Ravita Engineering Services IPO
- Issue price
- ₹112
- Listing price
- ₹112
- 0.00%
- Current price
- ₹105.5
- -5.80%
- Subscribed
- 6.68x
- Issue size
- ₹116.05 Cr
- Listed on
- 22 Oct 2026
IPO timeline
- Opens14 OctWed
- Closes16 OctFri
- Allotment19 OctMon
- Refunds21 OctWed
- Demat credit21 OctWed
- Listing22 OctThu
Issue details
- Price band
- ₹105 – ₹112 per share
- Issue size
- ₹116.05 Cr
- Fresh issue
- ₹116.05 Cr · 1.04 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹5 per share
- Lot size
- 1,200 shares
- Minimum investment
- ₹1,34,400
- Listing on
- NSE SME
- Exchange code
- RAVITA-SM · RAVITA
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,34,400 |
| Retail (Max) | 1 | 1,200 | ₹1,34,400 |
| HNI (Min) | 2 | 2,400 | ₹2,68,800 |
Reservation
- QIB
- 49,17,600 shares (49.98% of the Offer)
- NII
- 14,76,000 shares (15.00% of the Offer)
- Retail
- 34,46,400 shares (35.02% of the Offer)
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on MUFG Intime India- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 19 Oct 2026
- Refunds initiated
- 21 Oct 2026
- Shares credited to demat
- 21 Oct 2026
- Listing
- 22 Oct 2026
Grey market premium (GMP)
- Current GMP
- ₹1
- +0.89%
- Estimated listing price
- ₹113
- Issue price ₹112
- Highest
- ₹12
- 10 Oct
- Lowest
- ₹0
- 8 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 22 Oct 2026 | ₹1 | +0.89% | ₹113 |
| 21 Oct 2026 | ₹1 | +0.89% | ₹113 |
| 20 Oct 2026 | ₹2 | +1.79% | ₹114 |
| 19 Oct 2026 | ₹5 | +4.46% | ₹117 |
| 18 Oct 2026 | ₹4.5 | +4.02% | ₹116.5 |
| 17 Oct 2026 | ₹3 | +2.68% | ₹115 |
| 16 Oct 2026 | ₹2 | +1.79% | ₹114 |
| 15 Oct 2026 | ₹2 | +1.79% | ₹114 |
| 14 Oct 2026 | ₹7 | +6.25% | ₹119 |
| 13 Oct 2026 | ₹2 | +1.79% | ₹114 |
| 12 Oct 2026 | ₹4 | +3.57% | ₹116 |
| 11 Oct 2026 | ₹10 | +8.93% | ₹122 |
| 10 Oct 2026 | ₹12 | +10.71% | ₹124 |
| 9 Oct 2026 | ₹0 | 0.00% | ₹112 |
| 8 Oct 2026 | ₹0 | 0.00% | ₹112 |
- Subject to sauda
- ₹4,600
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB13.21x
- NII (HNI)5.74x
- Retail3.5x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 19,69,200 | 2,60,12,400 | 13.21x |
| Non-Institutional Investors (NII) | 19,98,000 | 1,14,73,200 | 5.74x |
| bNII — bids above ₹10 Lakh | 13,32,000 | 94,72,800 | 7.11x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 6,66,000 | 20,00,400 | 3x |
| Retail Individual Investors (RII) | 34,46,400 | 1,20,52,800 | 3.5x |
| Total | 74,13,600 | 4,95,38,400 | 6.68x |
Financials
- P/E (pre-issue)
- 7.55
- P/E (post-issue)
- 10.41
- EPS (₹)
- 10.75
- RoE
- 9.68%
- RoCE
- 10.60%
- RoNW
- 9.68%
- PAT Margin
- 10.40%
- EBITDA Margin
- 14.42%
- Debt / Equity
- 0.28
- NAV (₹)
- 40.15
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the period ended 30 Jun 2026, annualised.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 207.34 | 162.97 | 58.24 | 9.08 |
| Total Income | 97.45 | 277.82 | 109.30 | 13.53 |
| Profit After Tax | 10.13 | 28.04 | 11.83 | 1.51 |
| EBITDA | 14.04 | 40.05 | 15.65 | 2.86 |
| NET Worth | 109.69 | 99.56 | 15.13 | 3.30 |
| Reserves and Surplus | 96.03 | 85.90 | 15.03 | 3.20 |
| Total Borrowing | 30.88 | 19.21 | 23.11 | 3.52 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Ravita Engineering Services This IPO | ₹116.05 Cr | 10.42 | 9.68% | 10.40% | 6.68x | 0.00% |
| Leapfrog Engineering Services SME · listed 24 Jun 2026 | ₹88.51 Cr | 17.24 | 30.47% | 12.05% | 2.61x | -4.35% |
| Anawil Wire & Engineering SME · listed 10 Aug 2026 | ₹177.81 Cr | — | — | — | 0x | — |
| Technocrats Plasma Systems SME · listed 21 Aug 2026 | ₹60.98 Cr | 15.47 | 56.10% | 11.37% | 189.22x | +74.24% |
| Tipco Engineering India SME · listed 1 Apr 2026 | ₹60.55 Cr | 10.51 | 46.98% | 11.72% | 1.56x | +0.28% |
| Maxwell Engineering Solutions SME · Open | ₹57.64 Cr | 23.65 | 10.93% | 25.70% | 2.39x | — |
| Sumax Engineering SME · listed 2 Sep 2026 | ₹53.4 Cr | 15.05 | 20.44% | 6.83% | 151.74x | +9.90% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
IPO objectives
How Ravita Engineering Services plans to use the money raised, as stated in the offer document.
