Ravita Engineering Services Ltd IPO
Status: Closed
Overview
IPO date
14 Oct 2026 to 16 Oct 2026
Face value
₹ 0 per share
Price
₹ 105 to ₹112 per share
Issue Size
10,362,000 shares
(aggregating up to ₹ 116.05 Cr)
(aggregating up to ₹ 116.05 Cr)
Allotment Date
19 Oct 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Engineering
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T&C*
Strengths vs Risks of Ravita Engineering Services Ltd
Know the pros & cons
Strengths
- Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings.
- Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts.
- Large engineering workforce enabling fast deployment, multi-site coverage and manpower scalability.
- Long-standing relationships with large clients supporting repeat business.
- Management-driven domain expertise and industry relationships.
- Specialised operational experience in adverse environments and mission-critical data centers.
Risks
- significant portion of its Order Book and revenue from operations is attributable to certain key customers, and the company's business and profitability is dependent on its ability to win repeat work orders from such customers. Loss of one or more of the company's customers or reduction in their demand for its services could adversely affect the company's business, results of operations and financial condition.
- A large portion of the company's work orders are secured through competitive bidding. Any delay in completing work orders within the stipulated contractual timelines may adversely affect its future business opportunities and financial performance. Additionally, the company's inability to qualify for, secure, or successfully execute new contracts could have a material adverse effect on its business, financial condition, results of operations, growth prospects and cash flow stability.
- The company's operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, and territorial waters of India, which together contributed to 65.81%, 84.16%, 100.00% and 99.97% its revenue from operations for the nine-month period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any adverse development in these regions could materially affect the company's business and growth prospects.
- The company's present order book consists of certain large-scale projects. Any delay or impediment to such projects may have an adverse impact on its financial position.
- The company's ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond its control, which may adversely affect the company's business, financial condition and results of operation.
- The company faces the risk of disqualification, suspension or blacklisting by project owners or client, which may bar the company from participating in or executing any future projects. Such actions could limit access to a significant portion of its revenue and have a disproportionate negative effect on the company's business operations, financial performance, cash flows and reputation.
- The company's contracts may be terminated prior to completion, and any such early termination could materially and adversely affect its business, financial position, operating results and cash flows.
- An increase in cost of expenses related to payment made to the company's vendors, sub-contractors and labour, purchase and renting of equipment and direct cost may adversely affect its results of operations.
- The company is unable to trace certain of its historical records. Further, there have been certain instances of delay as well as inconsistencies & discrepancy in filing certain of the company's forms under Companies Act, 2013. The company cannot's assure you that regulatory proceedings or actions will not be initiated against the company, and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard in the future which may impact its financial condition and reputation.
- Dependence on third-party OEMs for mechanical equipment exposes the company to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
- The company faces certain competitive pressures from existing competitors and new entrants, in both public and private sector. Increased competition and aggressive bidding by such competitors may make its ability to procure business in future uncertain which may adversely affect the company's business, financial condition and results of operations.
- The company is highlys dependent on its employees and if the company is unable to hire, integrate, train and retain qualified personnel, or if the company experiences high attrition levels, which are largely out of its control, the company's business, financial condition, results of operations and cash flows could suffer. Further, the company has a large number of personnel deployed across its customer sites; consequently, the company may be exposed to service-related claims and losses or employee disruptions that could have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- The company's order book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in its order book, which could adversely affect the company's business, financial condition, results of operations and prospects.
- The Company is subject to certain outstanding tax demands. Any adverse decision in relation to such demands may have an adverse effect on the company's business, results of operations and financial condition.
- Any accident or safety-related mishap in relation to the company's employees at its customer sites, particularly at the offshore sites may expose the company to potential financial liabilities, legal proceedings and adverse publicity. Such incidents can lead to employee liability or third-party claims and reputational damage, which may adversely impact its business operations, hinder the company's expansion plans and adversely affect its financial condition and results of operations.
