Ravelcare IPO Day 3: Personal-care brand featured on Shark Tank sees IPO subscription of over 200 times

Ravelcare IPO Day 3: The public issue of the beauty and personal care brand of Shark Tank fame continues to witness strong subscription on the final day.

Till 1:00 pm, the Ravelcare IPO saw overall subscription of over 200 times on Day 3, with the Qualified Institutional Buyers (QIB) category booked over 17.3 times, while the Non Institutional Investors (NII) portion was subscribed 292.7 times and the Retail Investors quota was booked 251.2 times.

Compared to its IPO issue size of ₹24.1 crore, Ravelcare has received an overall subscription of over ₹3,400 crore, indicating strong investor interest in this IPO.

Ravelcare IPO details

Ravelcare IPO aims to raise ₹24.1 crore through its public issue which is a fresh issue of over 18.54 lakh shares.

The company has fixed the price band of the issue at ₹123 to ₹130 per share. The lot size, or the minimum bid quantity to apply for the issue is 1,000 shares. This equates to a minimum investment amount of ₹1,30,000 per lot at the upper end of the price band for retail investors.

About the company

Ravelcare Limited offers a range of haircare, skincare and bodycare products, distributed through its website, major marketplaces and quick-commerce platforms such as Amazon, Flipkart, Myntra and Blinkit. The company operates on a digital-first direct-to-consumer (D2C) model and in FY24-25 expanded to international markets including Australia, Canada, Germany, Saudi Arabia, the US and the UAE.

Ravelcare has established itself through its unique business model in the beauty and personal care market. The company has a digital-first D2C model, data-driven formulation, personalisation, pan-India reach and customer loyalty.

The company’s founder, Ayush Varma was featured on the reality TV show Shark Tank India Season 2, pitching for ₹75 lakh for a 2.5% equity stake, valuing the company at ₹30 crore. Currently, the company is bringing its IPO at a market cap of around ₹89.17 crore.

Sales through its own website accounted for 92.78% of the revenue, while E-commerce contributed 7.22% of the revenue as of September 30, 2025. Product-wise, the haircare segment made up the majority of the revenue at 93.45% during the same period. Region-wise, West contributed 38.53% of revenue, North 29.55%, South 24.68% and East 7.24%.

Ravelcare IPO objective

The company plans to use ₹11.50 crore from net IPO proceeds towards marketing and advertisement expenses to enhance brand awareness, and ₹7.80 crore for setting up a new manufacturing facility in Amravati. The company currently relies on third-party manufacturing but plans to set up its own 1,050 TPA facility in Maharashtra.

Ravelcare IPO financial snapshot

Ravelcare revenue has grown at an exponential rate over the last three fiscal years, growing at a CAGR of 167.5% from ₹3.49 crore in FY23 to ₹24.98 crore in FY25. Meanwhile, its revenue rose from ₹0.41 crore to ₹5.25 crore during the same period.