Earthood Services Refiles DRHP with SEBI for IPO

Earthood Services, a Gurgaon-based firm engaged in carbon validation and verification, has refiled its draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). This filing comes after the company withdrew its earlier draft.

Offer Structure

As per the new draft dated June 13, 2025, the IPO will be a complete offer-for-sale (OFS) of 62.9 lakh equity shares. These shares will be sold by the company’s promoters, Kaviraj Singh and Ashok Kumar Gautam. There will be no fresh issue component in the offer, meaning Earthood Services will not receive any proceeds from this IPO. All proceeds will go to the selling shareholders.

Unistone Capital has been appointed as the sole book-running lead manager for the IPO.

Previous Attempt Withdrawn

This is the company’s second attempt at listing. In December 2024, Earthood Services filed its first draft red herring prospectus with SEBI. That version proposed a fresh issue of 36 lakh shares and an OFS of 42 lakh shares by the same promoters. However, those plans were later dropped, and the draft was withdrawn earlier this year.

Business Activities

The company primarily offers carbon validation and verification services. In addition, it provides environmental, social, and governance (ESG) advisory and assurance services. Its clients are spread across both domestic and international markets.

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Earthood Services Financial Performance

For the financial year ending March 2024, Earthood Services reported a net profit of ₹19.3 crore, reflecting an 80.1% increase from the previous year. Revenue during the same period rose by 44.5% to ₹46.8 crore. In the 9 months ending December 2024, the company posted a profit of ₹8.14 crore on a revenue of ₹33.7 crore.

Conclusion

The refiled IPO is structured as a full exit route for the promoters, with no fresh capital infusion into the business. The company continues to operate in the ESG and carbon advisory space.

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