NewsRavita Engineering Services IPO Day 3: Subscribed 3.34x; QIB demand surges 141% on final dayRavita Engineering Services IPO Day 3: Subscribed 3.34x; QIB demand surges 141% on final day
- Ravita Engineering Services IPO subscribed 3.34x overall by Day 3 close
- QIB demand surged 141% intraday to reach 3.21x subscription
- bHNI category led with 7.01x coverage; Retail at 2.48x
- Issue price band set at ₹105.00 to ₹112.00 per share
*this image is generated using AI for illustrative purposes only.
Ravita Engineering Services IPO closed Day 3 with a total subscription of 3.34x, driven by a 141% surge in QIB demand that pushed institutional bids to 3.21x.
Subscription Status
The issue witnessed strong momentum throughout the three-day window, culminating in a robust finish on October 16, 2026. The cumulative subscription stood at 3.34x by the close of bidding, reflecting significant interest across all investor categories except employees.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 14-10-2026 | 1.05x | 0.69x | 2.18x | 0.94x | 1.13x |
| Day 2 | 15-10-2026 | 1.33x | 1.28x | 3.61x | 1.49x | 1.73x |
| Day 3 | 16-10-2026 | 3.21x | 2.49x | 7.01x | 2.48x | 3.34x |
Category-wise Breakdown
Non-Institutional Buyers in the high-net-worth individual (bHNI) category emerged as the most aggressive participants, subscribing 7.01 times the offer size. Qualified Institutional Buyers (QIBs) followed closely with a 3.21x subscription, marking a substantial jump from their Day 2 close of 1.33x. Retail investors recorded subscriptions of 2.48x, while small HNI investors subscribed 2.49x. Employee bids remained unsubscribed at 0x.
Intra-day Timeline
Demand picked up pace significantly after midday, particularly among institutional players. QIB subscription doubled between 12:15 PM and 1:15 PM IST, driving the total subscription past the 2.80x mark before settling at 3.34x by the closing hour.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.33x | 1.63x | 1.75x | 1.98x |
| 12:15 | 1.43x | 1.84x | 1.86x | 2.26x |
| 13:15 | 2.83x | 2.05x | 1.98x | 2.80x |
| 14:15 | 2.83x | 2.22x | 2.22x | 3.01x |
| 15:15 | 3.21x | 2.49x | 2.48x | 3.34x |
Offer Details
The Ravita Engineering Services IPO opened for subscription on October 14, 2026, and closed on October 16, 2026. The price band was set at ₹105.00 to ₹112.00 per share. The minimum bid quantity was fixed at 2400 shares.
About the Company
Ravita Engineering Services Limited is an engineering solutions company engaged in Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, central air-conditioning, chiller plants, industrial compressors, and related electro-mechanical equipment on a turnkey basis. It also provides Operation & Maintenance (O&M) services. The company operates across three verticals: Onshore, Offshore, and Data Centre.
As of June 30, 2026, the company reported a total order book of ₹49,112.12 lakhs and revenue from operations of ₹9,731.36 lakhs for Q1 FY2027. The company is led by Chairman Vibhoar Agrawal and MD & CEO Sunildutt Narayan Goswami.
Financial Highlights
The company has demonstrated robust growth in revenue and profitability over the last three fiscal years.
| Metric (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 13.49 | 108.61 | 277.63 |
| Profit Before Tax | 2.09 | 15.81 | 37.47 |
| Total Profit | 1.51 | 11.83 | 28.04 |
| Total Equity | 3.30 | 15.13 | 99.56 |
Objects of the Issue
The company intends to utilize the net proceeds from the issue as follows:
- Long-Term Working Capital Requirements: ₹70.00 crore to meet working capital needs for Fiscal 2027 and Fiscal 2028, supporting incremental business needs from its growing order book.
- Capital Expenditure: ₹25.53 crore towards purchasing heavy equipment including trucks, dumpers, dozers, and cranes to reduce reliance on leased equipment.
- General Corporate Purposes: Balance proceeds for maintenance, strategic initiatives, brand building, administration, insurance, marketing, repairs, taxes, and other ordinary business expenses.
How will the ₹49,112 lakh order book impact Ravita Engineering's revenue visibility for FY2027 and FY2028?
What are the potential margin implications of shifting from leased to owned heavy equipment funded by the IPO proceeds?
How does the rapid revenue growth from ₹13.49 crore in FY2024 to ₹277.63 crore in FY2026 affect the company's operational scalability risks?
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