Upcoming IPO! Earthood Services refiles draft papers with Sebi; detail

Upcoming IPO: Gurgaon-based services company, Earthood Services, is moving closer to its plan of going public as the company has refiled its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, the Securities and Exchange Board of India (Sebi), to raise funds through an Initial Public Offering (IPO).

 

Earthood Services had initially filed its draft papers with Sebi on December 27, 2024.

Earthood Services IPO details

The proposed public offering comprises entirely an offer for sale (OFS), with promoters divesting up to 6.29 million equity shares, with a face value of ₹10.

 

The OFS consists of shareholders selling up to 4.290 million equity shares by Kaviraj Singh and up to 2 million equity shares by Ashok Kumar Gautam. “The offer also includes a subscription reservation for eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion,” said the company.

 

The Offer is being made through the book-building process, wherein not less than 75 per cent of the net offer is allocated to qualified institutional buyers, and not more than 15 per cent and 10 per cent of the net offer is assigned to non-institutional and retail individual bidders, respectively.

 

MUFG Intime India (erstwhile Link Intime India) is the registrar of the issue, while Unistone Capital Private Limited is the sole book-running lead manager.

 

The equity shares are proposed to be listed on the National Stock Exchange of India (NSE) and BSE.  ALSO READ | Aten Papers and Foam IPO Day 2 update: Subscription lags at 72%, GMP 10%

About Earthood Services

Established in 2012, Earthood Services specialises in providing Environmental, Social, and Governance (ESG) advisory and assurance services to clients in India and internationally. Its offerings include lifecycle assessment, sustainability consulting, climate risk assessment, and detailed ESG roadmaps, catering to the growing global demand for reliable and verified ESG solutions.

 

The company’s global footprint spans offices in India, the United Kingdom (UK), Russia, Turkey, and the United Arab Emirates (UAE). Over the last three fiscal years, Earthood has served more than 400 clients across 132 countries, demonstrating steady growth from 89 countries as of March 2022 to 100 in March 2023, and further to 132 by December 2024.

 

Earthood Services financial snapshot

The company’s revenue from operations increased by 44.46 per cent to ₹46.79 crore in FY24 from ₹32.39 crore in FY23, primarily driven by an increase in sales of carbon verification and validation services. Additionally, ESG assurance and advisory services contributed to the growth.

 

The number of projects undertaken rose to 219 in FY24 from 169 in FY23. Profit after tax (PAT) increased by 80.11 per cent to ₹19.34 crore in FY24 from ₹10.73 crore in FY23.

 

For the nine months ended December 31, 2024, revenue from operations stood at ₹33.67 crore, and profit after tax stood at ₹8.14 crore.