Earthood Services Re-Files Draft Papers To Raise Funds Through IPO
The equity shares are proposed to be listed on the National Stock Exchange and the BSE.
Earthood Services Ltd. re-filed its preliminary papers for an initial public offering with the Securities and Exchange Board of India on Monday.
The company had filed its IPO papers with SEBI on Dec. 27, 2024. The offering initially included an offer for sale of 42 lakh shares and a fresh issue of 36 lakh shares. However, that has now changed.
According to the re-filed draft red herring prospectus, the public offer is entirely an offer for sale of 62.90 lakh shares. The offer also includes a subscription reservation by eligible employees, according to the DRHP.
The equity shares are proposed to be listed on the National Stock Exchange and the BSE.
Kaviraj Singh and Ashok Gautam are the promoters of the company offloading shares in the OFS. While Singh will offload 42 lakh shares, Gautam will be offloading 20 lakh shares. Unistone Capital Pvt. is the book-running lead manager and MUFG Link Intime India Pvt. will be the registrar of the issue.
Earthood Services specialises in providing environmental, social and governance advisory and assurance services to clients in India and abroad. It also provides advisory support for the formation and promotion of farmer-producer organisations—entities owned and managed by farmers—which form a smaller part of its operations.
Over the years, the company has executed notable projects, such as certifying the Delhi Metro Rail Corp.'s Metro Bhawan as carbon neutral and conducting environmental audits for the Indian Army's Pulgaon military railway station, providing actionable recommendations to reduce CO2 emissions.
The company's revenue from operations rose by 45% in financial year 2024 from Rs 32.3 crore in the previous fiscal. Profit also saw an 80% increase to Rs 19.3 crore this fiscal in comparison to Rs 10.7 crore in the previous year, primarily driven by an increase in sales of carbon verification and validation services.
For the nine months ended Dec. 31, 2024, revenue from operations stood at Rs 33.67 crore, and profit stood at Rs 8.14 crore.
