Oilfield services provider Shivganga Drillers has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 400 crore through its initial public offering (IPO). The proposed IPO is a completely fresh issue of shares with no offer for sale (OFS) component.
The company proposes to utilise proceeds for purchase of plant and machinery, payment of debt and general corporate purposes. Aryaman Financial Services is the sole book-running lead manager to the public issue.
Shivganga Drillers is an integrated oilfield services company providing onshore drilling, offshore operations and maintenance (O&M), equipment rental, and project management services to upstream oil and gas operators in India.
