Shivganga Drillers IPO

Shivganga Drillers Ltd.’s DRHP was filed with the stock exchanges (SEBI) on 12th December, 2025. The DRHP covers a complete Book Building Offering (100%), and consists of a new issue of equity shares amounting to approximately ₹400 crore, without any Offer For Sale (OFS).

The book-building price band, open/close dates for bidding, and expected date of listing on stock exchanges have yet to be finalised and will occur on BSE & NSE. The Book Running Lead Manager (BRLM) for Shivganga Drillers IPO is Aryaman Financial Services Ltd. and BigShare Services Pvt Ltd is acting as Registrar to the Offer.

Company Background

Founded on August 8, 2005, Shivganga Drillers Ltd., based in Kanpur, initially started as a small business but has grown extensively over the years into a publicly traded company by September 2025. In addition, Shivganga Drillers Ltd. has developed a robust service offering that allows for the design and provision of many different types of drilling services for oil & gas companies. In the market, they have become one of the leading technology innovators within their industry, providing affordable solutions for customers throughout the drilling supply chain.

Operations & Product Range

Shivganga Drillers Ltd. operates as an integrated service provider, offering a wide array of solutions to upstream operators in India. Its core services include onshore drilling and offshore Operations and Management (O&M). The company provides equipment rental services and integrated project management, covering the entire lifecycle of a well—from planning and execution to rig management. A specialized area of expertise for the firm is air-hammer drilling in hard-rock formations, which is essential for specific geological terrains in India.

Facilities & Capacity

The company operates out of its primary corporate and registered office in Indore. Its production and operational capacity are driven by a fleet of drilling rigs and specialized equipment used for onshore and offshore contracts. To maintain high performance, the company focuses on "condition monitoring" and "preventive maintenance" of its fleet. According to the filing, Shivganga Drillers Ltd. plans to utilize a portion of the IPO proceeds to further expand its equipment base and enhance its service delivery capabilities across new exploration blocks.

Brands & Market Presence

The Shivganga Drillers Ltd.’s market presence is defined by its strong relationships with exploration and production (E&P) companies. While it operates primarily in the domestic Indian market, its technical capabilities allow it to compete for high-value contracts in both onshore and offshore segments. The company holds various quality and safety certifications, including QEHS (Quality, Environment, Health, and Safety) standards, which are mandatory for operating in the high-risk oil and gas environment.

Revenue Streams & Business Model

The business model of Shivganga Drillers Ltd. is built on high-value service contracts and recurring income streams. Key revenue sources are:

• Onshore Drilling contribute approx 80.50% of revenue in FY25.
• Offshore O&M contributes approx 19.07% to the top line in the same period.
• Another source of income is renting out specialized drilling equipment.

Management & Shareholding

Promoters & Shareholding

The Shivganga Drillers IPO is sponsored by a group of Founders and Directors who own 88.50 percent of the company before the offer. These Founders have a lot of experience in the industry and in oilfield services. They want to use the marketplace to make Shivganga Drillers a bigger and more well known brand around the world. Shivganga Drillers will get a lot of benefits from this. The Founders of Shivganga Drillers are very serious, about making Shivganga Drillers a successful company.

(Shivganga Drillers Ltd. Founders/Promoters: Bhanwar Lal Rathi, Manoj Bahety, Mukul Bahety, Anuj Rathi, Shreyas Bahety, Sunita Bahety, and Priyanka Rathi)

Board & Key Management

The Board members of Shivganga Drillers Ltd. are chaired by Bhanwar Lal Rathi, with Manoj Bahety serving as the Managing Director. Rajat Sharma (CEO) and Giraj Daga (CFO) both professionally manage the leadership team of the company. The board also includes independent directors to ensure corporate governance and regulatory compliance.