According to the draft red herring prospectus (DRHP), the company’s initial public offering is an entirely new issue of shares with no offer for sale (OFS) component.
Sivaganga Drillers proposes to use the proceeds for purchase of plant and machinery, repayment of debt and general corporate purposes.
The company through pre-IPO placement raised Rs. 80 crore, which, if undertaken, would adjust the size of the new issue accordingly.
Sivaganga 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.
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The company operates across multiple phases of the drilling value chain, with capabilities in 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 results for exploration and production (E&P) companies.
To assist in the public offering, Aryaman Financial Services has been appointed as the book-running lead manager.
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