- To meet long-term working capital requirements of the Company₹70 Cr
- Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment₹25.53 Cr
- General Corporate Purposes
About Ravita Engineering Services
Ravita Engineering Services Limited was founded in December 2007. It takes up turnkey contracts for HVAC, central air-conditioning, air flow systems, chillers, compressors and cooling equipment for commercial and industrial sites, offshore rigs and platforms. It also runs operation and maintenance for its own projects and for systems built by others. The company has done a special sub-sea discharge pipeline job for an effluent treatment plant at Paradeep, Odisha. Its work falls in three areas: onshore (Gujarat, Maharashtra, Odisha and Karnataka), offshore (rigs, platforms and marine installations in Indian waters) and data centres. In data centres it looks after cooling systems, chiller plants, HVAC and utilities for a large Indian conglomerate at its Navi Mumbai data centre. It has also secured data centre infrastructure work orders worth Rs 120 crore in Maharashtra.
Strengths
- Total income rose from Rs 13.53 crore in FY2024 to Rs 109.30 crore in FY2025 and Rs 277.82 crore in FY2026, and was Rs 97.45 crore in the three months to 30 June 2026.
- Profit after tax rose from Rs 1.51 crore in FY2024 to Rs 11.83 crore in FY2025 and Rs 28.04 crore in FY2026, and was Rs 10.13 crore in the three months to 30 June 2026.
- EBITDA was Rs 40.05 crore in FY2026, an EBITDA margin of 14.43%, and the PAT margin was 10.09%.
- Return on net worth was 48.90% and return on capital employed was 48.65% for FY2026.
- Debt to equity was 0.19 at 31 March 2026 and 0.28 at 30 June 2026, which is low against net worth of Rs 109.69 crore.
- The company works onshore, offshore and in data centres, so its income comes from short to medium term projects as well as long operation and maintenance contracts.
- The issue is priced at 10.42 times post issue earnings on an EPS of Rs 10.75 at the upper band of Rs 112, against 10.92 times on a pre issue EPS of Rs 10.26.
- The whole Rs 116.05 crore issue is fresh capital. Rs 70.00 crore is for long-term working capital and Rs 25.53 crore is for buying heavy equipment.
Risks
- The June 2026 EPS used for the post issue P/E is based on annualised earnings of one quarter, so it may not hold if the quarter was unusually strong.
- Net worth jumped from Rs 15.13 crore at 31 March 2025 to Rs 99.56 crore at 31 March 2026, while profit for FY2026 was Rs 28.04 crore, so a large part of the rise did not come from earnings.
- Return on net worth of 9.68% for the three months to 30 June 2026 is not annualised, and the FY2026 figure of 48.90% will fall on the larger net worth base.
- Total income grew from Rs 13.53 crore in FY2024 to Rs 277.82 crore in FY2026. Such a sharp jump in a short time depends on a few large contracts that may not repeat.
- Total borrowing was Rs 30.88 crore at 30 June 2026, up from Rs 19.21 crore at 31 March 2026.
- Rs 70.00 crore of the Rs 116.05 crore issue goes to working capital. That money funds contract costs and customer credit rather than new capacity.
- Promoters hold 73.74% before the issue and 53.46% after it, and the promoter group includes a company, Starwings Realtors Pvt.Ltd.
- The data centre operation and maintenance work is for one large Indian conglomerate at one site, so the loss of that client would hit income.
- Contract work in HVAC and offshore sites depends on winning new tenders and on timely client payments, and a delay can lock up cash.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.34 lakh at the upper band of Rs 112, and SME shares usually trade in low volume after listing.
Promoters and shareholding
Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Pvt.Ltd
- Promoter holding, pre-issue
- 73.74%
- Promoter holding, post-issue
- 53.46%
Registrar, lead managers and documents
Lead manager
Company contact
Office No. 202 2nd Floor, Mayuresh Square, Plot No. 17, Sector 15 CBD Belapur, Thane, Maharashtra, 400614
+91-9136446482
cs@ravita.co.inDocuments
Ravita Engineering Services IPO: common questions
1.When does the Ravita Engineering Services IPO open and close?
The Ravita Engineering Services IPO opens on 14 Oct 2026 and closes on 16 Oct 2026.
2.What is the price band of the Ravita Engineering Services IPO?
The price band is ₹105 – ₹112 per share, with a lot size of 1,200 shares and a minimum investment of ₹1,34,400.
3.What is the size of the Ravita Engineering Services IPO?
The issue size is ₹116.05 Cr (Fresh capital only).
4.What is the GMP of the Ravita Engineering Services IPO?
The last reported grey market premium is ₹1 per share as of 22 Oct 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
5.When is the Ravita Engineering Services IPO allotment?
The basis of allotment is expected on 19 Oct 2026. Allotment status can be checked with the registrar, MUFG Intime India Private Limited.
6.When will the Ravita Engineering Services IPO list?
The shares listed on 22 Oct 2026 on NSE SME.
7.Who is the lead manager of the Ravita Engineering Services IPO?
The book running lead manager is Vivro Financial Services Private Limited, and the registrar is MUFG Intime India Private Limited.
8.What will the money raised in the Ravita Engineering Services IPO be used for?
As stated in the offer document, the proceeds are for: To meet long-term working capital requirements of the Company; Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment; General Corporate Purposes.
9.How can my company launch an IPO like Ravita Engineering Services?
Start with an IPO readiness assessment: eligibility for the NSE Emerge or BSE SME platform, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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