Shivganga Drillers files papers with Sebi for a Rs 400-cr IPO

Oilfield services firm Shivganga Drillers has filed preliminary papers with the capital markets regulator to mobilize Rs 400 crore through its initial public offering (IPO). The company’s initial public offering is a brand new share issue without an offer for sale (OFS) component, under the draft red herring prospectus (DRHP).

Shivganga Drillers proposes to use the proceeds for purchase of plant and equipment, payment of debts and general corporate purposes.

The company can raise Rs 80 crore through a pre-IPO placement, which if undertaken would adjust the size of the new issue accordingly.

Shivganga Drillers is an integrated oilfield services company providing onshore drilling, offshore operations and maintenance (O&M), equipment rental and project management services to upstream oil and gas operators in India.

The company operates at multiple stages of the drilling value chain, with capabilities in well planning, drilling execution, rig management, performance-based contracting and air hammer drilling for hard rock formations. The business model focuses on execution efficiency, cost control and measurable results for exploration and production (E&P) companies.

In support of the public offering, Aryaman Financial Services has been appointed as book-running lead manager.