Ravita Engineering Services' ₹116 crore IPO opens Oct 13: Check price band, lot size and key dates

The ₹116.05 crore initial public offering of Ravita Engineering Services will hit the primary market on October 13. The issue, with a price band of ₹105 to ₹112 per share, will conclude on October 15.

The initial share sale is solely a fresh issue of 1,03,62,000 equity shares, with no offer for sale (OFS) component, according to the red herring prospectus.

The fresh issue proceeds will be used to meet long-term working capital requirements, fund capital expenditure needs towards the purchase of certain heavy equipment and general corporate purposes.

"Our company expects that the listing of the equity shares will enhance our visibility and our brand image among our existing and potential customers and create a public market for our equity shares," the company said.

Ravita Engineering Services IPO: Lot size

Individual investors can apply for a minimum of 1,200 shares and in multiples thereafter. The company has reserved 50% of the net offer for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Ravita Engineering Services IPO: Allotment and listing date

The company's shares will be listed on the NSE SME platform. Vivro Financial Services is the issue's book-running lead manager, while MUFG Intime India is the registrar.

Ravita Engineering Services is an engineering solutions company involved in engineering, procurement, installation and commissioning of flow systems, industrial compressors, chiller plants, cooling equipment and other related electromechanical equipment on a turnkey basis for various commercial and industrial establishments.

It also provides comprehensive operation and maintenance services for both projects executed by the firm and systems installed by third-party solution providers. The firm classifies its business operations under three areas of expertise, namely onshore, offshore and data centre.