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BVG India IPO Details
RHP/DRHPIssue Date
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IPO Size
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Issue Highlights
Initial public offer of up to [] equity shares of face value of Rs. 2/- each (equity shares) of BVG India Limited (company) for cash at a price of Rs. [] per equity share (including a share premium of Rs. [] per equity share) (offer price) aggregating up to Rs. [] crores (offer) consisting of a fresh issuance of up to [] equity shares of face value of Rs.2/- each, aggregating up to Rs. 300.00 crores by the company (fresh issue) and an offer for sale of up to 28,548,007 equity shares of face value of Rs. 2/- each aggregating up to Rs. [] crores (the offer for sale), consisting of up to 3,130,725 equity shares of face value of Rs. 2/- each aggregating up to Rs. [] crores by Hanmantrao Gaikwad, up to 15,495,032 equity shares of face value of Rs.2/- each aggregating up to Rs. [] crores by Strategic Investments FM (Mauritius) Alpha Limited, and up to 3,545,366 equity shares of face value of Rs. 2/- each aggregating up to Rs.[] crores by Strategic Investments FM (Mauritius) B Limited and up to 6,376,884 equity shares of face value of Rs. 2/- each aggregating up to Rs. [] crores, by other selling shareholders (As defined hereunder) (collectively, the selling shareholders and such equity shares cumulatively offered by the selling shareholders, the offered shares). The offer includes a reservation of up to [] equity shares of face value of Rs. 2/- each (constituting up to []% of the post-offer paid-up equity share capital of the company) aggregating up to Rs. [] crores for subscription by eligible employees (as defined hereinafter) (the employee reservation portion). The company, in consultation with the brlms may offer a discount of up to []% of the offer price to eligible employees bidding in the employee reservation portion (employee discount), subject to necessary approvals as may be required. The offer less the employee reservation portion is hereinafter referred to as the net offer. The offer and the net offer will constitute []% and []% of the post-offer paid-up equity share capital, respectively. The company, in consultation with the book running lead managers, may consider an issue of specified securities, as may be permitted under the applicable law aggregating up to Rs. 60.00 crores, prior to filing of the (pre-ipo placement). The pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the book running lead managers. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with Rule 19(2)(b) of the scrr. The pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. Prior to the completion of the offer, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. The company shall report any pre-ipo placement to the stock exchanges, within 24 hours of such pre-ipo placement (in part or in entirety). further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken). The face value of equity shares is Rs. 2/- each. the offer price is [*] times the face value of the equity shares. The price band, the employee discount and the minimum bid lot will be decided by the company.
About BVG India IPO
The IPO of BVG India comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹300 crores and the offer for sale aggregates up to 28,548,007 equity shares. The total issue size is pegged at TBA. It’s a 100% book-built issue. The price band is TBA. The IPO opens on TBA and closes on TBA.
The listing date is on TBA and the allotment date is TBA. The credit of shares to the Demat account will take place on TBA, while the initiation of refund will take place on TBA.
BVG India is the largest and leading integrated facility management (IFM) services provider in India, with a market share of 4.7% in terms of market revenue in fiscal 2025. As of March 31, 2025, it had over 85,000 employees across 2,218 active operating sites. In fiscal 2025, the company served over 1,200 clients across 188 cities in India and Saudi Arabia.
Objectives of BVG India IPO
The company proposes to utilise the IPO proceeds for:
- Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings
- General corporate purposes
BVG India IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to ₹300 crores |
Offer for Sale | Up to 28,548,007 equity shares |
EPS in ₹ for FY 25 | 15.96 |
BVG India IPO Lot Size
| Application | Lots | Shares | Amount in INR |
|---|---|---|---|
Individual Investors (Retail) (Min) | TBA | TBA | TBA |
Individual Investors (Retail) (Max) | TBA | TBA | TBA |
HNI (Min) | TBA | TBA | TBA |
BVG India IPO Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net offer |
Non-institutional Bidders | Not less than 15% of the net offer |
Retail Individual Bidders | Not less than 35% of the net offer |
Industry Outlook
The facility management (FM) market is undergoing a significant transformation that is being fuelled by technological advancement, new business models, emerging value propositions, disruptive competition, and new service offerings. Value propositions are shifting to service outcomes, user experience, and business productivity.