- The company has negative cash flows in the past and may experience earnings decline or operating losses or negative cash flows in the future.
- The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by a financial institution or a bank or any other independent agency. Further, the company has not entered into definitive arrangements with some of the vendors to utilize certain portions of the Net Proceeds of the Issue. The company has relied on the quotations received from third parties for estimation of the cost for its capital expenditure requirements, which have not been independently appraised by a bank or a financial institution.
- The company may not be able to collect receivables due from its clients, in a timely manner, or at all, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company has been previously engaged in certain related-party transactions and may continue to enter into such transactions in the future, which could potentially give rise to conflicts of interest.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- Recent change in Promoters and management of the Company may lead to changes in business strategies, operational priorities, and management policies
- The company's inability to meet its obligations, including financial and other covenants under the company's credit facilities, could adversely affect its business and financial results. The company may requires additional equity or debt in the future in order to continue to grow the company's business, which may not be available on favourable terms or at all.
- The company's operations are subject to significant working capital requirements, and any inability to secure adequate funding in a timely manner may adversely affect its business, financial condition and results of operations.
- The company is required to furnish bank guarantees and security deposits as part of its business, and any inability to arrange such guarantees or deposits, or invocation thereof, may adversely affect the company's business, cash flows and financial condition.
- The company's Promoters, Directors and Key Management Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- The company's business is dependent on the continued involvement of its Promoters, and any loss of their services may adversely affect the company's business, operations and financial condition.
- The company's business depends on its Directors, key managerial personnel and skilled technical workforce, and the company's inability to attract and retain such personnel may adversely affect its operations and growth.
- The company's Promoters have provided personal guarantees in connection with certain of its borrowings, and any revocation of such guarantees or the company's inability to replace them may adversely affect its business, financial condition and prospects.
- While the company currentlys have adequate insurance coverage, the company's insurance coverage in the future may not be sufficient or may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations, cash flows and financial condition.
- The company's financial performance may vary considerably due to several factors and might not meet the expectations of analysts and investors, which could lead to a decline in the company's stock price.
- The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- The company may not be able to execute its projects in accordance with the performance standards, specifications or timelines required under the company's contracts, which may adversely affect its business, financial condition, results of operations and prospects.
- This Draft Red Herring Prospectus contains information from industry sources including the industry report commissioned from D&B Report.
- The Company's logo is not registered as on date of the Draft Red Herring Prospectus. The company may be unable to adequately protect its intellectual property. Furthermore, the company may be subject to claims alleging breach of third-party intellectual property rights.
- The company's capacity to distribute dividends in the future will be determined by the earnings, financial health, cash flow, working capital needs, and capital expenditure requirements at that time. The company cannot's assure you that the company will generate sufficient revenues to cover its operating expenses and pay such dividends to the Company's shareholders in future consistent with its past practices, or at all.
- The company's Promoters and Promoter Group will continue to retain control over the Company, which may limit the ability of other shareholders to influence the outcome of shareholder votes.
- Some of its Promoters may have limited experience in providing engineering solutions for HVAC systems and temperature control systems and related services business, which may affect the company's strategic decision-making and growth prospects.
- Certain of its properties are located on land not owned by the company and the company has only leasehold rights. The company's inability to renew the lease agreements and/or leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede the company's operations.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- Any variation in the utilisation of the company's Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company is dependent on contract labour largely for its onshore and data centre related work orders and any disruption to the supply of such contract labour for the company's projects or the company's inability to control the composition and cost of its contract labour could adversely affect the company's business, results of operations, financial condition and cash flows. Also, the company may be subject to labour unrest and increased employee costs, which may adversely impact its business and results of operations.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may affect its cash flows
- Inflation in India could have an adverse effect on the company's profitability and if significant, on its financial condition.
- The company has issued Equity Shares during the preceding twelve (12) months at prices that may be lower than the Issue Price.
