Bvishal Oil and Energy files draft papers with SEBI for IPO

Onshore oilfield services provider Bvishal Oil and Energy has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of 1.8 crore shares, along with an offer for sale (OFS) of 77.09 lakh shares, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The Gujarat-based company plans to use proceeds from the fresh issue for capital expenditure and working capital requirements.

Of the fresh issue, Rs 120.9 crore will be allocated to acquire machinery and equipment to expand and strengthen operational capabilities, around Rs 45 crore will be used for working capital requirements, and a portion will be for general corporate purposes.

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Bvishal Oil and Energy provides integrated onshore oilfield services across the lifecycle of oil and gas wells, covering exploration, production and maintenance.

Its core service portfolio includes well intervention and stimulation, surface production testing and gas processing, operations and maintenance (O&M), as well as production enhancement services (PES) and enhanced oil recovery (EOR). As of February 2026, the company, along with its subsidiaries, reported an order book of Rs 660.85 crore. It executed 86 projects with an aggregate value of Rs 689.24 crore.

The company’s listed peers include Deep Industries, Hindustan Oil Exploration Company, Selan Exploration Technology, Akash Exploration Services and Asian Energy Services.

Financially, the company posted revenue from operations of Rs 174 crore in FY25 compared to Rs 181 crore in the preceding fiscal. Profit for the period stood at Rs 30.91 crore in FY25 against Rs 31.63 crore in FY24.

Unistone Capital is acting as the sole book-running lead manager to the issue.