Earthood Services Files Draft Papers To Raise Funds Through IPO
The Gurgaon-based company may consider raising Rs 10 crore as pre-IPO placement.
Earthood Services Ltd. filed its preliminary papers with the Securities and Exchange Board of India on Friday to raise funds via an initial public offering.
The public offer will include an offer for sale of 42 lakh shares and a fresh issue of 36 lakh shares. The offer also includes a subscription reservation by eligible employees, according to the draft red herring prospectus.
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. Unistone Capital Pvt. is the book-running lead manager and Link Intime India Pvt. will be the registrar of the issue.
The Gurgaon-based company may consider raising Rs 10 crore as pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
The company intends to use Rs 30 crore from the fundraise to strengthen its technical capabilities. The remaining will go towards general corporate purposes.
Earthood Services specialises in providing environmental, social and governance advisory and assurance services to clients in India and internationally. It also provides advisory support for the formation and promotion of farmer pooducer 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. The profit also saw an 80% rise to Rs 19.3 crore in this fiscal in comparison to Rs 10.7 crore in the previous year.
