Ravita Engineering Services IPO Day 1: Check subscription status, price band, lot size and key dates

Engineering solutions company Ravita Engineering Services' initial public offering opened for subscription on Wednesday, October 14. The issue will conclude on October 16.

The ₹116.05 crore initial share sale is exclusively a fresh issuance of 1.04 crore shares. There is no offer for sale (OFS) component.

The money raised will be used for capital expenditure requirements towards the purchase of certain heavy equipment, long-term working capital needs 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 Day 1: Check subscription status

The issue has been subscribed 13% so far. It received bids for 9,28,800 shares compared to 74,13,600 shares on offer, according to the NSE data until 11:26 am.

Prior to the IPO, the company raised ₹33.02 crore from anchor investors, including 360 One Prime, Finavenue, Navbharat, Kingsman Wealth Fund, New India Vision Fund and Smart Horizon Opportunity Fund, among others.

Ravita Engineering Services IPO: Price band and lot size

The company has set a price band of ₹105 to ₹112 per share. A lot consists of 1,200 shares. Individual investors can apply for a minimum of two lots.

Ravita Engineering Services IPO: Allotment and listing date

The company's shares will debut on the NSE SME platform.

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

Vivro Financial Services is the issue's sole book-running lead manager, while MUFG Intime India is the registrar.