Ravita Engineering Services IPO got subscribed 1.62 times on October 15, the second day of bidding. Investors placed bids for 1.2 crore equity shares against 74.13 lakh shares on offer. The issue remains open until October 16. The company aims to raise Rs 116.05 crore through this fresh share issue.
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Electro-mechanical engineering solutions provider Ravita Engineering Services’ initial public offering (IPO) was subscribed 1.62 times on October 15, the second day of bidding.
The IPO will remain open for subscription until October 16.
Investors placed bids for 1.2 crore equity shares against the 74.13 lakh shares on offer during the first two days, through 2,525 applications.
The portion reserved for non-institutional investors was subscribed 2.86 times, while the retail investor portion was subscribed 1.5 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 1.32 times.
Ravita Engineering Services aims to raise Rs 116.05 crore through the IPO, comprising a fresh issue of 1.03 crore equity shares at the upper end of the price band of Rs 105-112 per share.
Of the total issue size, the company has already raised Rs 33.02 crore by allotting 29.48 lakh equity shares to 15 institutional investors through the anchor book on October 13.
Investors participating in the anchor book included 360 ONE Prime, Finavenue Growth Fund, Moneywise Financial Services, Getfive Opportunity Fund, New India Vision Fund, Smart Horizon Opportunity Fund, SB Opportunities Fund, Mili Emerging Equities Fund, and Finvesta First.
Ravita Engineering Services executes electro-mechanical projects on a turnkey basis, covering engineering, procurement, installation, and commissioning. Its areas of operation include heating, ventilation, and air-conditioning (HVAC) systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors, cooling equipment, and other electro-mechanical equipment.
The company also provides operation and maintenance (O&M) services for projects executed by it, as well as for systems installed by third-party solution providers.
Of the net IPO proceeds, Rs 70 crore will be used to meet long-term working capital requirements, while Rs 25.5 crore will be allocated towards the purchase of certain heavy equipment. The remaining proceeds will be used for general corporate purposes.
Vivro Financial Services is acting as the merchant banker for the IPO.