On December 12, Shivganga Drillers, one of the leading Oilfield services providers, submitted draft papers with SEBI to raise ₹400 crore via an Initial Public Offering (IPO).
This IPO consists entirely of a fresh issue with no Offer for Sale component. They are also planning to raise ₹80 crore in a pre-IPO placement. If they successfully plan to do so, the funds of ₹80 will be reduced from the fresh issue.
The proceeds of ₹285 crore will be utilized towards the purchase of plant and machinery. A portion of ₹85.5 crore will be utilised towards the repayment/prepayment of existing borrowings taken by the company. Some funds will be utilized for general corporate purposes. Lastly, using the IPO proceeds, the company plans to add two more rigs (1,000 HP and 1,500 HP).
Shivganga Drillers is one of the leading oilfield services companies in India that offers onshore drilling, offshore operations and management, equipment rental, and project management. As of now, the outstanding borrowings of the company are at ₹97.9 crore. After the IPO, the company’s debt is expected to reduce significantly.
Deep Industries and Asian Energy Services are the listed competitors of the Shivganga Drillers. If we talk about the company’s financial growth, in FY2025, the profit skyrocketed to ₹62.3 crore, which was ₹27.4 crore last year.
In terms of revenue, in FY25, the company generated a revenue of ₹354.4 crore from ₹193 crore, indicating a jump in revenue by 84%.
The book-running lead manager of the issue is Aryaman Financial Services. The equity shares are proposed to be listed on the BSE and NSE.
Shivganga Drillers IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Shivganga Drillers Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹64.74 | ₹59.16 | ₹3.92 |
| 2024 | ₹197.39 | ₹160.48 | ₹27.46 |
| 2025 | ₹359.90 | ₹275.24 | ₹62.34 |
| June 2025 | ₹97.87 | ₹70.08 | ₹20.78 |
Shivganga Drillers IPO Valuation – FY2025
Shivganga Drillers IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹11.64 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 44.86% |
| Net Asset Value (NAV): | ₹25.95 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Deep Industries Limited | (14.08) | NA | (4.33)% | 284.31 | 576.13 Cr. |
| Asian Energy Services Limited | 9.79 | 27.36 | 10.58% | 89.18 | 465.04 Cr. |
Objects of the Issue
- Capital Expenditure towards purchase of Plant and Machinery;
- Repayment or pre-payment, in full or part, of certain borrowings availed by our Company; and
- General Corporate Purposes
IPO Lead Managers aka Merchant Bankers
- Aryaman Financial Services Limited
