FinTech BizNews Service

Mumbai, 13 December 2025:Shivganga Drillers Limited, an integrated oilfield services provider offering onshore drilling has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

The offer comprises a fresh issue of equity shares aggregating up to Rs4,000 million (Rs400 crores). The face value of each equity share is Rs10.

Shivganga Drillers Limited is an integrated oilfield services provider offering onshore drilling, offshore operations and management (“O&M”), equipment rental, and integrated project management solutions to upstream operators in India. The company operates as a full-spectrum drilling services platform with capabilities across well planning, drilling execution, rig management, performance-based contracts, and specialized air-hammer drilling in hard-rock formations. Its business model is centered on delivering technically advanced, cost-efficient, and outcome-driven solutions that enhance operational efficiency for exploration and production (E&P) companies.

The company offers a full stack of services, comprising turnkey, performance-based drilling solutions, wherein drilling is executed on performance-based parameters such as per-meter progress, enabling clients to achieve lower costs and higher operational efficiency—as well as hire and rental-based delivery models for a wide range of essential equipment and services.

Its service portfolio includes (i) Onshore Drilling Services, covering Drilling and Integrated Project Management Services, wherein the company manages the end-to-end drilling lifecycle, including well planning, rig deployment, contractor coordination, site execution, and performance oversight, to ensure efficient and compliant project delivery, (ii) Offshore O&M Services, and (iii) Equipment Rental Services for Oil & Gas exploration with separate set of equipment.

The company proposes to utilize the Net Proceeds towards Capital Expenditure towards purchase of Plant and Machinery; Repayment or pre-payment, in full or part, of certain borrowings availed by the Company; and General Corporate Purposes.

Aryaman Financial Services Limited is the book running lead manager to the issue.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges being the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, and together with the BSE, the “Stock Exchanges”).

The Company, in consultation with the Book Running Lead Manager, may consider further issuance of specified securities, by way of private placement(s), preferential allotment(s) or any other mode as may be permitted under the applicable law, aggregating up to Rs 800 million (Rs80 crores) (the “Pre-IPO Placement”), prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by the Company, in consultation with the Book Running Lead Manager. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Issue, subject to compliance with Rule 19(2)(b) of the Securities Contracts (Regulations) Rules, 1957, as amended (“SCRR”). The Pre-IPO Placement, if undertaken, shall not exceed 20% of the size of the Issue.