Upcoming IPO, Dec. 13 -- Shivganga Drillers, an integrated oilfield services company, has filed a draft red herring prospectus (DRHP) with the capital market regulator Sebi to launch an initial public offering (IPO) to raise Rs.400 crore.

The DRHP, filed on December 12, showed that the offer will entirely be a fresh issue of shares worth Rs.400 crore, with no offer for sale component. As a result, all IPO proceeds will go to the company. Shivganga Drillers proposes to utilise Rs.285 crore for the purchase of plant and machinery, Rs.85.5 crore for the payment of debt and the rest for general corporate purposes.

According to a PTI report, the company may raise Rs.80 crore through a pre-IPO placement, which, if undertaken, would accordingl...