BVG India has filed its preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) comprising a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS). Under the OFS, existing shareholders will offload 2.85 crore equity shares.
Out of the fresh issue proceeds, Rs 250 crore has been earmarked for payment of debt, while the balance will be deployed towards general corporate purposes. The IPO will be managed by ICICI Securities, JM Financial and Motilal Oswal Investment Advisors.
BVG India provides soft services such as mechanised housekeeping, janitorial services, industrial housekeeping, manpower supply, security, office support and retail fuel outlet maintenance. It also provides hard services including electro-mechanical works, mechanical, electrical and plumbing services, repairs and maintenance, road management, city cleaning and infrastructure upkeep; and specialised services like catering, paint-shop cleaning, back-office support, logistics management, and fleet operation, including EV bus management.
