Integrated services player BVG India is eyeing to raise funds from primary markets as the company has filed its draft red herring prospectus with the markets regulator SEBI to float its initial public offering (IPO). According to the DRHP, the issue will consist of the issuance of fresh equity shares worth Rs 200 crore and an offer for (OFS) of up to 7,196,214 equity shares by promoters and existing shareholders. Participating in OFS, promoters of the company, Hanmantrao Ramdas Gaikwad and Umesh Gautam Mane will offload about 2 million equity shares. Other key shareholders including Strategic Investment FM (Mauritius) Alpha Limite, Strategic Investment FM (Mauritius) B, and Other shareholders will sell about 5.2 million equity shares from their stake. The company will utilize the net proceeds from the fresh issue to repay and/or prepay certain borrowings of the company and the remaining proceeds will be used for general corporate purposes. The company has allocated 60 percent of the net offer for qualified institutional buyers (QIBs), whereas 15 percent of allocation shall be made to noninstitutional investors (NIIs), and the remaining 35 percent shall be available for allocation to retail bidders. The Pune-based BVG India is among the largest integrated services companies in India with a headcount of more than 54,000 employees on June 30, 2021. In the financial year 2020-21, the company served over 582 clients in more than 100 cities, spread across 20 states and five union territories of the country. The company offers a wide range of integrated services including soft services such as mechanized housekeeping, industrial housekeeping, manpower supply, security services, and janitorial services, hard services. Backed by UK private equity major 3i Group, BVG India also provides beach development and cleaning services and also undertakes the operation and maintenance of buses including electric buses In the financial year 2021, BVG India's revenue from operations declined about 13.6 percent to  Rs 1,667.72 crore against Rs 1,930.12 crore a year ago. The company reported a net profit at Rs 86.11 crore in the fiscal year ended on March 31, 2021, a decline of 30 percent from Rs 122.50 crore the previous financial year. ICICI Securities, JM Financial, and HSBC Securities and Capital Markets (India) are the merchant bankers to the issue. Link Intime India has been appointed as the registrar to the issue.