Upcoming IPO: Shivganga Drillers Filed DRHP with SEBI to Raise ₹400 Crore via Public Issue

Shivganga Drillers, an integrated oilfield services provider, has filed a draft red herring prospectus (DRHP) with market regulator SEBI to raise ₹400 crore through an initial public offering (IPO).

Shivganga Drillers IPO Details

As per the DRHP filed on December 12, the IPO is entirely a fresh issue of equity shares aggregating ₹400 crore, with no offer-for-sale component. Aryaman Financial Services has been appointed as the book-running lead manager for the issue. The company plans to list its equity shares on both the BSE and NSE.

Use of IPO Proceeds

The entire proceeds from the issue will be utilised by the company. Shivganga Drillers intends to deploy ₹285 crore towards the acquisition of plant and machinery, ₹85.5 crore for repayment of borrowings, and the remaining amount for general corporate purposes.

According to news reports, the company may also undertake a pre-IPO placement of up to ₹80 crore. If such a placement is completed, the size of the fresh issue would be reduced accordingly.

The company has proposed to allocate 50% of the net offer to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and the remaining 35% to retail individual investors.

About Shivganga Drillers

Incorporated in 2005, Shivganga Drillers is a fully integrated oilfield services company providing onshore drilling, offshore operations and management, equipment leasing, and end-to-end project management services to upstream oil and gas operators in India.

The company operates as a comprehensive drilling services platform, with capabilities spanning well planning, drilling execution, rig operations, performance-linked contracts, and specialised air-hammer drilling for hard-rock geological formations. Shivganga Drillers has four site offices located in Gujarat, Maharashtra, Assam and Madhya Pradesh, while its operational footprint extends across up to eight states, including Himachal Pradesh, Uttarakhand, Rajasthan and Andhra Pradesh.

Also Read: Upcoming IPO: Shiprocket Files UDRHP with SEBI to Raise ₹2,342 Crore

The company has posted strong financial and operational performance in recent years. In fiscal 2025, revenue from operations stood at ₹3,544.48 million, marking significant growth from ₹600.13 million in fiscal 2023. EBITDA margins expanded to 33.08%, reflecting improved cost efficiency and operating leverage. Profit after tax rose sharply to ₹623.15 million in fiscal 2025 from ₹39.16 million in fiscal 2023, translating into a net margin of 17.58%.

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