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Ravita Engineering Services IPO Date, GMP, Review, Price, Allotment Details
Updated
Ravita Engineering Services listed on NSE Emerge on 22 Oct 2026. Its issue price was ₹112. The IPO was subscribed 8.32 times overall. Bidding ran from 14 Oct to 16 Oct 2026 with a lot size of 1,200 shares.
- Price band
- ₹105–112
- Lot size
- 1,200 shares
- Minimum investment
- ₹2,68,800 (2 lots)
- Bidding
- 14 Oct – 16 Oct 2026
- Listing
- 22 Oct 2026
- Issue size
- ₹116 crore
- Exchange
- NSE Emerge
- Registrar
- MUFG Intime India Private Limited
Ravita Engineering Services IPO GMP today
| Last GMP before listing | ₹1 per share |
|---|---|
| Price band (upper) | ₹112 |
| Implied listing price | ₹113 (+0.9%) |
| Last updated | 22 Oct 2026, 7:02 am IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Ravita Engineering Services
Ravita Engineering Services is a Kolkata-based engineering company that installs and runs the heavy cooling, air-conditioning and electro-mechanical systems that large industrial sites depend on. Its Rs 116.05 crore IPO is open from 13 to 15 October 2026 and its shares are to list on the NSE Emerge platform for small and medium companies.
The company began in 2008 as Sayo Construction Private Limited and was renamed Powertech Services Private Limited in 2011. In February 2025 the present promoter group, Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors, took control, renamed it Ravita Engineering Services and converted it into a public limited company.
Its work falls into two kinds of jobs. The first is turnkey EPIC (engineering, procurement, installation and commissioning) contracts, where it designs and sets up systems such as HVAC, central air-conditioning, chillers, compressors and other mechanical and electrical utilities. The second is operation and maintenance (O&M), where it keeps those systems running for years after they are installed.
It serves three segments: onshore industrial and commercial sites, offshore oil and gas platforms and marine installations, and data centres.
Its track record includes data-centre O&M for Reliance Corporate IT Park since 2014, offshore work for a public-sector oil exploration company since 2016, and chiller and mechanical-utility upkeep at nuclear research facilities since 2021. In 2026 it won an order from Numaligarh Refinery for a sub-sea pipeline at an effluent discharge facility in Paradip. The company has more than 500 people on its rolls and reports an order book of over Rs 475 crore.
Growth since the change of control has been very fast. Revenue rose from Rs 13.53 crore in FY24 to Rs 109.30 crore in FY25 and Rs 277.82 crore in FY26, and profit after tax went from Rs 1.51 crore to Rs 11.83 crore and then Rs 28.04 crore. In the three months to June 2026 it earned revenue of Rs 97.45 crore and a profit of Rs 10.13 crore.
Net worth was Rs 109.69 crore and borrowings Rs 30.88 crore in June 2026.
The issue is entirely fresh shares, so all the money goes to the company. Rs 70 crore is for working capital, which project businesses need to fund equipment and wages before clients pay, and Rs 25.53 crore is to buy heavy equipment it now hires. The balance is for general corporate purposes. The price band is Rs 105 to Rs 112 and a retail application needs at least 2 lots of 1,200 shares (Rs 2,68,800).
At the upper price the company is valued at about Rs 422 crore, roughly 10 to 11 times its earnings.
The main things to watch are a short history under the present owners, dependence on a few large clients, and the working-capital strain that comes with growing project revenue so quickly.
Products and services
- Turnkey EPIC contracts: engineering, procurement, installation and commissioning
- HVAC and central air-conditioning systems
- Chillers, compressors and mechanical utilities
- Electrical utilities and electro-mechanical works
- Operation and maintenance (O&M) of these systems
- Data-centre cooling O&M
- Offshore oil and gas platform services
- Sub-sea pipeline work
Key strengths
- Work in mission-critical sites: offshore platforms, data centres, nuclear research facilities
- End-to-end service from design to long-term maintenance
- Order book of over Rs 475 crore
- Long-standing clients with repeat business
- More than 500 people on its rolls
SWOT analysis
Strengths
- Revenue up from Rs 13.53 crore (FY24) to Rs 277.82 crore (FY26)
- Profit up from Rs 1.51 crore to Rs 28.04 crore over the same period
- Low borrowings: Rs 30.88 crore against net worth of Rs 109.69 crore (June 2026)
- Recurring O&M income alongside one-time project work
Weaknesses
- Short history under the present owners (control changed in February 2025)
- Dependence on a few large clients
- Revenue concentrated in a few regions
- Project work needs heavy working capital
Opportunities
- Data-centre growth in India needs cooling and O&M
- Offshore oil and gas maintenance spending
- Owning equipment instead of hiring it can lift margins
- Refinery and industrial projects
Threats
- Competitive tenders can squeeze margins
- Delays in imported HVAC equipment
- Shortage of skilled technicians
- Penalties for late or faulty project work
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Ravita Engineering Services IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Ravita Engineering Services IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹116 crore, this is a mid-sized issue.
- Price: The price band is ₹105–112 per share. The smallest application costs ₹2,68,800 at the top of the band.
- Demand: Bids so far cover the shares on offer 8.32 times, which is moderate demand. Institutions (QIBs) bid 13.21 times their quota; many investors watch this number closely.
- Risks: The company lists 6 key risks in its offer document. We summarise them in our notes below.
