Aniket PujariUpcoming IPO: Shivganga Drillers, an integrated oilfield services company, has filed a draft red herring prospectus (DRHP) with the capital market regulator Sebi to launch an initial public offering (IPO) to raise ₹400 crore.
The DRHP, filed on December 12, showed that the offer will entirely be a fresh issue of shares worth ₹400 crore, with no offer for sale component. As a result, all IPO proceeds will go to the company. Shivganga Drillers proposes to utilise ₹285 crore for the purchase of plant and machinery, ₹85.5 crore for the payment of debt and the rest for general corporate purposes.
According to a PTI report, the company may raise ₹80 crore through a pre-IPO placement, which, if undertaken, would accordingly adjust the fresh issue size.
Shivganga Drillers proposed allocating 50% of the offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NII) and 35% for retail investors.
About Shivganga Drillers
Incorporated in 2005, the company is an integrated oilfield services provider offering onshore drilling, offshore operations and management, equipment rental, and integrated project management solutions to upstream operators in India.
It operates as a full-spectrum drilling services platform with capabilities across well planning, drilling execution, rig management, performance-based contracts, and specialised air-hammer drilling in hard-rock formations.
Shivganga Drillers has four site offices across the states of Gujarat, Maharashtra, Assam and Madhya Pradesh. Its operations, however, extend to up to eight Indian states, spreading its reach to Himachal Pradesh, Uttarakhand, Rajasthan and Andhra Pradesh as well.
It has demonstrated robust financial growth and operational efficiency over the past few years. In Fiscal 2025, it recorded revenue from operations of ₹3,544.48 million, reflecting consistent growth from ₹600.13 million in Fiscal 2023. EBITDA margins improved to 33.08%, underscoring strong cost management and operational leverage. Profit after tax increased to ₹623.15 million in Fiscal 2025 from ₹39.16 million in Fiscal 2023, with a margin of 17.58%.
Aryaman Financial Services has been appointed as the book-running lead manager. Shares of the company are proposed to be listed on the BSE and NSE.
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