BVG India refiles IPO papers with SEBI after 4 years, increased offer size includes Rs 300 crore fresh issue

BVG India IPO News

Private equity firm 3i Group-backed BVG India, which claims the largest integrated facility management services provider in India, has refiled its draft papers with the SEBI after four years of its previous DRHP filing, for raising funds via initial public offering (IPO).

As per the preliminary papers, the company plans to mobilise Rs 300 crore by issuing new shares, while existing shareholders will be selling 2.85 crore shares via offer-for-sale.

Promoter Hanmantrao Gaikwad, and investors Strategic Investments FM (Mauritius) Alpha and Strategic Investments FM (Mauritius) B (an affiliates of private equity investor 3i Group) will be major selling shareholders in the offer-for-sale.

Earlier, as per the DRHP dated September 30, 2021, it had planned fresh issue of Rs 200 crore worth shares and an offer-for-sale of up to 16.98 lakh shares, but the capital markets regulator returned those IPO papers in March 2023.

Promoters own 58.74 percent shareholding in BVG India, while the remaining 41.26 percent shares are held by public shareholders including Strategic Investments Alpha (21.89 percent stake) which is the largest shareholder after promoter Hanmantrao Gaikwad (54.87 percent).

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The Pune-based company that provides integrated facility management, emergency response, and environment and sustainability services may also consider raising funds up to Rs 60 crore in pre-IPO round which is a part of fresh issue component.

BVG India proposed to utilise Rs 250 crore of fresh issue proceeds for repaying debt which at the end of August 2025 was Rs 820.4 crore, and the remaining funds for general corporate purposes.

The company that earned 70 percent of its business through integrated facility management segment, 17 percent via emergency response, and 13 percent environment and sustainability services recorded profit at Rs 207.2 crore in the year ended March 2025, growing 24.7 percent compared to Rs 166.2 crore in the previous fiscal year. Revenue during the same period increased 16.3 percent to Rs 3,301.8 crore, against Rs 2,839.4 crore.

BVG India competes itself with listed peers like Updater Services, Bluspring Enterprises, and SIS. The merchant bankers that managing the BVG India IPO will be ICICI Securities, JM Financial, and Motilal Oswal Investment Advisors.