Ravelcare IPO
Ravelcare Ltd. is launching a SME Book-Build IPO of Rs. 24.10 crore, comprising an entirely fresh issue of 18,54,000 equity shares.
The IPO opens on December 1, 2025 and closes on December 3, 2025. The allotment is expected on December 4, 2025 and the listing is tentatively scheduled for December 8, 2025 on BSE SME.
The issue price band is Rs. 123 to Rs. 130 per share.
Lot size is 1,000 shares.
As per SME Rule (lot value < Rs. 2.50 lakh), Retail must apply for minimum 2 lots (2,000 shares = Rs. 2,60,000).
HNI minimum is 3 lots (Rs. 3,90,000).
Lead Manager: Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.
Registrar: Kfin Technologies Ltd.
Market Maker: SS Corporate Securities Ltd.
🕗 Last Update: 24 November 2025, 6.00 AM
GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Allotment Date | December 4, 2025 |
| Refunds Initiation | December 5, 2025 |
| Credit to Demat | December 5, 2025 |
| Listing Date | December 8, 2025 |
| UPI Mandate Cut-off | 5 PM on December 3, 2025 |
Final Subscription Status
(To be updated on closing day)
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 123 to Rs. 130 per share |
| Lot Size | 1,000 shares (Min 2 lots = 2,000 shares for Retail) |
| Sale Type | Fresh Issue |
| Total Issue Size | 18,54,000 shares (Rs. 24.10 Cr) |
| Market Maker Portion | 94,000 shares (Rs. 1.22 Cr) – SS Corporate Securities Ltd. |
| Net Offer to Public | 17,60,000 shares (Rs. 22.88 Cr) |
| Issue Type | Book-Build Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 50,05,000 shares |
| Shareholding Post-Issue | 68,59,000 shares |
Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 94,000 | 5.07% |
| QIB | 8,76,000 | 47.25% |
| NII (HNI) | 2,64,000 | 14.24% |
| Retail | 6,20,000 | 33.44% |
| Total | 18,54,000 | 100% |
Anchor Investor Details
| Particular | Details |
|---|---|
| Anchor Bid Date | November 28, 2025 |
| Shares Offered | 5,25,000 |
| Anchor Portion | Rs. 6.83 Cr |
| 30-day Lock-in Ends | January 3, 2026 |
| 90-day Lock-in Ends | March 4, 2026 |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,000 | 2,60,000 |
| S-HNI (Min) | 3 | 3,000 | 3,90,000 |
| S-HNI (Max) | 7 | 7,000 | 9,10,000 |
| B-HNI (Min) | 8 | 8,000 | 10,40,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 99.96% |
| Promoter Holding Post-Issue | (Will update post dilution) |
Promoter: Ayush Mahesh Verma
About Ravelcare Ltd.
Ravelcare Ltd., incorporated in 2018, is a digital-first beauty & personal care (BPC) brand offering personalised haircare, skincare, bodycare and scalp-care products, sold primarily through online channels such as Amazon, Flipkart, Myntra, Blinkit and its own website.
The company expanded to UAE, Australia, Canada, Germany, USA and Saudi Arabia during FY 2024–25.
It manages distributed warehousing in central India and plans to set up an integrated manufacturing facility in Amravati, Maharashtra, covering R&D, manufacturing, packaging and logistics.
Segments Covered: Haircare, Skincare, Bodycare, Scalp Care
Employees: 25 (as of June 30, 2025)
Competitive Strengths
• Pan-India + international digital-first presence
• Strong D2C model reduces intermediaries
• Personalised consultation-based product offerings
• Innovation-led consumer feedback system
• High brand recall through digital marketing
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 15.68 | 11.63 | 8.03 | 1.74 |
| Total Income | 14.44 | 25.30 | 22.28 | 3.49 |
| PAT | 3.20 | 5.26 | 5.02 | 0.41 |
| EBITDA | 4.33 | 6.82 | 6.64 | 0.51 |
| Net Worth | 13.55 | 10.35 | 5.10 | 0.07 |
| Total Borrowings | – | – | 0.04 | 0.41 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 68.04% |
| ROCE | 68.32% |
| RoNW | 50.77% |
| PAT Margin | 21.01% |
| EBITDA Margin | 27.30% |
| P/BV | 6.29 |
| Market Cap | Rs. 89.17 Cr |
| Pre-Issue EPS | Rs. 10.50 |
| Post-Issue EPS | Rs. 9.32 |
Objects of the Issue
| S.No. | Purpose | Amount (Rs. Cr) |
|---|---|---|
| 1 | Marketing & brand visibility | 11.50 |
| 2 | Setting up new manufacturing facility at Amravati | 7.84 |
| 3 | General Corporate Purposes | – |
Company Contact
Ravelcare Ltd.
Off-126, Neo Corporate Plaza, Cabin B, Ramchandra Lane Extension, Malad, Mumbai – 400064
📞 +91 87792 06822
✉ pragmatic@ravelcare.com
🌐 https://www.ravelcare.com/
Registrar
Kfin Technologies Ltd.
📞 04067162222
✉ ravelcare.ipo@kfintech.com
🌐 https://ipostatus.kfintech.com/
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Ravelcare Ltd. is a fast-scaling D2C BPC brand showing strong revenue growth and excellent return ratios. With ROE/ROCE above 68% and EBITDA margins above 27%, the company demonstrates high efficiency. The upcoming integrated manufacturing facility will improve scalability and reduce third-party dependency.
Debt is negligible, the digital model is asset-light, and international expansion is gaining traction.
Chanakya View: Attractive fundamentals, strong brand metrics and scalable business model. Suitable for medium-to-long term investors; listing gains possible depending on SME market sentiment.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
