Shivganga Drillers Sets Sights on Rs 400 Crore IPO

Shivganga Drillers has filed for a Rs 400 crore IPO to fund its oilfield services expansion. The offering will be a completely fresh issue of shares, with no OFS component. Proceeds will be used for plant purchases, debt repayment, and corporate purposes. Aryaman Financial Services is the lead manager.

Shivganga Drillers is set to enter the capital markets with a proposed Rs 400 crore IPO, marking its first public offering. According to its draft red herring prospectus, the IPO will be a completely fresh issue, with no offer for sale component included.

The company intends to use the proceeds from the IPO to enhance its operational capacity through the acquisition of new plant and machinery, settle outstanding debts, and fund general corporate initiatives. Additionally, a pre-IPO placement could raise Rs 80 crore, potentially adjusting the fresh issue size.

Operating as a comprehensive oilfield services provider, Shivganga Drillers offers a range of services from drilling to project management across various stages of the drilling value chain. Aryaman Financial Services has been selected to manage the public offering process as the book-running lead manager.