Ravelcare’s IPO is a book-built public issue worth ₹24.10 crore, consisting entirely of a fresh issue of 0.19 crore shares.
The IPO will open for subscription on December 1, 2025, and close on December 3, 2025. The allotment is expected to be finalised on December 4, 2025, with the shares scheduled to list on the BSE SME platform on December 8, 2025.
The price band for the issue has been set between ₹123 and ₹130 per share. The lot size is 1,000 shares, and the minimum investment for retail investors is ₹2,60,000 for 2,000 shares at the upper price band. For HNI applicants, the minimum investment is three lots, or 3,000 shares, amounting to ₹3,90,000.
Marwadi Chandarana Intermediaries Brokers Pvt. Ltd is the book-running lead manager for the issue, while Kfin Technologies Ltd is serving as the registrar. SS Corporate Securities Ltd has been appointed as the market maker. Refer to Ravelcare IPO RHP for complete details.
Ravelcare IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- To spend ₹1,150.00 lakhs on marketing and advertisement activities to enhance brand awareness and visibility.
- To invest ₹780.60 lakhs in setting up a new manufacturing facility at Mauje-Peth in Amravati.
- Remaining for general corporate purposes.
About Ravelcare Limited
Ravelcare Ltd operates through a digital-first distribution model in the beauty and personal care (BPC) segment, offering a wide range of haircare, skincare, and bodycare products. The company’s operations are driven by a direct-to-consumer approach, strengthened by e-commerce platforms and data-led product development.
Its products are available through multiple channels, including its own website, major online marketplaces such as Amazon, Flipkart, and Myntra, as well as quick-commerce platform Blinkit.
In the financial year 2024–25, Ravelcare Ltd also began serving customers in international markets including the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia.
Currently, Ravelcare Ltd manufactures its products through licensed third-party contract manufacturers. While product formulations are developed internally, research and development are carried out in collaboration with external formulation experts and third-party laboratories.
The company manages logistics and warehousing operations across key Indian states to ensure timely delivery and supply chain efficiency. Ravelcare Ltd now intends to establish its own manufacturing facility at Mauje-Peth, Amravati, Maharashtra, with a proposed installed capacity of 1,050 TPA. This facility will house end-to-end processes, including R&D, manufacturing, packaging, warehousing, and distribution.
The company’s business model emphasises the use of e-commerce and digital platforms to engage directly with customers. It aims to leverage technology for customer engagement, demand forecasting, and efficient fulfilment, forming a core part of its digital-first strategy. Ravelcare Ltd also focuses on offering personalised experiences through customised haircare and skincare products.
Its portfolio spans haircare, skincare, bodycare, and scalp care categories, with formulations developed to address diverse personal care concerns, including both customised solutions and targeted treatments created through internal research and external formulation partnerships.
Industry Outlook
- India’s e-commerce sector is set for robust growth, projected to reach US$ 345 billion by 2030 and US$ 550 billion by 2035, driven significantly by rising digital adoption in tier-2 and tier-3 cities.
- Technology-led advancements, digital payments, hyper-local logistics, analytics-driven engagement, along with the rollout of ONDC, will further strengthen MSME participation and enhance sector-wide competitiveness.
- High-growth segments like beauty and personal care (BPC), expected to hit ₹2.6 lakh crore by 2027, and subscription e-commerce, projected to grow at a 45% CAGR, will accelerate diversification and deepen market penetration.
How To Apply for the Ravelcare IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Ravelcare IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Ravelcare IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Ravelcare Limited
Registered office: Off-126, Neo Corporate Plaza, Cabin B, Ramchandra Lane Extension, Malad, Mumbai - 400064, Maharashtra, India.
Phone: +918433980120
Email: esha@ravelcare.com
Ravelcare IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 94,000 (5.07%) |
| QIB Shares Offered | 8,76,000 (47.25%) |
| • Anchor Investors | 5,25,000 (28.32%) |
| • QIB (Ex-Anchor) | 3,51,000 (18.93%) |
| NII (HNI) Shares Offered | 2,64,000 (14.24%) |
| • bNII > ₹10 lakh | 1,74,000 (9.39%) |
| • sNII < ₹10 lakh | 90,000 (4.85%) |
| Retail Shares Offered | 6,20,000 (33.44%) |
| Total Shares Offered | 18,54,000 (100.00%) |
Ravelcare IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,60,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,60,000 |
| HNI (Min) | 3 | 3,000 | ₹3,90,000 |
Ravelcare IPO Promoter Holding
Ayush Mahesh Verma is the promoter of the company.
| Share Holding Pre-Issue | 99.96% |
| Share Holding Post Issue  | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Ravelcare IPO
| KPI | Value (FY25) |
| RoCE (%) | 68.32 |
| RoE (%) | 68.02 |
| PAT Margin (%) | 21.04 |
| EBITDA Margin (%) | 27.30 |
Ravelcare IPO Registrar and Lead Managers
Ravelcare IPO Lead Managers
- Marwadi Chandarana Intermediaries Brokers Pvt Ltd
Registrar for Ravelcare IPO
Kfin Technologies Ltd
- Phone: 04067162222, 04079611000
- Email: ravelcare.ipo@kfintech.com
Financial Performance of Ravelcare Limited
| Particulars | Sep 30, 2025 | FY 2025 | FY 2024 | FY 2023 |
| Revenue from Operations (₹ in lakh) | 1,439.76 | 2,497.89 | 2,208.78 | 349.36 |
| EBITDA (₹ in lakh) | 432.65 | 681.98 | 664.11 | 50.70 |
| PAT (₹ in lakh) | 319.59 | 525.52 | 502.41 | 41.47 |
| Equity Share Capital (₹ in lakh) | 500.50 | 500.50 | 0.50 | 0.50 |
| Net Worth (₹ in lakh) | 1,354.66 | 1,035.07 | 509.56 | 7.15 |
| Total Income (₹ in lakh) | 1,444.38 | 2,529.80 | 2,227.88 | 349.37 |
| Total Borrowings (₹ in lakh) | - | - | 3.81 | 40.53 |
Strengths and Opportunities of Ravelcare Limited
- The company serves a diversified customer base across multiple states in India, reducing dependency on any single region or segment.
- Direct-to-consumer approach via the company website and major e-commerce platforms like Amazon, Flipkart, and Myntra ensures better customer engagement and higher margins.
- Personalised consultation process and engagement through D2C channels help build loyalty and generate organic growth through word-of-mouth referrals.
- Continuous product development based on customer feedback, questionnaires, and reviews enables creation of targeted solutions like the “Expert Series” scalp care range.
- Plans to establish an in-house manufacturing facility will improve operational control, product quality, inventory management, and cost efficiency.
Risks and Threats of Ravelcare Limited
- Dependence on a single third-party contract manufacturer exposes the company to operational and supply chain risks that could affect business performance and financials.
- Delays, cost overruns, or regulatory issues in setting up the proposed manufacturing facility in Amravati, Maharashtra, could negatively impact operations and financial condition.
- There is no assurance that the objectives of deploying Net Proceeds will be achieved within the expected timeframe or will enhance shareholder value.
- The deployment plans for Net Proceeds have not been appraised by any bank or financial institution, introducing uncertainty regarding their effectiveness.
- Historical negative cash flows from investing and financing activities indicate potential liquidity risks that could affect future operations.
