IPO Watch, Sept. 30 -- Vishvaraj Environment Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).

The company's initial public offering consists of a new issue of up to Rs.1,250 crores along with an offer for sale totaling up to Rs.1,000 crores from the promoter selling shareholder, Premier Financial Services Ltd.

In consultation with the BRLMs, Vishvaraj Environment might consider a Pre IPO of up to Rs.250 crore before the submission of its RHP. If this is executed, the amount raised would decrease the fresh issue total.

The company aims to use its net proceeds from the fresh issue to repay or prepay borrowings from...