BVG India, a provider of integrated facility management services, has filed its draft IPO papers with SEBI, aiming to raise ₹300 crore through a fresh issue. Existing shareholders will also offer 2.85 crore shares via Offer for Sale (OFS) as part of the public offering.
Under the proposed structure, ₹250 crore of the fresh issue proceeds will be allocated toward repayment of debt, while the remaining portion will serve general corporate purposes. BVG India operates across three verticals—Integrated Facility Management (IFM), Emergency Response Services (ERS), and Environment & Sustainability Services (ESS)—serving clients in sectors such as industrial, commercial, healthcare, education, government, and transport infrastructure.
The IPO will be managed jointly by ICICI Securities, JM Financial, and Motilal Oswal Investment Advisors. The company provides a mix of “soft services” including mechanized housekeeping, janitorial services, manpower supply, security, office support, and maintenance of retail fuel outlets.
BVG’s DRHP notes that the OFS portion allows existing stakeholders nincluding promoters to offload shares. As per recent filings, Hanmantrao Gaikwad, who holds a majority promoter stake, is expected to participate in the OFS.
In FY25, BVG India posted consolidated revenue of approximately ₹3,301.8 crore and net profit of ₹207.2 crore, demonstrating healthy margins in a capital-intensive business. The company also reported outstanding borrowings of ₹820 crore as of August 2025.
What to Watch
- Finalization of price band, bidding dates, and allocation breakdowns in the Red Herring Prospectus
- Execution of debt reduction strategy and impact on cash flows
- Market reception to a facility management IPO in a sector known for low margins and high working capital demands
If successful, BVG India’s listing would be among the more significant public offerings from the facility services space, potentially drawing attention to the broader facilities / infra services segment.
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