- The company is requireds to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate its business, and if the company fails to do so in a timely manner or at all, the company's may be unable to fully or partially operate its business and the company's results of operations may be adversely affected.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Any downgrade in the company's credit ratings, in the future, could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Cyber security risks and the failures to maintain the integrity of internal or customer data could expose the company to data loss and liability and the company's reputation could be significantly harmed.
- If the company is unsuccessful in implementing its strategies, particularly the company's growth strategy, the company's business, financial condition, results of operations, and cash flows may be adversely affected.
- The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- There are restrictions on daily movements in the price of Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all
- Any future issuance of Equity Shares by us or sales of Equity Shares by the company's Promoters could adversely affect the trading price of its Equity Shares and in the case of the issuance of Equity Shares by the company result in the dilution of its then current shareholders.
- There is no guarantee that the Equity Shares will be listed on the Designated Stock Exchange in a timely manner or at all, and any trading closures at the Designated Stock Exchange may adversely affect the trading price of its Equity Shares.
- You will not be able to immediately sell any of the Equity Shares you purchase in this Issue on the Stock Exchange.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Foreign investors are subject to foreign investment restrictions under Indian law that limits the company's ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
- Global economic, political and social conditions may harm the company's ability to do business, increase The company's costs and negatively affect its stock price.
- The company's operations are located in India, and the company is subject to regulatory, economic and political uncertainties in India and a significant change in the central and state governments' economic liberalization and deregulation policies could disrupt its business.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchange which may adversely affect trading price of its Equity Shares.
- Investors bear the risk of fluctuations in the price of Equity Shares and there can be no assurance that a liquid market for the company's Equity Shares will develop following the listing of its Equity Shares on the Stock Exchange.
- The trading volume and market price of the Equity Shares may be volatile following the Issue.
- The requirements of being a publicly listed company may strain our resources.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- The company's inability to meet its obligations, including financial and other covenants under the company's credit facilities, could adversely affect its business and financial results. The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- The company operations are subject to significant working capital requirements, and any inability to secure adequate funding in a timely manner may adversely affect its business, financial condition and results of operations.
- The company's Promoters, Directors and Key Management Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- The company's business is dependent on the continued involvement of its Promoters, and any loss of their services may adversely affect the company's business, operations and financial condition.
- The company's business depends on its Directors, key managerial personnel and skilled technical workforce, and the company's inability to attract and retain such personnel may adversely affect its operations and growth.
- The company's Promoters have provided personal guarantees in connection with certain of its borrowings, and any revocation of such guarantees or the company's inability to replace them may adversely affect its business, financial condition and prospects.
- While the company's currently have adequate insurance coverage, its insurance coverage in the future may not be sufficient or may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations, cash flows and financial condition.
- The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- The company's financial performance may vary considerably due to several factors and might not meet the expectations of analysts and investors, which could lead to a decline in its stock price.
- This Red Herring Prospectus contains information from industry sources including the industry report commissioned from D&B Report.
- The Company's logo is not registered as on date of the Red Herring Prospectus. Its may be unable to adequately protect the company's intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights.
- The company's capacity to distribute dividends in the future will be determined by its earnings, financial health, cash flow, working capital needs, and capital expenditure requirements at that time. The company cannot assure you that its will generates sufficient revenues to cover the company operating expenses and pay such dividends to the Company's shareholders in future consistent with its past practices, or at all.
- The company's Promoters and Promoter Group will continue to retain control over the Company, which may limit the ability of other shareholders to influence the outcome of shareholder votes.
- Some of the company's Promoters may have limited experience in providing engineering solutions for HVAC systems and temperature control systems and related services business, which may affect the company's strategic decision-making and growth prospects.
- Certain of the company's properties are located on land not owned by it and the company has only leasehold rights. The company's inability to renew the lease agreements and/or leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede the company operations.
- Any variation in the utilisation of the company's Net Proceeds would be subject to certain compliance requirements, including prior Shareholders approval.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may affect the company's cash flows.
