Earthood Services refiles draft papers to raise funds via IPO, removes fresh issue component

Earthood Services IPO

Earthood Services, the Gurgaon-based carbon validation and verification services provider, has refiled preliminary papers with the SEBI to raise funds via initial public offering (IPO), especially after withdrawal of previous draft papers.

The IPO will consist of solely offer-for-sale of 62.9 lakh shares by promoters - Kaviraj Singh, and Ashok Kumar Gautam, as per the fresh draft papers filed on June 13.

This means the entire offer proceeds will go to selling shareholders and the company will not receive any IPO money from the issue.

Earlier, Earthood Services had filed draft papers with the capital markets regulator for IPO on December 26, 2024 which comprised of fresh issue of 36 lakh shares and an offer-for-sale of 42 lakh shares by promoters. However, the company had withdrawn the said draft IPO documents on April 28 this year.

Along with carbon validation and verification services; the company also offers environmental, social and governance (ESG) advisory and assurance services to customers in India and overseas.

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On the financial front, Earthood Services recorded profit at Rs 19.3 crore for the year ended March 2024, growing 80.1 percent, and revenue at Rs 46.8 crore, rising 32.4 crore, increasing 44.5 percent over the previous fiscal. Profit in nine months period ended December 2024 stood at Rs 8.14 crore on revenue of Rs 33.7 crore.

Unistone Capital is the sole book running lead manager to handle Earthood Services IPO.