- SME platform: SME shares usually trade less often than mainboard shares, and the minimum application is larger. That can make it harder to sell quickly.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Ravita Engineering Services IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Ravita Engineering Services IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 13.21× |
| Non-institutional investors (NII) | 7.42× |
| Retail investors | 3.5× |
| Total | 8.32× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Ravita Engineering Services IPO lot size and minimum investment
One lot of the Ravita Engineering Services IPO is 1,200 shares. At the upper price band of ₹112, one lot costs ₹1,34,400.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum application | 2 | 2,400 | ₹2,68,800 |
| Next size up (HNI) | 3 | 3,600 | ₹4,03,200 |
SME IPOs have a larger minimum application than mainboard issues. Bids above the minimum are made in whole lots.
Ravita Engineering Services IPO employee quota, anchor investors and bids
Employee quota
No. The Ravita Engineering Services IPO has no separate quota for employees.
Anchor investors
| Amount raised | ₹33.02 crore |
|---|---|
| Lock-in on 50% of anchor shares ends | Fri, 20 Nov 2026 30 days |
| Lock-in on remaining 50% ends | Tue, 19 Jan 2027 90 days |
Main anchor investors: 360 One Prime Limited, Finavenue Growth Fund and Navbharat Investment Trust.
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Anchor investors | ₹33.02 cr | 1× | ₹33 cr |
| Qualified institutional buyers (QIB, excluding anchors) | ₹24.98 cr | 13.21× | ≈ ₹330 cr |
| Non-institutional investors (NII) | ₹17.4 cr | 7.42× | ≈ ₹129 cr |
| Retail investors | ₹40.6 cr | 3.5× | ≈ ₹142 cr |
| Total (excluding anchors) | ₹82.98 cr | 8.32× | ≈ ₹601 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Ravita Engineering Services listed peers
The top listed peers of Ravita Engineering Services, with their P/E and RoNW from the RHP, will appear here.
Ravita Engineering Services IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 16 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 21 Oct 2026.
If you don't get shares, the money blocked in your bank account is released from 21 Oct 2026. If you do, the shares reach your demat account the same day.
The Ravita Engineering Services IPO listed on NSE Emerge on 22 Oct 2026, when trading in the shares begins.
Ravita Engineering Services financials
What brokers say about the Ravita Engineering Services IPO
Broker IPO notes usually arrive a day before bidding opens. We add each firm's rating and reason here, with a link to the original.
Marketasset notes on the Ravita Engineering Services IPO
Use of proceeds
- Long-term working capital: Rs 70.00 crore
- Purchase of heavy equipment currently hired: Rs 25.53 crore
- General corporate purposes: balance
Key risks the company lists
- Few large clients account for much of the revenue
- Very fast growth after the 2025 change of control; a short track record at this scale
- Working-capital needs rise with project revenue
- Competitive bidding and tight deadlines can hurt margins
- Supply delays for imported equipment
- Shortage of skilled manpower
Other observations
SME issue on NSE Emerge. Price band Rs 105-112; lot 1,200 shares; minimum retail application 2 lots (Rs 2,68,800). Fresh issue of Rs 116.05 crore, no OFS. Anchor book on 12 Oct raised Rs 33.02 crore from 15 investors. Allotment 16 Oct, listing 21 Oct 2026 (tentative). Lead manager Vivro Financial Services; registrar MUFG Intime India. Market cap about Rs 422 crore at the upper band, about 10-11 times earnings. Revenue reported for FY26 differs slightly across sources (Rs 277.63 to 277.82 crore).
Promoter holding before and after the issue was not published in the sources checked; see the RHP.
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Ravita Engineering Services IPO
- Choose your bid. Pick the number of lots (minimum ₹2,68,800) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
This is an SME IPO: the minimum application is larger than for mainboard issues, and shares trade on the SME platform.
How to check Ravita Engineering Services IPO allotment status
The basis of allotment for the Ravita Engineering Services IPO was finalised on 21 Oct 2026. After that, you can check your status in any of these places.
- Registrar's website: open MUFG Intime India Private Limited's allotment page, choose Ravita Engineering Services and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Ravita Engineering Services IPO listing performance
| Issue price | ₹112 |
|---|---|
| Current price 13 Nov 2026, 10:32 am IST | ₹112.65 |
| Change from issue price | +0.58% |
Ravita Engineering Services IPO FAQs
When does the Ravita Engineering Services IPO open and close?
The Ravita Engineering Services IPO was open for bidding from 14 Oct 2026 to 16 Oct 2026.
What is the price band and lot size of the Ravita Engineering Services IPO?
The price band is ₹105–112 per share and one lot is 1,200 shares.
What is the minimum investment in the Ravita Engineering Services IPO?
The smallest application is 2 lots (2,400 shares), which costs ₹2,68,800 at the top of the price band.
When is the Ravita Engineering Services IPO allotment date and how do I check my status?
The basis of allotment was finalised on 21 Oct 2026. You can check your allotment status on the website of the registrar, MUFG Intime India Private Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Ravita Engineering Services shares list?
Ravita Engineering Services listed on NSE Emerge on 22 Oct 2026.
Who are the lead managers and registrar of the Ravita Engineering Services IPO?
The registrar is MUFG Intime India Private Limited.
How many times has the Ravita Engineering Services IPO been subscribed?
The Ravita Engineering Services IPO was subscribed 8.32 times overall: 13.21 times by QIBs, 7.42 times by non-institutional investors and 3.5 times by retail investors. Figures as of 16 Oct 2026, 11:40 am IST.
Does the Ravita Engineering Services IPO have an employee quota?
No. The Ravita Engineering Services IPO has no separate quota for employees.
How much did the Ravita Engineering Services IPO raise from anchor investors?
Ravita Engineering Services raised ₹33.02 crore from anchor investors. Half of the anchor shares are locked in until 20 Nov 2026 and the rest until 19 Jan 2027.