- Inflation in India could have an adverse effect on the company profitability and if significant, on its financial condition.
- The company has issued Equity Shares during the preceding twelve (12) months at prices that may be lower than the Issue Price.
- The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business, and if the company fails to do so in a timely manner or at all, its may be unable to fully or partially operates the company's business and its results of operations may be adversely affected.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Any downgrade in the company's credit ratings, in the future, could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Cyber security risks and the failures to maintain the integrity of internal or customer data could expose it to data loss and liability and the company's reputation could be significantly harmed.
- If the company is unsuccessful in implementing its strategies, particularly the company's growth strategy, its business, financial condition, results of operations, and cash flows may be adversely affected.
- The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- There are restrictions on daily movements in the price of Equity Shares, which may adversely affect a shareholders ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- Any future issuance of Equity Shares by the company or sales of Equity Shares by its Promoters could adversely affect the trading price of the company's Equity Shares and in the case of the issuance of Equity Shares by the company's result in the dilution of its then current shareholders.
- There is no guarantee that the Equity Shares will be listed on the Designated Stock Exchange in a timely manner or at all, and any trading closures at the Designated Stock Exchange may adversely affect the trading price of the company's Equity Shares.
- You will not be able to immediately sell any of the Equity Shares you purchase in this Issue on the Stock Exchange.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Foreign investors are subject to foreign investment restrictions under Indian law that limits the company's ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
- Global economic, political and social conditions may harm the company's ability to do business, increase its costs and negatively affect the company's stock price.
- The company operations are located in India, and the company is subject to regulatory, economic and political uncertainties in India and a significant change in the central and state governments economic liberalization and deregulation policies could disrupt the company's business.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchange which may adversely affect trading price of the company's Equity Shares.
- Investors bear the risk of fluctuations in the price of Equity Shares and there can be no assurance that a liquid market for the company's Equity Shares will develop following the listing of its Equity Shares on the Stock Exchange.
- The trading volume and market price of the Equity Shares may be volatile following the Issue.
- The requirements of being a publicly listed company may strain its resources.
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The IPO opens on 14 Oct 2026 & closes on 16 Oct 2026.
Ravita Engineering Services Limited was originally incorporated as Sayo Construction Private Limited', a private limited company, dated December 28, 2007, with the Registrar of Companies, Maharashtra at Mumbai. The name of the Company was changed to Powermech Services Private Limited' on May 5, 2010. Further, it was changed to Ravita Engineering Services Private Limited' on September 29, 2025. Subsequently, the Company was converted into a Public limited company and the name has been changed to Ravita Engineering Services Limited' dated December 16, 2025 and a fresh Certificate of incorporation is obtained from the Central Processing Centre. The Company is engaged in providing electro mechanical engineering projects and services namely EPIC services and O&M services across onshore and offshore industries.
Under the EPIC services, Company execute the electro-mechanical projects, including design, engineering, planning, procurement, installation, testing and commissioning of HVAC and temperature-control systems, chiller plants, compressors, cooling equipment and related electrical and mechanical utilities. These services help to provide turnkey solutions suited to the specific technical and operational requirements of clients across industrial, commercial, marine and data-center environments.
Under the O&M services, it provide operation and maintenance support for electro-mechanical systems to ensure reliability, efficiency and continuity of operations over the life of the asset. These services include preventive and corrective maintenance, routine inspections, monitoring, troubleshooting repairs and errors and ensuring better performance and scope of contracts.
The Company secured the first data centre O&M project from a large conglomerate. during the period 2014 and further acquired the EPIC/O&M services offshore project from public-sector oil E&P company in FY16.
The Company has experienced a recent change in management and control pursuant to the acquisition of shareholding by the current Promoters, Sunildutt Narayan Goswami and Vatsala Goswami, along with other investors in February 2025.
Company has filed a Draft Prospectus with SEBI & is planning to allot a fresh issue of 1,25,00,000 Equity Shares of Rs 5 each through IPO.
