Oilfield services provider Shivganga Drillers approached capital markets on December 12 by filing draft papers with the SEBI to raise funds up to Rs 400 crore via initial public offering (IPO).

It is entirely fresh issue by the company. Of which, it intends to raise Rs 80 crore before the filing of Red Herring Prospectus for the IPO launch, i.e. pre-IPO round.

The company that offers onshore drilling, offshore operations and management, equipment rental, and integrated project management solutions to upstream operators in India proposed to utilise Rs 285 crore of IPO proceeds for purchase of plant and machinery.

Further, Rs 85.5 crore will be utilised for repaying debt, and the remainder funds for general corporate purposes.

Currently, Shivganga Drillers owns a fleet of five rigs, and

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