Ravita Engineering Services plans to raise ₹116 crore through an initial public offering on NSE Emerge, according to thehindubusinessline.com. The company will issue 1.04 crore equity shares priced between ₹105 and ₹112 each. The IPO opens for subscription on Tuesday, aiming to strengthen the company's financial position and support its growth plans.
The net proceeds from the IPO will be used to meet long-term working capital requirements, capital expenditure for purchasing heavy equipment, and general corporate purposes, thehindubusinessline.com reported. Vivro Financial Services is the Book Running Lead Manager, while MUFG Intime India has been appointed as the registrar. Vibhoar Agrawal, Chairman and Executive Director of Ravita Engineering Services, highlighted the company's expertise in EPIC and O&M of HVAC and electro-mechanical systems across various sectors, including offshore rigs and data centres.
The fundraising is intended to support the execution of the company's existing order book and enhance in-house project delivery capabilities, thehindubusinessline.com noted. The company also plans to expand its presence in the data centre segment, a growing market in India. The move aligns with sector trends where engineering and maintenance firms seek capital to scale operations and invest in advanced equipment, similar to other recent IPOs in the engineering services space.
The IPO subscription opens on Tuesday, with the price band set at ₹105 to ₹112 per share. Vivro Financial Services and MUFG Intime India will oversee the process, marking a key milestone in Ravita Engineering Services' growth trajectory, thehindubusinessline.com confirmed.