Ravita Engineering Services Ltd IPO will close on 16 Oct 2026.
- Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings.
- Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts.
- Large engineering workforce enabling fast deployment, multi-site coverage and manpower scalability.
- Long-standing relationships with large clients supporting repeat business.
- Management-driven domain expertise and industry relationships.
- Specialised operational experience in adverse environments and mission-critical data centers.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vibhoar Agrawal | 5698420 | 20.86 | 5698420 | 15.12 |
| 2 | Rachita Agrawal | 12831040 | 46.97 | 12831040 | 34.05 |
| 3 | Starwings Realtors Private Lim | 1411778 | 5.17 | 1411778 | 3.75 |
| 4 | Suchitra Agrawal | 102212 | 0.37 | 102212 | 0.27 |
| 5 | Shashi Goenka | 102212 | 0.37 | 102212 | 0.27 |
| 6 | Nemi Chand Agrawal | --- | --- | --- | --- |
| 7 | Atul Agrawal | --- | --- | --- | --- |
| 8 | Vivaan Agrawal | --- | --- | --- | --- |
| 9 | Rishiv Agrawal | --- | --- | --- | --- |
| 10 | Amar Nath Goenka | --- | --- | --- | --- |
| 11 | Varun Goenka | --- | --- | --- | --- |
- significant portion of its Order Book and revenue from operations is attributable to certain key customers, and the company's business and profitability is dependent on its ability to win repeat work orders from such customers. Loss of one or more of the company's customers or reduction in their demand for its services could adversely affect the company's business, results of operations and financial condition.
- A large portion of the company's work orders are secured through competitive bidding. Any delay in completing work orders within the stipulated contractual timelines may adversely affect its future business opportunities and financial performance. Additionally, the company's inability to qualify for, secure, or successfully execute new contracts could have a material adverse effect on its business, financial condition, results of operations, growth prospects and cash flow stability.
- The company's operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, and territorial waters of India, which together contributed to 65.81%, 84.16%, 100.00% and 99.97% its revenue from operations for the nine-month period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any adverse development in these regions could materially affect the company's business and growth prospects.
- The company's present order book consists of certain large-scale projects. Any delay or impediment to such projects may have an adverse impact on its financial position.
- The company's ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond its control, which may adversely affect the company's business, financial condition and results of operation.
- The company faces the risk of disqualification, suspension or blacklisting by project owners or client, which may bar the company from participating in or executing any future projects. Such actions could limit access to a significant portion of its revenue and have a disproportionate negative effect on the company's business operations, financial performance, cash flows and reputation.
- The company's contracts may be terminated prior to completion, and any such early termination could materially and adversely affect its business, financial position, operating results and cash flows.
- An increase in cost of expenses related to payment made to the company's vendors, sub-contractors and labour, purchase and renting of equipment and direct cost may adversely affect its results of operations.
- The company is unable to trace certain of its historical records. Further, there have been certain instances of delay as well as inconsistencies & discrepancy in filing certain of the company's forms under Companies Act, 2013. The company cannot's assure you that regulatory proceedings or actions will not be initiated against the company, and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard in the future which may impact its financial condition and reputation.
- Dependence on third-party OEMs for mechanical equipment exposes the company to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
- The company faces certain competitive pressures from existing competitors and new entrants, in both public and private sector. Increased competition and aggressive bidding by such competitors may make its ability to procure business in future uncertain which may adversely affect the company's business, financial condition and results of operations.
- The company is highlys dependent on its employees and if the company is unable to hire, integrate, train and retain qualified personnel, or if the company experiences high attrition levels, which are largely out of its control, the company's business, financial condition, results of operations and cash flows could suffer. Further, the company has a large number of personnel deployed across its customer sites; consequently, the company may be exposed to service-related claims and losses or employee disruptions that could have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- The company's order book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in its order book, which could adversely affect the company's business, financial condition, results of operations and prospects.
