Q1. What is the business of Shivganga Drillers Limited?

It is an integrated oilfield services provider offering onshore drilling, offshore operations, equipment rental and project management solutions to upstream oil and gas players in India.

Q2. Why is the company raising funds via IPO?

Shivganga Drillers are raising funds via IPO to repay or pre-pay of borrowings, expansions and growth needs.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is ₹400 Crore entirely as fresh issue. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Key risks factors to be considered while investing in the IPO are its cyclical dependence on oil capex, capital intensity, and exposure to commodity price swings and client concentration.

Q5. What are the potential upsides?

Potential upsides to invest in the IPO include strong sector demand, operational expansion, and diversified drilling services in a growing domestic energy market.

Q6. How to apply for the IPO?

You can apply via ASBA through bank net banking, UPI on trading apps, or through your broker within the IPO subscription window once announced.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Shivganga Drillers Limited

Upcoming

Shivganga Drillers Limited

Market Cap

—

IPO Issue Size

~₹ 400 Cr

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

Shivganga Drillers Limited is an integrated oilfield services company that provides onshore drilling, offshore operations and maintenance, equipment rental, and project management services to upstream oil and gas operators in India. Its business covers well planning, drilling execution, rig management, performance-linked contracts and specialized hard-rock drilling technologies. The company has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹400 crore through an initial public offering comprising a fresh issue of shares.

Shivganga Drillers Limited was incorporated in the year 2005.Mr. Manoj Bahety and Bhanwar Lal Rathi serves as whole-time directors of the company.

It offers integrated oilfield services provider offering onshore drilling, offshore operations & maintenance, equipment rental, and project management services to upstream oil and gas operators.It operates across eight Indian states with four site offices in Gujarat, Maharashtra, Assam and Madhya Pradesh, serving exploration and production clients nationwide.

Subscription date to apply for Shivganga Drillers Limited is yet to be announced. Price band for the IPO is yet to be declared.

Year	2025
Networth	₹ 139 Cr
Revenue	₹ 354.4 Cr
EBITDA	₹ 112.4 Cr
PAT	₹ 62.3 Cr
EBITDA Margin	~31.72%
PAT Margin	~17.59%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 85.5 Cr
Purchase of plant & machinery	~ ₹ 285 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	60.01	192.97	354.44
PAT (₹ Cr)	3.91	27.46	62.34
Asset (₹ Cr)	91.09	209.3	297.06
Net Worth (₹ Cr)	48.75	76.21	138.98

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
08-Aug	₹ –	₹ –	₹ –
07-Aug	₹ –	₹ –	₹ –
06-Aug	₹ –	₹ –	₹ –
05-Aug	₹ –	₹ –	₹ –
04-Aug	₹ –	₹ –	₹ –

Pros

Operates in the oilfield services sector, which benefits from long-term energy demand.
Integrated service model (drilling, O&M, equipment rental) enables diversified revenue streams.
Presence across multiple Indian states with established operational experience.
IPO proceeds aimed at capacity expansion and debt reduction, improving balance-sheet strength.
Rising domestic exploration activity supports future growth opportunities.

Cons

Business is highly cyclical, dependent on crude oil prices and capex by oil companies.
Client concentration risk with dependence on a few large upstream players.
Capital-intensive operations lead to high operating and maintenance costs.
Exposure to regulatory, environmental, and safety compliance risks.
IPO valuation and price band not yet disclosed, creating uncertainty for investors.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Anuj Rathi	~25.87%
Sunita Bahety	~16.10%
Manoj Bahety	~13.83%
Shreyas Bahety	~9.55%
Priyanka Rathi	~9.14%
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Aryaman Financial Services Limited

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of Shivganga Drillers Limited?
It is an integrated oilfield services provider offering onshore drilling, offshore operations, equipment rental and project management solutions to upstream oil and gas players in India.
Q2. Why is the company raising funds via IPO?
Shivganga Drillers are raising funds via IPO to repay or pre-pay of borrowings, expansions and growth needs.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is ₹400 Crore entirely as fresh issue. It will be listed on the BSE & NSE platform.
Q4. What are the risks to an investor?
Key risks factors to be considered while investing in the IPO are its cyclical dependence on oil capex, capital intensity, and exposure to commodity price swings and client concentration.
Q5. What are the potential upsides?
Potential upsides to invest in the IPO include strong sector demand, operational expansion, and diversified drilling services in a growing domestic energy market.
Q6. How to apply for the IPO?
You can apply via ASBA through bank net banking, UPI on trading apps, or through your broker within the IPO subscription window once announced.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.