BVG India, backed by UK private equity firm 3i Group, has filed a draught red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) in order to raise funds through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares worth Rs 200 crore, as well as an offer for sale (OFS) of up to 7,196,214 equity shares by promoters and existing shareholders.

OFS promoters include Hanmantrao Ramdas Gaikwad (up to 1,698,458 equity shares) and Umesh Gautam Mane (up to 300,523 equity shares).

Other shareholders in the OFS include Strategic Investment FM (Mauritius) Alpha Limited (up to 3,383,589 equity shares) and Strategic Investment FM (Mauritius) B (up to 774,194 equity shares). Other shareholders have agreed to sell up to 1,039,450 equity shares.

Pune-based BVG India, with over 54,000 employees as of June 2021, is one of India's largest integrated services companies. In FY21, it served over 582 people in over 100 cities across 20 Indian states and five union territories.

In the fiscal year 2020-21, BVG India's revenue from operations was Rs 1,667.72 crore, compared to Rs 1,930.12 crore the previous year.

In the fiscal year ended March 31, 2021, the company reported a net profit of Rs 86.11 crore, a 30% decrease from Rs 122.50 crore in the previous fiscal year.