- The Company is subject to certain outstanding tax demands. Any adverse decision in relation to such demands may have an adverse effect on the company's business, results of operations and financial condition.
- Any accident or safety-related mishap in relation to the company's employees at its customer sites, particularly at the offshore sites may expose the company to potential financial liabilities, legal proceedings and adverse publicity. Such incidents can lead to employee liability or third-party claims and reputational damage, which may adversely impact its business operations, hinder the company's expansion plans and adversely affect its financial condition and results of operations.
- The company has negative cash flows in the past and may experience earnings decline or operating losses or negative cash flows in the future.
- The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by a financial institution or a bank or any other independent agency. Further, the company has not entered into definitive arrangements with some of the vendors to utilize certain portions of the Net Proceeds of the Issue. The company has relied on the quotations received from third parties for estimation of the cost for its capital expenditure requirements, which have not been independently appraised by a bank or a financial institution.
- The company may not be able to collect receivables due from its clients, in a timely manner, or at all, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company has been previously engaged in certain related-party transactions and may continue to enter into such transactions in the future, which could potentially give rise to conflicts of interest.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- Recent change in Promoters and management of the Company may lead to changes in business strategies, operational priorities, and management policies
- The company's inability to meet its obligations, including financial and other covenants under the company's credit facilities, could adversely affect its business and financial results. The company may requires additional equity or debt in the future in order to continue to grow the company's business, which may not be available on favourable terms or at all.
- The company's operations are subject to significant working capital requirements, and any inability to secure adequate funding in a timely manner may adversely affect its business, financial condition and results of operations.
- The company is required to furnish bank guarantees and security deposits as part of its business, and any inability to arrange such guarantees or deposits, or invocation thereof, may adversely affect the company's business, cash flows and financial condition.
- The company's Promoters, Directors and Key Management Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- The company's business is dependent on the continued involvement of its Promoters, and any loss of their services may adversely affect the company's business, operations and financial condition.
- The company's business depends on its Directors, key managerial personnel and skilled technical workforce, and the company's inability to attract and retain such personnel may adversely affect its operations and growth.
- The company's Promoters have provided personal guarantees in connection with certain of its borrowings, and any revocation of such guarantees or the company's inability to replace them may adversely affect its business, financial condition and prospects.
- While the company currentlys have adequate insurance coverage, the company's insurance coverage in the future may not be sufficient or may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations, cash flows and financial condition.
- The company's financial performance may vary considerably due to several factors and might not meet the expectations of analysts and investors, which could lead to a decline in the company's stock price.
- The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- The company may not be able to execute its projects in accordance with the performance standards, specifications or timelines required under the company's contracts, which may adversely affect its business, financial condition, results of operations and prospects.
- This Draft Red Herring Prospectus contains information from industry sources including the industry report commissioned from D&B Report.
- The Company's logo is not registered as on date of the Draft Red Herring Prospectus. The company may be unable to adequately protect its intellectual property. Furthermore, the company may be subject to claims alleging breach of third-party intellectual property rights.
- The company's capacity to distribute dividends in the future will be determined by the earnings, financial health, cash flow, working capital needs, and capital expenditure requirements at that time. The company cannot's assure you that the company will generate sufficient revenues to cover its operating expenses and pay such dividends to the Company's shareholders in future consistent with its past practices, or at all.
- The company's Promoters and Promoter Group will continue to retain control over the Company, which may limit the ability of other shareholders to influence the outcome of shareholder votes.
- Some of its Promoters may have limited experience in providing engineering solutions for HVAC systems and temperature control systems and related services business, which may affect the company's strategic decision-making and growth prospects.
