Bvishal Oil and Energy files IPO papers

New Delhi: 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.

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).