 2026 quarter (profit ₹1.5 crore)
- Working-capital-heavy project business
Opportunities
- Government spending on sewage treatment and water reuse
- Stricter rules on industrial discharge
- Growth in solid waste processing and compressed biogas
Threats
- Delays in payments or project awards from municipal bodies
- Competition from larger engineering firms
- Changes in public-private partnership policy
- Raw material price swings
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
SFC Environmental Technologies IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the SFC Environmental Technologies IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹668 crore, this is a mid-sized issue.
- Price: The price band is ₹313–330 per share. The smallest application costs ₹14,850 at the top of the band.
- Demand: Bids so far cover the shares on offer 9.17 times, which is moderate demand.
- Risks: The company lists 6 key risks in its offer document. We summarise them in our notes below.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the SFC Environmental Technologies IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
SFC Environmental Technologies IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Non-institutional investors (NII) | 0.03× |
| Retail investors | 0.09× |
| Total | 9.17× |
A figure of 3× means investors bid for three times the shares on offer in that category.
SFC Environmental Technologies IPO lot size and minimum investment
One lot of the SFC Environmental Technologies IPO is 45 shares. At the upper price band of ₹330, one lot costs ₹14,850.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 45 | ₹14,850 |
| Retail (maximum) | 13 | 585 | ₹1,93,050 |
| sHNI (minimum) | 14 | 630 | ₹2,07,900 |
| sHNI (maximum) | 67 | 3,015 | ₹9,94,950 |
| bHNI (minimum) | 68 | 3,060 | ₹10,09,800 |
Retail investors can bid up to ₹2 lakh. Bids from ₹2 lakh to ₹10 lakh fall in the small HNI (sHNI) category, and bids above ₹10 lakh in the big HNI (bHNI) category.
SFC Environmental Technologies IPO employee quota, anchor investors and bids
Employee quota
Whether there is an employee quota will appear here once confirmed from the RHP.
Anchor investors
| Amount raised | ₹200 crore |
|---|---|
| Lock-in on 50% of anchor shares ends | Wed, 2 Dec 2026 30 days |
| Lock-in on remaining 50% ends | Sun, 31 Jan 2027 90 days |
Main anchor investors: Government Pension Fund Global, Edelweiss Life Insurance, SBI Mutual Fund, Societe Generale, ICICI Prudential Mutual Fund and Nippon India Mutual Fund.
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Anchor investors | ₹200 cr | 1× | ₹200 cr |
| Qualified institutional buyers (QIB, excluding anchors) | ₹134 cr | — | — |
| Non-institutional investors (NII) | ₹100.2 cr | 0.03× | ≈ ₹3 cr |
| Retail investors | ₹233.8 cr | 0.09× | ≈ ₹21 cr |
| Total (excluding anchors) | ₹468 cr | 9.17× | ≈ ₹4,292 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
SFC Environmental Technologies listed peers
| Company | P/E | RoNW |
|---|---|---|
| Thermax THERMAX | 58.13× | 13.53% |
| Praj Industries PRAJIND | 34.57× | 16.48% |
| Ion Exchange (India) IONEXCHANG | 24.61× | 18.67% |
Listed peers named in the company's offer document. P/E and RoNW change with share prices and results; the IPO's P/E uses its market cap at the upper band and latest annual profit.
SFC Environmental Technologies IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 29 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 2 Nov 2026.
If you don't get shares, the money blocked in your bank account is released from 2 Nov 2026. If you do, the shares reach your demat account the same day.
The SFC Environmental Technologies IPO listed on BSE and NSE on 3 Nov 2026, when trading in the shares begins.
SFC Environmental Technologies financials
What brokers say about the SFC Environmental Technologies IPO
Broker IPO notes usually arrive a day before bidding opens. We add each firm's rating and reason here, with a link to the original.
Marketasset notes on the SFC Environmental Technologies IPO
Use of proceeds
- Prepayment or repayment of borrowings of the company and its subsidiary Vasudha Waste Treatment: ₹42.2 crore
- Working capital: ₹74.9 crore
- General corporate purposes: balance of the ₹150 crore fresh issue
- Offer for sale of 1,56,82,750 shares: proceeds go to the selling promoters
Promoter holding
Before the issue: 48.18%. Promoters: Sandeep Sudhakar Asolkar Priya Sandeep Asolkar Saketchandrasingh Pratapsingh Dhandoriya.