- Certain of its properties are located on land not owned by the company and the company has only leasehold rights. The company's inability to renew the lease agreements and/or leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede the company's operations.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- Any variation in the utilisation of the company's Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company is dependent on contract labour largely for its onshore and data centre related work orders and any disruption to the supply of such contract labour for the company's projects or the company's inability to control the composition and cost of its contract labour could adversely affect the company's business, results of operations, financial condition and cash flows. Also, the company may be subject to labour unrest and increased employee costs, which may adversely impact its business and results of operations.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may affect its cash flows
- Inflation in India could have an adverse effect on the company's profitability and if significant, on its financial condition.
- The company has issued Equity Shares during the preceding twelve (12) months at prices that may be lower than the Issue Price.
- The company is requireds to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate its business, and if the company fails to do so in a timely manner or at all, the company's may be unable to fully or partially operate its business and the company's results of operations may be adversely affected.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Any downgrade in the company's credit ratings, in the future, could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Cyber security risks and the failures to maintain the integrity of internal or customer data could expose the company to data loss and liability and the company's reputation could be significantly harmed.
- If the company is unsuccessful in implementing its strategies, particularly the company's growth strategy, the company's business, financial condition, results of operations, and cash flows may be adversely affected.
- The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- There are restrictions on daily movements in the price of Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all
- Any future issuance of Equity Shares by us or sales of Equity Shares by the company's Promoters could adversely affect the trading price of its Equity Shares and in the case of the issuance of Equity Shares by the company result in the dilution of its then current shareholders.
- There is no guarantee that the Equity Shares will be listed on the Designated Stock Exchange in a timely manner or at all, and any trading closures at the Designated Stock Exchange may adversely affect the trading price of its Equity Shares.
- You will not be able to immediately sell any of the Equity Shares you purchase in this Issue on the Stock Exchange.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Foreign investors are subject to foreign investment restrictions under Indian law that limits the company's ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
- Global economic, political and social conditions may harm the company's ability to do business, increase The company's costs and negatively affect its stock price.
- The company's operations are located in India, and the company is subject to regulatory, economic and political uncertainties in India and a significant change in the central and state governments' economic liberalization and deregulation policies could disrupt its business.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchange which may adversely affect trading price of its Equity Shares.
- Investors bear the risk of fluctuations in the price of Equity Shares and there can be no assurance that a liquid market for the company's Equity Shares will develop following the listing of its Equity Shares on the Stock Exchange.
- The trading volume and market price of the Equity Shares may be volatile following the Issue.
- The requirements of being a publicly listed company may strain our resources.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- The company's inability to meet its obligations, including financial and other covenants under the company's credit facilities, could adversely affect its business and financial results. The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- The company operations are subject to significant working capital requirements, and any inability to secure adequate funding in a timely manner may adversely affect its business, financial condition and results of operations.
- The company's Promoters, Directors and Key Management Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- The company's business is dependent on the continued involvement of its Promoters, and any loss of their services may adversely affect the company's business, operations and financial condition.
- The company's business depends on its Directors, key managerial personnel and skilled technical workforce, and the company's inability to attract and retain such personnel may adversely affect its operations and growth.
- The company's Promoters have provided personal guarantees in connection with certain of its borrowings, and any revocation of such guarantees or the company's inability to replace them may adversely affect its business, financial condition and prospects.
- While the company's currently have adequate insurance coverage, its insurance coverage in the future may not be sufficient or may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations, cash flows and financial condition.
- The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- The company's financial performance may vary considerably due to several factors and might not meet the expectations of analysts and investors, which could lead to a decline in its stock price.
- This Red Herring Prospectus contains information from industry sources including the industry report commissioned from D&B Report.
- The Company's logo is not registered as on date of the Red Herring Prospectus. Its may be unable to adequately protect the company's intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights.
- The company's capacity to distribute dividends in the future will be determined by its earnings, financial health, cash flow, working capital needs, and capital expenditure requirements at that time. The company cannot assure you that its will generates sufficient revenues to cover the company operating expenses and pay such dividends to the Company's shareholders in future consistent with its past practices, or at all.
