Ravita Engineering Services, a Kolkata-headquartered electro-mechanical projects and services provider, will open its maiden public issue worth ₹116.05 crore for subscription on October 13. According to reports from The Hindu BusinessLine, the price band for the offer has been fixed at ₹105-112 per share, valuing the company at ₹422 crore. The initial public offering (IPO) comprises an entirely fresh issue of 1.04 crore equity shares, with the offer size reduced from the 1.25 crore equity shares planned earlier, as detailed in the draft offer document filed in March 2026. As per Moneycontrol, the company's shares are currently commanding a flat grey market premium (GMP) ahead of the IPO launch.
The anchor book will open for institutional investors on October 12, while the offer will close for public subscription on October 15. As reported by The Hindu BusinessLine, the IPO share allotment is expected to be finalised by October 16, while trading in the shares of the engineering solutions company is expected to commence on the NSE Emerge platform on October 21. Vivro Financial Services has been appointed as the merchant banker for managing the IPO, with MUFG Intime India serving as the registrar.
According to reports from The Hindu BusinessLine, Ravita Engineering Services provides engineering, procurement, installation and commissioning services for heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, air-flow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis for commercial and industrial establishments. The company also provides operation and maintenance services. As per Vibhoar Agrawal, Chairman & Executive Director, the company has built capabilities in the EPIC and O&M of HVAC and electro-mechanical systems across onshore facilities, offshore rigs and platforms and data centres.
The company's financial performance has been robust in recent periods. As reported by The Hindu BusinessLine, revenue from operations increased from ₹13 crore in FY24 to ₹278 crore in FY26, while PAT stood at ₹28 crore in FY26. EBITDA jumped 155.9 percent to ₹40 crore in FY26, from ₹15.65 crore in FY25, while the margin expanded marginally to 14.43 percent from 14.41 percent during the same period. Profit for the latest quarter ended June 2026 stood at ₹10.13 crore, while revenue stood at ₹97.3 crore. As of June 30, the company had an order book of ₹491 crore across 21 ongoing projects, including data centre work orders of ₹120 crore.
According to reports from The Hindu BusinessLine, Roshan Vaishnav, Director of Vivro Financial Services, highlighted that India's HVAC EPC I&C market is estimated at ₹81,284 crore in FY25 and is projected to reach ₹1.80 lakh crore by FY30, while the HVAC O&M market is expected to grow from ₹36,905 crore to ₹68,205 crore. The net proceeds from the IPO will be used to meet long-term working capital requirements, capital expenditure towards purchase of certain heavy equipment and general corporate purposes. The proposed deployment is intended to support the execution of the order book and strengthen in-house project delivery capabilities, including expansion into the data centre segment.
