Oilfield services provider Shivganga Drillers plans to raise Rs 400 crore via IPO, files draft papers

Shivganga Drillers IPO News

Oilfield services provider Shivganga Drillers approached capital markets on December 12 by filing draft papers with the SEBI to raise funds up to Rs 400 crore via initial public offering (IPO).

It is entirely fresh issue by the company. Of which, it intends to raise Rs 80 crore before the filing of Red Herring Prospectus for the IPO launch, i.e. pre-IPO round.

The company that offers onshore drilling, offshore operations and management, equipment rental, and integrated project management solutions to upstream operators in India proposed to utilise Rs 285 crore of IPO proceeds for purchase of plant and machinery.

Further, Rs 85.5 crore will be utilised for repaying debt, and the remainder funds for general corporate purposes.

Currently, Shivganga Drillers owns a fleet of five rigs, and intends to add two more rigs (of 1,000 HP and 1,500 HP) through IPO proceeds.

Post IPO, the debt burden of the company seems to get reduced significantly from the current outstanding borrowings of Rs 97.9 crore.

Shivganga Drillers, which competes with listed peers like Deep Industries, and Asian Energy Services has recorded strong financial performance in the recent past fiscals. Profit more than doubled to Rs 62.3 crore in the year ended March 2025, compared to Rs 27.4 crore in previous year. Revenue during the same period soared nearly 84 percent to Rs 354.4 crore, up from Rs 193 crore.

Profit in the quarter ended June 2025 stood at Rs 20.8 crore on revenue of Rs 97.7 crore.

Aryaman Financial Services is appointed as the book running lead manager for the Shivganga Drillers IPO.