Shivganga Drillers Files Preliminary Papers for IPO
Shivganga Drillers, a leading oilfield services provider, has filed preliminary papers with the capital markets regulator to raise Rs 400 crore through its initial public offering (IPO). This maiden public offering is a completely fresh issue of shares with no offer for sale (OFS) component.
Purpose of the IPO
The company plans to use the proceeds from the IPO to purchase plant and machinery, pay off debt, and for general corporate purposes. Additionally, Shivganga Drillers may raise Rs 80 crore through a pre-IPO placement, which would adjust the fresh issue size accordingly.
About Shivganga Drillers
Shivganga Drillers is an integrated oilfield services company that provides a range of services, including onshore drilling, offshore operations and maintenance (O&M), equipment rental, and project management services to upstream oil and gas operators in India. The company operates across multiple stages of the drilling value chain, with capabilities spanning well planning, drilling execution, rig management, performance-linked contracts, and air-hammer drilling for hard-rock formations.
Key Services and Operating Model
- Well planning and drilling execution
- Rig management and performance-linked contracts
- Air-hammer drilling for hard-rock formations
The company's operating model focuses on execution efficiency, cost control, and measurable outcomes for exploration and production (E&P) companies.
Assisting the Public Offering
Aryaman Financial Services has been appointed as the book-running lead manager to assist the public offering.
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