The Ravelcare IPO is a book-built SME issue, made up entirely of fresh shares up to 18,54,000 equity shares at a face value of ₹10, amounting to ₹24.10 crore. The Ravelcare IPO window opens on 1 December 2025 and closes on 3 December 2025, with allotment expected to be confirmed on 4 December 2025. The IPO shares are planned to list on 8 December 2025, at BSE SME.
The IPO price band is set at ₹123 to ₹130 for each share. The minimum lot for each retail application is 2 lots, with each lot carrying 1,000 shares, bringing the minimum investment up to ₹2,60,000 at the upper end of the band. The HNIs need to apply for a minimum of 3 lots, which is 3,000 shares, requiring an investment of ₹3,90,000.
Ravelcare IPO Details
The important details for the Ravelcare IPO in India are mentioned in the table below, including the bidding period, face value, issue size, and other necessary information.
| IPO Opening Date | 1 December 2025 |
| IPO Closing Date | 3 December 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹123 to ₹130/share |
| Issue Price | – |
| IPO Lot Size | 1,000 shares |
| Sale Type | Fresh capital |
| Offer for Sale | – |
| Fresh Issue | 18,54,000 equity shares |
| Issue Type | Book-building IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Cr) | ₹24.10 crore |
| Market Maker Reservation | 94,000 Equity Shares |
| Net Offering to the Public | 17,60,000 Equity Shares |
| Minimum Investment(₹) | ₹2,60,000 (2 lots for retail investors) |
| Retail Discount | – |
| Employee Discount | – |
Ravelcare IPO Timeline
The table provides the complete Ravelcare IPO timeline, comprising its bid period, allotment, refund, and listing date.
| Bidding Period Opens | 1 December 2025 |
| Bidding Period Closes | 3 December 2025 |
| Allotment Date | 4 December 2025 |
| Refunds Initiation | 5 December 2025 |
| Shares Credited to demat | 5 December 2025 |
| Listing Date | 8 December 2025 |
| Deadline for UPI Mandate Confirmation | 5 PM, 2 December 2025 |
Ravelcare IPO Grey Market Premium (GMP)
Ravelcare IPO GMP today is recorded as ₹16. The upward-trending GMP reflects that the market is confident and more investors are watching out for the IPO.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 26 November 2025 | ₹16 | ₹146 (12.31%) | ₹16,000 | 🔼 Increasing |
| 25 November 2025 | ₹14 | ₹144 (10.77%) | ₹14,000 | 🔼 Up |
The Grey Premium Market (GMP) is like a tracker for the live demand of an IPO, which is based on the market sentiment, investors’ interest, before the IPO opens, and its subscription levels during the IPO.
GMP percentage: Ravelcare IPO
As of 26 November 2025, the Ravelcare IPO GMP is recorded as ₹16, which takes the GMP percentage to 12.31%. This puts the estimated listing price at ₹146, which is above the upper end of the price band, ₹130, reflecting an early positive sentiment among the investors.
Ravelcare IPO Reservation
To analyse the likelihood of the Ravelcare IPO shares allotment, check out the share reservation for the different investor categories.
| Category | % of Shares Offered | Shares offered |
| Anchor Investors | 28.31% | 5,25,000 |
| QIBs | 18.93% | 3,51,000 |
| Market Makers | 5.07% | 94,000 |
| Retail Investors | 33.44% | 6,20,000 |
| NII (HNI) | 14.24% | 2,64,000 |
| Total Shares Offered | 100% | 18,54,000 |
Ravelcare Limited Key Performance Indicator
Check out the quantitative highlights of Ravelcare Limited, including its ROE, Debt-Equity Ratio, and PAT margin, for the past financial years.
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 68.04 | 194.46 | -305.28 |
| ROCE (%) | 68.32 | 133.05 | 106.11 |
| Debt-Equity Ratio (in times) | – | 0.01 | 5.67 |
| RoNW (%) | 50.77 | 98.6 | 579.96 |
| PAT Margin (%) | 21.04 | 22.75 | 11.87 |
| EBITDA Margin (%) | 27.3 | 30.07 | 14.51 |
| Price-Book Value | – | – | – |
Ravelcare Ltd. Financials
| Aspect | 2025 (₹ Lakhs) | 2024 (₹ Lakhs) | 2023 (₹ Lakhs) |
| Revenue | 2,529.80 | 2,227.88 | 349.37 |
| Total Asset | 1,163.47 | 803.35 | 174.11 |
| Profit/Loss | 525.52 | 502.41 | 41.47 |
Ravelcare IPO Lot Size
Below is a summary of the Ravelcare IPO lot size and the minimum investment required for various investor categories:
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors (Minimum) | 2 | 2,000 | 2,60,000 |
| Retail Investors (Maximum) | 2 | 2,000 | 2,60,000 |
| S-HNI (Minimum) | 3 | 3,000 | 3,90,000 |
| S-HNI (Maximum) | 7 | 7,000 | 9,10,000 |
| B-HNI (Minimum) | 8 | 8,000 | 10,40,000 |
Promoter Holding: Ravelcare Ltd.
