Shivganga Drillers IPO

About Shivganga Drillers IPO

The IPO of Shivganga Drillers comprises only a fresh issue. It has no offer for sale. The fresh issue aggregates up to ₹400 crores. The price band is ₹[TBA] per share.

Shivganga Drillers IPO opens on [TBA] and closes on [TBA]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

The lot size of shares in the IPO is [TBA]. The minimum number of lots in the IPO for retail investors is [TBA]. The minimum investment amount required by a retail investor is ₹[TBA] based on the upper price.

Shivganga Drillers 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 specialised air-hammer drilling in hard-rock formations.

Objectives of Shivganga Drillers IPO

The company proposes to utilise the net proceeds received for:

• Capital expenditure towards purchase of plant and machinery
• Repayment or pre-payment, in full or part, of certain borrowings availed by the company
• General corporate purposes

Industry Outlook

The Indian drilling services market expanded from USD 1,331 million in 2020 to USD 2,214 million in 2024, reflecting an 13.5%% CAGR, supported by post-pandemic recovery, favourable crude prices, and fresh exploration block auctions.

It is projected to reach USD 2,856 million by 2030, growing at 4.6% CAGR between 2025–2030. Onshore drilling continues to dominate with over 85% share, while offshore drilling, though smaller, is expected to rise gradually in deepwater and ultra-deepwater segments with higher investments and technology adoption. Integrated drilling services are also increasing, moving from 28.8% in 2020 to over 31% by 2030, as operators seek efficiency, cost optimisation, and bundled solutions

Shivganga Drillers Company Information

Shivganga Drillers 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.

It operates as a full-spectrum drilling services platform with capabilities across well planning, drilling execution, rig management, performance-based contracts, and specialised air-hammer drilling in hard-rock formations.

Strengths of Shivganga Drillers

• Diversified service portfolio and market adaptability
• Strong project execution capabilities and significant equipment base suited to diverse and challenging operating conditions
• Established relationships with major upstream players resulting to strong order book
• Experienced leadership and skilled workforce with focus on quality and high operating standards
• Strong financial performance and executional capabilities

Risks of Shivganga Drillers

• Any slowdown or loss of business from key clients could materially and adversely affect business
• The company derives a substantial portion of revenue from a single industry and a concentrated base of clients
• Business is directly affected by the demand for onshore drilling rigs and drilling services
• Expiry of existing contracts or termination of contracts may adversely affect results of operations and financial condition
• Company can provide no assurance that its order book will be ultimately realised at the contracted amounts or at all
• The company operates in a highly technical sector and are exposed to the changes in the technical and other requirements of its clients
• Competition from Indian and foreign oil & gas service providers in India
• Downtime of rigs or rigs being non-operational for an extended period of time would lead to a reduction in utilisation rates
• Failure to obtain or maintain client pre-qualifications, which are critical for bidding and securing future contracts in the oil & gas industry, could adversely affect business
• Success of business is dependent on ability to employ and retain skilled employees

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Bigshare Services
• Book Running Lead Manager: Aryaman Financial Services

Shivganga Drillers Business Model

The service portfolio of Shivganga Driller includes:

• 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
• Offshore O&M services
• Equipment rental services for oil & gas exploration with a separate set of equipment

Shivganga Drillers Company Growth Trajectory

The revenue from operations of Shivganga Drillers increased from ₹60.013 crores in FY 23 to ₹354.448 crores in FY 25. Its EBITDA margin increased from 18.85% in FY 23 to 31.72% in FY 25, while PAT margin increased from 6.53% in FY 23 to 17.59% in FY 25. Diversified service portfolio and market adaptability and strong project execution capabilities have helped the company grow over the years.

Shivganga Drillers Market Position

As on the date of its draft red herring prospectus (DRHP), the company had four site offices across the states of Gujarat, Maharashtra, Assam and Madhya Pradesh, and is headquartered in Madhya Pradesh. Its operations, however, extend to up to eight Indian states, spreading its reach to Himachal Pradesh, Uttarakhand, Rajasthan and Andhra Pradesh as well.

How to Apply for Shivganga Drillers IPO?

To apply for Shivganga Drillers IPO:

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.