- The company's Promoters and Promoter Group will continue to retain control over the Company, which may limit the ability of other shareholders to influence the outcome of shareholder votes.
- Some of the company's Promoters may have limited experience in providing engineering solutions for HVAC systems and temperature control systems and related services business, which may affect the company's strategic decision-making and growth prospects.
- Certain of the company's properties are located on land not owned by it and the company has only leasehold rights. The company's inability to renew the lease agreements and/or leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede the company operations.
- Any variation in the utilisation of the company's Net Proceeds would be subject to certain compliance requirements, including prior Shareholders approval.
- The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may affect the company's cash flows.
- Inflation in India could have an adverse effect on the company profitability and if significant, on its financial condition.
- The company has issued Equity Shares during the preceding twelve (12) months at prices that may be lower than the Issue Price.
- The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business, and if the company fails to do so in a timely manner or at all, its may be unable to fully or partially operates the company's business and its results of operations may be adversely affected.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Any downgrade in the company's credit ratings, in the future, could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Cyber security risks and the failures to maintain the integrity of internal or customer data could expose it to data loss and liability and the company's reputation could be significantly harmed.
- If the company is unsuccessful in implementing its strategies, particularly the company's growth strategy, its business, financial condition, results of operations, and cash flows may be adversely affected.
- The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- There are restrictions on daily movements in the price of Equity Shares, which may adversely affect a shareholders ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- Any future issuance of Equity Shares by the company or sales of Equity Shares by its Promoters could adversely affect the trading price of the company's Equity Shares and in the case of the issuance of Equity Shares by the company's result in the dilution of its then current shareholders.
- There is no guarantee that the Equity Shares will be listed on the Designated Stock Exchange in a timely manner or at all, and any trading closures at the Designated Stock Exchange may adversely affect the trading price of the company's Equity Shares.
- You will not be able to immediately sell any of the Equity Shares you purchase in this Issue on the Stock Exchange.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Foreign investors are subject to foreign investment restrictions under Indian law that limits the company's ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
- Global economic, political and social conditions may harm the company's ability to do business, increase its costs and negatively affect the company's stock price.
- The company operations are located in India, and the company is subject to regulatory, economic and political uncertainties in India and a significant change in the central and state governments economic liberalization and deregulation policies could disrupt the company's business.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchange which may adversely affect trading price of the company's Equity Shares.
- Investors bear the risk of fluctuations in the price of Equity Shares and there can be no assurance that a liquid market for the company's Equity Shares will develop following the listing of its Equity Shares on the Stock Exchange.
- The trading volume and market price of the Equity Shares may be volatile following the Issue.
- The requirements of being a publicly listed company may strain its resources.
The Issue type of Ravita Engineering Services Ltd is Book Building - SME.
The minimum application for shares of Ravita Engineering Services Ltd is 2400.
The total shares issue of Ravita Engineering Services Ltd is 10362000.
Initial public issue of 1,03,62,000 equity shares of face value of Rs. 5/- each of Ravita Engineering Services Limited `(formerly known as Powermech Services Private Limited and
Ravita Engineering Services Private Limited)', ("RESL" or "Ravita" or the "Company" or the "Issuer") for cash at a price of Rs. 112 per equity share including a share premium of Rs. 107 per equity share (the "Issue Price") aggregating to Rs. 116.05 Crores ("The Issue" / "Fresh Issue"), of which 5,22,000 equity shares of face value of Rs. 5/- each for cash at a price of Rs. 112 per equity share including a share premium of Rs. 107 per equity share aggregating to Rs. 5.85 Crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Net issue of 98,40,000 equity shares of face value of Rs. 5/- each at a price of Rs. 112 per equity share including a share premium of Rs. 107 per equity share aggregating to Rs. 110.21 Crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.50% and 26.11%, respectively, of the post issue paid up equity share capital of the company.
Price Band: Rs. 112 per equity share of face value of Rs. 5 each.
The floor price is 22.4 times the face value of the equity shares.
Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.