The global outsourced FM market for 2024 is valued at USD 1,030.0 billion and has recorded a CAGR of 4.2% from calendar years 2019 to 2024. The outsourced FM market is expected to reach USD 1,495.1 billion by 2029, recording a CAGR of 7.7% from calendar years 2024 to 2029.
Also, the Indian FM market is in its growth stage and is evolving rapidly, fuelled by the improving outsourcing rates, rapid formalisation of the economy and investments across end user segments such commercial, residential and industrial segments.
The demand outlook for facility management services in India is expected to remain positive and would mainly be driven by the improvements in maturity of end users and the need for enhanced building operational efficiency, improved safety and customer experience.
The presence of global and MNCs across major end user segments are also spiking the demand for facility management services as the probability of outsourcing the services from this band of customers is high due to their higher awareness levels and willingness to outsource.
The facility management market is set to experience higher growth rates over the next ten years. Service providers are expanding into niche/ value-add services to expand their growth prospects. The market is poised to grow at a stupendous rate and offers high growth potential. Demand for both hard and soft services are expected to remain strong as end users value the experience and professional service that these service providers can offer.
Company Information
BVG India is the largest and leading integrated facility management (IFM) services provider in India, with a market share of 4.7% in terms of market revenue in fiscal 2025. As of March 31, 2025, it had over 85,000 employees across 2,218 active operating sites. In fiscal 2025, it served over 1,200 clients across 188 cities in India and Saudi Arabia. The company offers a wide range of integrated services, broadly categorized into the several business verticals.
Strengths of BVG India
- Largest and leading IFM service provider in India with a proven ability to delivery quality services across sectors
- Diverse base of clients with longstanding relationships built on trust and excellence
- Comprehensive portfolio of services spanning multiple sectors
- Differentiated business model resulting in robust financial performance
- Experienced promoter supported by a dedicated management team and employee base
Risks of BVG India IPO
- Significant increase in wage and training costs could adversely affect business, financial condition and cash flows
- Nature of business exposes it to various operational risks, which could adversely affect its business, financial condition, results of operations and cash flows
- Exposure to service-related claims and losses or employee disruptions could have an adverse effect on reputation
- BVG brand may be affected by events beyond its control and that it may be prevented from using it in the future
- Adverse changes in industrial and consumer, transport infrastructure, healthcare and education sectors may have a material adverse effect on business operations and profitability
- Exposure to additional risks associated with engaging with government institutions and public sector undertakings including program funding and delayed payments
- Ability to secure and execute government contracts is subject to risks associated with the tendering process
- Inability to comply with repayment and other covenants in its financing agreements could adversely affect business and financial condition
- Inability to attract, train and retain employees could have an adverse impact on growth, business and financial condition
- Errors or defects in service or inability to meet expected or agreed service standards within agreed timelines, may lead to claims, deductions, penalties and termination of service
All Financial Information about BVG India IPO (in ₹ crores)
Comparison with peers
| Company Name | Revenue from Operations (in ₹ crores) | EPS in ₹ | NAV Per Equity Share (in ₹) | Return on Net Worth (in %) |
|---|---|---|---|---|
BVG India | 3301.797 | 15.96 | 102.48 | 15.18 |
Updater Services | 2736.063 | 17.74 | 143.38 | 12.36 |
Bluespring Enterprises | 3483.572 | (11.55) | NA | NA |
SIS | 13189.037 | 0.82 | 164.58 | 0.49 |
Anchor Investor Bidding Date
TBA
IPO Registrar and Book Running Lead Managers
- IPO Registrar: MUFG Intime India
- Book Running Lead Managers: ICICI Securities, JM Financial and Motilal Oswal Investment Advisors
Business Model
BVG India offers a wide range of integrated services, broadly categorised into the following business verticals:
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IFM
The company provides end-to-end IFM solutions across a wide range of soft services, hard services and specialised services. Soft services include mechanised housekeeping, janitorial services, industrial housekeeping, manpower supply, security services, office support and retail fuel outlet maintenance; hard services such as electro-mechanical works, mechanical, electrical and plumbing (MEP) services, repairs and maintenance, city cleaning, road management and infrastructure maintenance.