Key risks the company lists
- Dependence on municipal and government spending
- Long payment cycles and high working capital needs
- Borrowings rose sharply in FY26 and again by July 2026
- Uneven quarterly profit (₹1.5 crore in the June 2026 quarter)
- Execution risk on large solid waste projects
- Promoters selling a large block of shares through the offer for sale
Other observations
Price band ₹313-330 (face value ₹2); lot 45 shares, so the minimum individual application is ₹14,850 at the upper band. The total issue is about ₹667.5 crore: a fresh issue of ₹150 crore (45,45,454 shares) and an offer for sale of 1,56,82,750 shares (about ₹517.5 crore) by two promoters; the offer for sale was raised from about 1.23 crore shares in the draft papers. The anchor book is scheduled for 26 October 2026, with the amount not yet published.
The issue opens on 27 October and closes on 29 October 2026; allotment is expected on 30 October and listing on NSE and BSE on 3 November 2026 (tentative). Book-running lead managers are IIFL Capital Services, JM Financial and Nuvama Wealth Management, and the registrar is MUFG Intime India.
Post-issue market cap at the upper band is about ₹3,233 crore; the P/E is about 19.2x on pre-issue FY26 EPS of ₹17.15 and about 20.2x on post-issue market cap and FY26 profit. Sources differ on the split of the fresh issue (₹47.46 crore for debt and ₹69.67 crore for working capital in the draft papers, against ₹42.2 crore and ₹74.9 crore in later reports), and on the total issue size (₹667.53 crore against a rounded ₹668 crore).
Post-issue promoter holding is not yet published.
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the SFC Environmental Technologies IPO
- Choose your bid. Pick the number of lots (minimum ₹14,850) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
How to check SFC Environmental Technologies IPO allotment status
The basis of allotment for the SFC Environmental Technologies IPO was finalised on 2 Nov 2026. After that, you can check your status in any of these places.
- Registrar's website: open MUFG Intime India Private Limited's allotment page, choose SFC Environmental Technologies and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
SFC Environmental Technologies IPO listing performance
| Issue price | ₹330 |
|---|---|
| Current price 13 Nov 2026, 10:32 am IST | ₹480.6 |
| Change from issue price | +45.64% |
SFC Environmental Technologies IPO FAQs
When does the SFC Environmental Technologies IPO open and close?
The SFC Environmental Technologies IPO was open for bidding from 27 Oct 2026 to 29 Oct 2026.
What is the price band and lot size of the SFC Environmental Technologies IPO?
The price band is ₹313–330 per share and one lot is 45 shares.
What is the minimum investment in the SFC Environmental Technologies IPO?
The minimum investment is one lot of 45 shares, which costs ₹14,850 at the top of the price band. Retail investors can apply for up to 13 lots (₹1,93,050).
When is the SFC Environmental Technologies IPO allotment date and how do I check my status?
The basis of allotment was finalised on 2 Nov 2026. You can check your allotment status on the website of the registrar, MUFG Intime India Private Limited, using your PAN or application number, or on the BSE and NSE websites.
When will SFC Environmental Technologies shares list?
SFC Environmental Technologies listed on BSE and NSE on 3 Nov 2026.
Who are the lead managers and registrar of the SFC Environmental Technologies IPO?
The registrar is MUFG Intime India Private Limited.
How many times has the SFC Environmental Technologies IPO been subscribed?
The SFC Environmental Technologies IPO was subscribed 9.17 times overall: 0.03 times by non-institutional investors and 0.09 times by retail investors. Figures as of 29 Oct 2026, 11:02 am IST.
How much did the SFC Environmental Technologies IPO raise from anchor investors?
SFC Environmental Technologies raised ₹200 crore from anchor investors. Half of the anchor shares are locked in until 2 Dec 2026 and the rest until 31 Jan 2027.
Who are the listed peers of SFC Environmental Technologies?
Listed companies comparable to SFC Environmental Technologies include Thermax, Praj Industries and Ion Exchange (India).