Gurgaon-based Earthood Services, which certifies environmental attributes, decided on February 23 to withdraw its draft document filed for fundraising via an IPO, according to the processing status of draft offer documents published by the Securities and Exchange Board of India (SEBI) on February 27.
The company had filed its IPO papers with SEBI in June 2025.
The public issue comprised entirely an offer-for-sale (OFS) of 62.9 lakh shares, with no fresh issue component. Kaviraj Singh and Ashok Kumar Gautam were the selling shareholders in the OFS.
Earthood Services primarily offers carbon validation and verification services, as well as environmental, social, and governance (ESG) advisory and assurance services in India and overseas.
It was the first company from the environmental attributes certification segment to approach the capital markets. It does not have a listed peer in India. In its draft document, the company compared itself with global counterpart Bureau Veritas SA.
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As per the CRISIL report, companies worldwide are facing growing pressure to reduce emissions and set their net-zero targets, leading to increased investment in emission offsetting and reliance on high-quality, independently verified carbon credits.
Carbon credits are units generated through implemented mitigation activities that result in the reduction of greenhouse gas (GHG) emissions over and above the baseline. Carbon credits can also represent emission removals from the atmosphere, such as sequestering carbon through afforestation or directly capturing carbon from the air and storing it. Each carbon credit represents one tonne of carbon dioxide equivalent (CO2e) reduced or removed.
Unistone Capital was appointed as the sole merchant banker to manage the Earthood Services IPO.
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