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Emergency response services
The company provides emergency response services for medical emergencies and police emergencies. It’s the first company to have been awarded a contract for providing emergency police response services in India.
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Environment and sustainability services
The company is one of the key players that offer end-to-end environment and sustainability solutions, with extensive capabilities in agriculture, horticulture, garden development and farm management.
Company Growth Trajectory
The revenue from operations of BVG India grew from ₹2314.878 crores in FY 23 to ₹3301.797 crores in FY 25. During the same period, the company’s total income grew from ₹2318.683 crores to ₹3319.54 crores. A comprehensive portfolio of services spanning multiple sectors and a differentiated business model have helped the company grow over the years.
Market Position
As of March 31, 2025, BVG India had over 85,000 employees across 2,218 active operating sites. In fiscal 2025, it served over 1,200 clients across 188 cities in India and Saudi Arabia. The company believes that its ability to deliver quality services with transparency, to the satisfaction of its clients, has helped increase not only the scope and type of services it offers but also the geographies in which it operates. As of March 31, 2025, it operated 28 offices across 29 states and union territories in India.
BVG India Profit and Loss (in ₹ crores)
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Total Income | 3319.540 | 2844.846 | 2318.683 |
Profit Before Tax | 260.946 | 226.928 | 186.173 |
Profit After Tax | 15.169 | 19.387 | 32.253 |
EBITDA | 364.141 | 347.043 | 292.534 |
Basic EPS in ₹ | 15.96 | 12.81 | 9.64 |
BVG India Balance Sheet (in ₹ crores)
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Profit Before Tax | 237.702 | 200.864 | 150.600 |
Net Cash Flows From Operating Activities | 217.999 | 174.211 | 86.838 |
Net Cash Used in Investing Activities | (41.130) | (54.747) | (80.187) |
Net Cash Used in Financing Activities | (78.747) | (113.432) | (0.852) |
Cash and Cash Equivalents at the End of the Year | 159.666 | 61.544 | 55.512 |
How to Check Allotment Status of BVG India IPO?
1. Visit the Registrar’s Website
- Visit the website of MUFG Intime India
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
2. Check on the National Stock Exchange Website
The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of BVG India IPO. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.
On the NSE IPO bid verification page, enter:
- Company name from dropdown
- Application number
- PAN
Then click 'Submit' to know the allotment status.
3. Check on the BSE Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Select 'Equity' from the dropdown menu
- Choose 'BVG India' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search’ to know allotment status
How to Apply for the BVG India IPO?
To apply for this IPO:
- Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
BVG India IPO FAQs
Where can I read more about BVG India business?
You can read more about BVG India and its IPO from the company’s red herring prospectus (RHP) here.
What is the BVG India IPO?
BVG India IPO consists of a fresh issue aggregating up ₹300 crores and an offer for sale aggregating up to 28,548,007 equity shares.
When is the IPO of BVG India coming?
The exact dates of the IPO are yet to be announced.
Who is the Chairman of BVG India?
Hanmantrao Gaikwad is the Chairman and MD of BVG India.
What is the lot size of shares in the BVG India IPO?
The lot size of shares in this IPO is yet to be announced.
From where can I read more about BVG India and its IPO?
You can read more about BVG India and its IPO from the company’s draft red herring prospectus here.