Water purifier company Kent RO Systems Ltd has filed its draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Wednesday, January 22, 2025.

The company’s founder and Chairman Mahesh Gupta, along with other family members including promoters Sunita Gupta, Mahesh Gupta, and Varun Gupta, will together sell 10,094,568 shares, or a 10% stake out of their 99.77% interest in the company, according to a report by news agency Reuters.

Also Read: Netflix hikes subscription prices in 4 countries. Here’s why

Kent will not be issuing new shares in the IPO and no proceeds will be gained from the IPO for the company.

Apart from water purifiers, the company, which was founded in 1999 also makes vacuum cleaners and fans. However, water purifiers made for 85% of its total ₹637 crore revenue during the first quarter of the financial year 2024-25.

Its revenue for the financial year 2023-24 had grown by 8.7% to ₹1,178 crore. However, this trailed behind rival Eureka’s revenue of ₹2,189 crore.

Also Read: Union Budget: When Prime Minister, instead of finance minister, presented the budget

Mahesh Gupta will be selling the largest portion, with 5,635,088 equity shares of face value Re 1 each, while Sunita Gupta and Varun Gupta will be selling 3,360,910 and 1,098,570 equity shares, respectively, according to a Business Standard report.

This comes at a time when India’s IPO market continues its boom into 2025. So far, around 14 companies have already floated shares this year, and in 2024, Indian firms collectively raised a record ₹1.6 lakh crore ($18.5 billion).

Also Read: Stargate: OpenAI, SoftBank announce $500 billion US-based AI data centre network; to create thousands of jobs

Motilal Oswal Investment Advisors Ltd and JM Financial Ltd. will be the book-running lead managers, while Kfin Technologies Ltd will be the registrar for the issue.