Bvishal Oil and Energy has filed draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of 1.8 crore shares, along with an offer for sale (OFS) of 77.09 lakh shares.

The company plans to use proceeds from the fresh issue for capital expenditure and working capital requirements. Of the fresh issue, Rs 120.9 crore will be allocated to acquire machinery and equipment to expand and strengthen operational capabilities, around Rs 45 crore will be used for working capital requirements, and a portion will be for general corporate purposes. Unistone Capital is acting as the sole book-running lead manager to the issue. 

Bvishal Oil and Energy provides integrated onshore oilfield services across the lifecycle of oil and gas wells, covering exploration, production and maintenance.