Ravelcare Ltd. IPO Analysis

01 December 2025

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 24.10 crores
Price Band	INR 123-130 per share
Lot Size	1000 shares
Net Issue	18,54,000 Shares
QIB Portion	8,76,000 (47.25%) Shares
NII Portion	2,64,000 (14.24%) Shares
Market Makers	94,000 (5.07%) Shares
Retail Portion	6,20,000 (33.44%) Shares
Listing Platform	BSE SME
Issue Opens	December 1, 2025
Issue Closes	December 3, 2025
Listing Date	December 8, 2025

(The Ravelcare Ltd Share Price will be finalized post-allotment, while grey market cues through the Ravelcare Ltd IPO GMP will likely show a gain of 40% above the listing price.)

Now, let’s move to what’s working for the company and what’s not before moving onto their history and numbers.

Strengths	Risks
Have an increasing repeat order sales rate (16.81 % in FY2022‑23, rising to 36.86 % in H1 FY2025).	Heavily dependent on third-party manufacturers.
Strong sales growth of around 92.69% CAGR since the last 3 years.	Construction risk of new facility - depends on obtaining approvals and may face cost overruns.
Currently outsources manufacturing to a contract manufacturer and therefore carries minimal fixed assets and debt.	No assurance that proceeds will be utilised in the timely manner they specified as they had not been appraised by any bank or financial institution.
Using IPO proceeds, they intend to set up their own plant, which could improve control over production and margins.	Revenue concentration in haircare - Haircare contributes over 93 % of revenue
The company is debt free.	Revenue is significantly dependent on their website and digital media marketing.

Now let’s move forward to unpacking the whole business story and their numbers - 

The hair‑care brand Ravelcare Limited plans to go public on BSE’s SME platform. Founded by first‑generation entrepreneur Ayush Mahesh Varma and family members, Ravelcare operates in the beauty and personal care (BPC) industry. Its digital‑first direct‑to‑consumer model sells haircare, skincare, bodycare and scalp‑care products through its own website and via major e‑commerce and quick‑commerce platforms such as Amazon, Flipkart, Myntra and Blinkit. The company emphasises data‑driven product development, resulting in high repeat‑order rates that increased from 16.81% in FY2022‑23 to 36.86% in the half‑year ended 30 September 2025.

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