The promoters’ pre-issue and post-issue shareholdings of Ravelcare Ltd., Ayush Mahesh Varma, Maheshkumar Ramchandra Varma, and Anita Mahesh Varma, are provided below.
| Pre-Issue Holding | 99.96% |
| Post-Issue Holding | – |
Ravelcare IPO Anchor Investors Details
The reservation details for the anchor investors in the Ravelcare IPO are stated below for review.
| Bidding Date | 28 November 2025 |
| Shares to be Offered | 5,25,000 shares |
| Anchor Investor Portion Size (In Cr.) | ₹6.83 crore |
| Lock-in period expiry for 50% of the shares (30 Days) | 3 January 2026 |
| Lock-in period expiry of the remaining shares (90 days) | 4 March 2026 |
Ravelcare IPO Prospectus
For further details on the Ravelcare IPO, refer to the official documents filed with SEBI.
About Ravelcare Ltd.
| Founded in | 29 November 2018 |
| Chairman & Managing Director | Ayush Mahesh Varma |
| Parent Organisation | – |
| Services/Products Offered | Beauty and personal care products |
| Book running lead managers | Marwadi Chandarana Intermediaries Brokers Private Limited |
| Registrar of the issue | KFin Technologies Limited |
Objectives of the Ravelcare IPO
Here’s how Ravelcare Ltd. is planning to accommodate the funds raised through the IPO.
| Particulars | Amount (in ₹ lakh) |
| Marketing and advertisement expenses | 1,150.00 |
| Setting up manufacturing facility at Mauje-Peth in Amravati | 780.60 |
| General corporate purpose | – |
Ravelcare Ltd.: Strengths
- Strong Geographical Presence: The company has a strong geographical presence and a well-diversified customer base in India, and supplies customised products according to the customers’ needs.
- Wide Distribution Network: The company runs a strong digital-first distribution setup, selling its products through its own website as well as major online marketplaces like Amazon, Flipkart, Myntra, and quick-commerce apps like Blinkit.
- Strong Customer Relationship: The company builds direct relationships with its customers through a D2C consultation flow that uses a detailed questionnaire, allowing it to understand each person’s individual needs and concerns.
- Product Innovation: The company improves its products and develops new ones, based on the insights from the onboarding questionnaires, reviews, responses and feedback.
Ravelcare Ltd.: Risks
- Dependence on third-party contract manufacturing: The company’s products are currently manufactured by a single contract manufacturer, subjecting it to supply, quality, IP protection and continuity risks.
- Execution risk for the proposed manufacturing facility: The company plans an in-house manufacturing facility, and failure to commission it on time, on budget or with required approvals could hurt operations and finances.
- Intense competition and market pressure: The company faces strong competition from larger and better-resourced players and new entrants, which could force higher marketing spend, discounting or loss of market share.
- Risk of failure to manage growth and scale operations: The company’s plans for expansion demand stronger systems, quality control, distribution and capital, and the inability to manage growth or implement strategy could materially impact results.
Ravelcare IPO Review
Ravelcare’s IPO brings a growing beauty and personal care brand to the SME market, backed by its rising revenue and improving profit margins. The business has a digital-first model and a wide customer base, but it also relies entirely on a single contract manufacturer and operates in a highly competitive space.
The planned manufacturing facility adds both opportunity and execution risk. The GMP points to a premium trend, but it reflects sentiment alone and shouldn’t be taken as a sure sign of listing gains. Overall, the IPO offers potential, but the risks are equally visible.
Other Recent IPO List
Explore the list of Indian IPOs, including the currently open for bidding and the ones scheduled to launch soon in 2025:
| Purple Wave Infocom IPO | Gallard Steel IPO |
| Mother Nutri Foods IPO | Sudeep Pharma IPO |
| K K Silk Mills IPO | Excel Technologies IPO |
| SSMD Agrotech IPO | Oyo IPO |
Ravelcare IPO FAQs
The Ravelcare IPO is an SME book-built issue of 18,54,000 fresh equity shares, raising ₹24.10 crore. The shares will list on the BSE SME.
The investors can apply through their broker or any supported trading app using ASBA or UPI, during the IPO bidding window.
Ravelcare Ltd. shows strong growth and healthy margins, but it also faces risks such as heavy competition and reliance on a single contract manufacturer. It’s a balanced-risk SME issue rather than a clear yes or no.
The GMP indicates a premium trend, but it’s only sentiment-based and not a guarantee of actual listing gains.
The Ravelcare IPO is set to open on 1 December 2025, and it closes on 2 December 2025.
The Ravelcare IPO lot size is 1,000 shares, with a minimum retail application of 2 lots, amounting to ₹2,60,000.
The allotment for the Ravelcare IPO is scheduled for 4 December 2025.
The Ravelcare IPO is planned to list on 8 December 2025 on the BSE SME.
