SME
IPO ·
NSE Emerge
Ravita Engineering Services Ltd
Listed
Provides installation, commissioning and O&M services for HVAC, chiller and electromechanical systems, including data centres.
Issue details
Price band
₹105 – ₹112
Face value
₹5
Lot size
1,200 shares
Minimum investment
₹2,68,800
Issue size
₹116.05 Cr
Fresh issue
₹116.05 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE Emerge
Key dates
Opens
14 Oct 2026
Closes
16 Oct 2026
UPI mandate cut-off
5:00 PM on 16 Oct 2026
Allotment
19 Oct 2026
Refunds
21 Oct 2026
Shares in demat
21 Oct 2026
Listing
22 Oct 2026
Subscription and listing
Subscription
7.11x
Listing price
₹112
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Vivro Financial Services Pvt Ltd
Subscription by category
QIB (Ex Anchor)
13.21x
NII *
7.42x
bNII (> ₹10L)
9.11x
sNII (< ₹10L)
4.06x
Individual Investor
3.50x
Total
7.11x
Total applications
6,309
Anchor investors
Amount raised
₹33.02 Cr
Bid date
13 Oct 2026
50% lock-in ends
17 Nov 2026
Rest lock-in ends
16 Jan 2027
Listing day
Issue price
₹112
Open
₹112.00
High
₹116.45
Low
₹106.40
Day close
₹113.70
Listing gain at open
0.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
49,17,600
47.46%
Anchor Investor
29,48,400
28.45%
QIB (Ex. Anchor)
19,69,200
19.00%
NII
14,76,000
14.24%
bNII > ₹10L
9,82,800
9.48%
sNII < ₹10L
4,93,200
4.76%
Retail
34,46,400
33.26%
Market Maker
5,22,000
5.04%
Total
1,03,62,000
100.00%
Finaccle’s quick read
Avoid
Income rose from ₹13.53 Cr in FY24 to ₹277.82 Cr in FY26 and PAT from ₹1.51 Cr to ₹28.04 Cr, a pre-IPO spike on a tiny base, despite D/E of 0.19 and post-issue P/E of 10.42x.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Ravita Engineering Services is a Navi Mumbai based contractor that designs, supplies, installs and maintains HVAC, chiller plants, compressors and other electromechanical systems. It works on onshore industrial sites, offshore rigs and platforms, and data centres for large corporate clients. Its income rose from ₹13.53 Cr in FY24 to ₹277.82 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
48.90%
ROCE
48.65%
Debt / equity
0.19
PAT margin
10.09%
P/E post issue
10.42
Market cap
₹422.02 Cr
Use of IPO money
Long-term working capital
₹70.00 Cr
Purchase of heavy equipment
₹25.53 Cr
General corporate purposes
₹8.91 Cr
Issue expenses
₹11.62 Cr
Strengths
✓
Niche offshore and data centre HVAC execution experience
✓
Low debt/equity of 0.19
✓
Entirely fresh issue
✓
Low post-issue P/E of 10.42x
Risks to watch
!
Income jumped from ₹13.53 Cr to ₹277.82 Cr in two years
!
Net worth was only ₹3.30 Cr in FY24
!
Project business with heavy working capital needs
!
Promoter stake falls to 53.46% after the issue
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.