Synopsis: BVG India, India’s largest integrated facility management company, has refiled its IPO papers with SEBI after four years. The fresh issue of Rs. 300 crore and OFS of 2.86 crore shares will fund debt reduction and corporate purposes. The company, backed by 3i Group, shows strong growth with revenues rising to Rs. 3,301.80 crore in FY25 and a robust client base across India and Saudi Arabia.
Mumbai: Pune-based BVG India, the country’s largest integrated facility management (IFM) services provider, has refiled its Draft Red Herring Prospectus (DRHP) with SEBI after a four-year gap. Backed by private equity giant 3i Group, the company seeks to raise Rs. 300 crore through a fresh issue, alongside an Offer for Sale (OFS) of 2.86 crore shares by existing shareholders.
The earlier DRHP in September 2021 had proposed a smaller issue size of Rs. 200 crore and OFS of 1.7 million shares, but SEBI returned those papers in March 2023. The renewed filing reflects BVG India’s expanded scale and improved financial performance.
IPO Details & Use of Proceeds
- Fresh issue: Rs. 300 crore
- Offer for Sale: 2.86 crore shares
- Proceeds: Rs. 250 crore for debt repayment; balance for corporate purposes (capped at 25% of gross proceeds)
- Listing: BSE and NSE
- Lead Managers: ICICI Securities, JM Financial, Motilal Oswal Investment Advisors
- Registrar: MUFG Intime India
Shareholding Structure
As of 29 Sep 2025:
- Promoter Hanmantrao Gaikwad: 54.87%
- Strategic Investments Alpha (Mauritius) – 3i Group: 21.89%
- Strategic Investments B (Mauritius) – 3i Group: 5.01%
- Umesh Gautam Mane: 5.54%
- Vaishali Gaikwad: 2.88%
- Cybage Software: 1.82%
Together, the top six shareholders account for 92.01% of equity, indicating concentrated ownership. The OFS will see promoter and investors offload part of their stakes, with 3i Group’s Mauritius affiliates being major sellers.
Business Overview & Market Leadership
BVG India commands a 4.7% share of the Indian IFM sector (FY25), making it the largest player by revenue. As of 31 March 2025, it operated 2,218 active sites across 188 cities in India and Saudi Arabia with a workforce of 85,000+.
Key Business Verticals:
- Integrated Facility Management (70% revenue): Mechanized housekeeping, janitorial services, catering, security, EV bus management, infra upkeep.
- Emergency Response Services (17.4% revenue): Pioneer of police emergency systems, medical ambulance services with doctors.
- Environment & Sustainability Services (12.6% revenue): Waste management, afforestation, lake rejuvenation, solar module production and upkeep.
Its client portfolio includes Tata Motors, Hyundai, NTPC, ONGC, AIIMS, Max Healthcare, Indian Railways, SBI, Select CityWalk Mall, and prestigious institutions like Rashtrapati Bhavan, Parliament House, Supreme Court of India.
Financial Performance
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (Rs. Cr) | 2,314.88 | 2,839.38 | 3,301.80 |
| EBITDA (Rs. Cr) | 292.53 | 347.04 | 364.14 |
| PAT (Rs. Cr) | 157.33 | 185.62 | 222.05 |
| EBITDA Margin (%) | 12.64 | 12.22 | 11.03 |
| ROE (%) | 16.32 | 16.86 | 17.44 |
| ROCE (%) | 18.99 | 21.00 | 19.37 |
| Net Debt (Rs. Cr) | 418.86 | 395.97 | 313.25 |
Highlights: Revenue CAGR of 19.43% (FY23–FY25), PAT growth of 41% in three years, net debt cut by Rs. 105 crore, and trade receivable days improved from 152 (FY23) to 114 (FY25).
Technology & Expansion
BVG India runs four training centres under BVG Global Skillforge Solutions with NSDC, and deploys digital platforms—BVG Lens, Optick, WagePay, BVG Index—for AI-driven compliance and workforce management.
Internationally, BVGI Arabia serves Riyadh and Dammam in Saudi Arabia, with expansion planned in GCC, Europe, Japan, South Korea.
Industry Outlook
The global outsourced FM market, valued at USD 1,030 billion in 2024, is projected to grow at 7.7% CAGR to USD 1,495 billion by 2029. In India, demand is driven by smart infrastructure, sustainability, and digital transformation—areas where BVG India is well-positioned.
IPO Market Context
In the first nine months of 2025, 65 companies raised Rs. 80,900 crore via IPOs. While activity stayed robust, average listing gains cooled to 10.9% (vs 30% in 2024). Highways Infrastructure led with a 72.5% debut gain, while HDB Financial (Rs. 12,500 crore) and Hexaware Technologies (Rs. 8,750 crore) were the largest issues. Institutional appetite remained strong, though valuations moderated.
Outlook
Led by Hanmantrao Gaikwad, BVG India is expected to attract strong investor interest given its marquee clients, expanding footprint, debt reduction strategy, and technology-led efficiencies. Post-listing, its Net Debt-to-Equity ratio is projected to fall below 0.20x, strengthening balance sheet resilience.
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