Oilfield services provider Shivganga Drillers has filed preliminary papers with capital markets regulator to mobilise ₹400 crore through its initial public offering (IPO).
The company’s maiden public offering is a completely fresh issue of shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).
Shivganga Drillers proposes to utilise proceeds for purchase of plant and machinery, payment of debt and general corporate purposes.
The company may raise ₹80 crore through a pre-IPO placement, which, if undertaken, would accordingly adjust the fresh issue size.
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.
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. Its operating model focuses on execution efficiency, cost control, and measurable outcomes for exploration and production (E&P) companies.
To assist the public offering, Aryaman Financial Services has been appointed as the book-running lead manager.
Published on December 13, 2025
