Pune-based BVG India, India’s largest integrated facility management (IFM) services provider, has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) after a four-year hiatus. The company, backed by private equity major 3i Group, aims to raise INR 300 crore through a fresh issue, alongside an offer for sale (OFS) of 2.86 crore shares by existing shareholders.
The earlier DRHP filed in September 2021 had proposed a smaller issue size of INR 200 crore and an OFS of just 1.7 million shares. However, those papers were returned by SEBI in March 2023. The renewed filing reflects both the company’s expanded scale and improved financial performance.
BVG India IPO Details and Use of Proceeds
According to the DRHP, INR 250 crore from the net proceeds will be utilized for repayment or pre-payment of certain borrowings, while the remaining funds will go towards general corporate purposes, capped at 25% of the gross proceeds.
The equity shares will be listed on BSE and NSE. The issue is managed by ICICI Securities, JM Financial, and Motilal Oswal Investment Advisors, with MUFG Intime India as the registrar.
Shareholding Structure and Key Investors
As of 29 September 2025, promoter Hanmantrao Gaikwad holds 54.87% of the paid-up equity share capital on a fully diluted basis, followed by Strategic Investments Alpha (Mauritius) and Strategic Investments B (Mauritius)—affiliates of 3i Group—holding 21.89% and 5.01%, respectively.
Other significant shareholders include Umesh Gautam Mane (5.54%), Vaishali Gaikwad (2.88%), and Cybage Software (1.82%). Collectively, the top six shareholders account for 92.01% of the company’s equity, indicating a concentrated ownership pattern.
The OFS component will see participation from multiple selling shareholders, including promoter and investor entities. Notably, 3i Group’s Mauritius affiliates remain among the largest sellers, while promoter Hanmantrao Gaikwad will divest a small portion of his stake.
Business Overview and Market Leadership
BVG India commands a 4.7% market share in India’s IFM sector (as per F&S Report, FY25), making it the country’s largest player by revenue. As of 31 March 2025, the company operated 2,218 active sites across 188 cities in India and Saudi Arabia, employing over 85,000 personnel.
The company’s services are grouped into three key business verticals:
- Integrated Facility Management (IFM): Accounting for 70% of FY25 revenue, this segment covers soft, hard, and specialized services—ranging from mechanized housekeeping, janitorial work, and security to catering, EV bus management, and infrastructure upkeep.
- Emergency Response Services (ERS): Contributing 17.4% of revenue, BVG India pioneered police emergency response systems and medical ambulance services in India, being the first to deploy ambulances staffed with doctors.
- Environment & Sustainability Services (ESS): Generating 12.6% of revenue, this vertical includes waste management, afforestation, lake rejuvenation, and solar energy module production and maintenance.
The client portfolio includes marquee names such as Tata Motors, Hyundai Motor, NTPC, ONGC, AIIMS, Max Healthcare, Indian Railways, SBI, Select CityWalk Mall, and even prestigious national institutions like the Rashtrapati Bhavan, Parliament House, and the Supreme Court of India.
Financial Performance and Operational Strength
BVG India’s financials have shown consistent growth over the last three fiscal years.
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 2,314.88 | 2,839.38 | 3,301.80 |
| EBITDA | 292.53 | 347.04 | 364.14 |
| Profit After Tax | 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 | 418.86 | 395.97 | 313.25 |
With a 19.43% CAGR in revenue from FY23 to FY25, the company demonstrates steady growth.
Net debt reduction of over INR 100 crore during this period underlines prudent financial management, while trade receivable days improved from 152 in FY23 to 114 in FY25—highlighting efficient cash collection.
Technology and Global Expansion
The company continues to invest in automation and workforce training, operating four training centres nationwide under its subsidiary BVG Global Skillforge Solutions, in partnership with the National Skill Development Corporation (NSDC). Its proprietary digital platforms—BVG Lens, Optick, WagePay, and BVG Index—enhance workforce tracking, compliance, and facility management through AI and automation.
On the international front, BVG India has entered the Saudi Arabian market through BVGI Arabia Operation and Maintenance Company, offering IFM, MEP, and landscaping services in Riyadh and Dammam, with future expansion plans into GCC, Europe, Japan, and South Korea.
Industry Context
The global outsourced facility management (FM) market, valued at USD 1,030 billion (~INR 91.43 lakh crore) in 2024, is projected to reach USD 1,495 billion (~INR 132.70 lakh crore) by 2029, growing at a CAGR of 7.7%. In India, the FM sector is gaining momentum, driven by government focus on smart infrastructure, sustainability, and digital transformation — areas where BVG India holds proven expertise.
Outlook
Led by its founder-promoter Hanmantrao Gaikwad, with over three decades of industry experience, BVG India is strategically positioned to capitalize on the sector’s expansion. The IPO proceeds aimed at debt reduction will further strengthen its balance sheet, potentially lowering the Net Debt-to-Equity ratio to below 0.20x post-listing.
With its robust client base, scalable operations, and technology-driven efficiencies, BVG India’s return to the capital markets after four years could attract strong investor interest — particularly as infrastructure spending and sustainability initiatives gather pace across India.
In the Nine months of 2025 IPO market maintained a steady pace with 65 companies raising a substantial INR 80,900 crore. While activity remained strong, investor enthusiasm softened — average listing gains slipped to 10.9 %, well below last year’s 30 % average. Highway Infrastructure led the charts with a stellar 72.5 % debut gain and record subscriptions of over 300×, followed by Aditya Infotech at +60.7 %. The year’s largest issues came from HDB Financial (INR 12,500 crore) and Hexaware Technologies (INR 8,750 crore), highlighting solid institutional demand even amid valuation moderation. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.