India’s primary markets continue to see strong participation from investors looking beyond traditional sectors toward consumer brands that are digital-led and asset-light. In this context, Ravelcare Ltd., a digital-first beauty and personal care (BPC) brand, is set to launch its IPO on December 1, 2025. The issue gives investors an opportunity to participate in the growth of a personalised, tech-driven BPC platform with international presence.
Here is a detailed look at Ravelcare Ltd., its IPO structure, financials, and business outlook.
About Ravelcare Ltd.
Incorporated in November 2018, Ravelcare Ltd. operates as a digital-first beauty and personal care brand, offering customised solutions across:
- Haircare – shampoos, conditioners, masks, oils, and styling products addressing hair fall, frizz, chemical damage and more
- Skincare – cleansers, serums, moisturisers, sunscreens, and treatments for acne, dryness, pigmentation, and sensitivity
- Bodycare – body washes and lotions focused on hydration, cleansing, and skin barrier repair
- Scalp care – targeted solutions like anti-dandruff tonics, hair growth serums, and hair fall control ampoules
The company reaches customers primarily through its own website and major online marketplaces such as Amazon, Flipkart, Myntra, along with quick commerce platforms like Blinkit.
Ravelcare has also expanded globally and serves customers in the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia. To strengthen its backend, the company manages logistics and warehousing operations across central Indian states for faster and reliable delivery.
Going forward, Ravelcare plans to set up an integrated manufacturing facility at Mauje Peth, Amravati, Maharashtra, with a proposed installed capacity of 1,050 TPA. This facility is expected to house R&D, manufacturing, packaging, warehousing, and distribution under one roof.
As of June 30, 2025, the company employed 25 professionals across functions.
Promoter:
- Ayush Mahesh Verma
Competitive Strengths:
- Wide and diversified domestic and international customer base
- Digital first, D2C oriented distribution model
- Strong focus on personalisation through digital consultations and assessments
- Innovation-led product development based on structured consumer insights
Ravelcare IPO Details
Ravelcare IPO is a book-built issue aggregating up to ₹24.10 crore, entirely via a fresh issue of 18,54,000 shares. Proceeds will be used for brand marketing, setting up a new manufacturing facility, and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Allotment Date (Tentative) | December 4, 2025 |
| Initiation of Refunds | December 5, 2025 |
| Credit of Shares to Demat | December 5, 2025 |
| Listing Date (Tentative) | December 8, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on December 3, 2025 |
Key IPO Details
Here is the snapshot of Ravelcare IPO:
| IPO Date | December 1, 2025 to December 3, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹123 to ₹130 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 18,54,000 shares (aggregating up to ₹24.10 Cr) |
| Reserved for Market Maker | 94,000 shares (aggregating up to ₹1.22 Cr) SS Corporate Securities Ltd. |
| Net Offered to Public | 17,60,000 shares (aggregating up to ₹22.88 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 50,05,000 shares |
| Share Holding Post Issue | 68,59,000 shares |
| Book Running Lead Manager | Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
Ravelcare IPO Reservation
Ravelcare IPO offers a total of 18,54,000 shares, allocated as follows:
| Investor Category | Shares Offered | Percentage of Issue |
| Market Maker | 94,000 | 5.07% |
| QIB | 8,76,000 | 47.25% |
| NII (HNI) | 2,64,000 | 14.24% |
| Retail | 6,20,000 | 33.44% |
| Total | 18,54,000 | 100.00% |
Anchor Investors
Ravelcare has raised ₹6.83 crore from anchor investors ahead of the issue.
- Anchor bid date: November 28, 2025
- Anchor shares offered: 5,25,000
- Anchor portion size: ₹6.83 crore
- Anchor lock in:
- For 50% of shares: till January 3, 2026
- For remaining shares: till March 4, 2026
Lot Size of Ravelcare IPO
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereafter.
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,60,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,60,000 |
| S HNI (Min) | 3 | 3,000 | ₹3,90,000 |
| S HNI (Max) | 7 | 7,000 | ₹9,10,000 |
| B HNI (Min) | 8 | 8,000 | ₹10,40,000 |
Ravelcare Ltd. Financials
Ravelcare has shown rapid scaling over a short period, with revenue and profit growth led by its digital distribution and personalised offerings.
Key Performance Indicators (as of March 31, 2025):
| KPI | Value |
| ROE | 68.04% |
| ROCE | 68.32% |
| RoNW | 50.77% |
| PAT Margin | 21.01% |
| EBITDA Margin | 27.30% |
| Price to Book Value | 6.29 |
| Market Capitalisation | ₹89.17 Cr |
EPS & P/E Ratio
| Pre IPO | Post IPO | |
| EPS (₹) | ₹10.50 | ₹9.32 |
| P/E (x) | 12.38x | 13.95x |
Key Company Financials
Amounts in ₹ crore
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 15.68 | 11.63 | 8.03 | 1.74 |
| Total Income | 14.44 | 25.30 | 22.28 | 3.49 |
| Profit After Tax | 3.20 | 5.26 | 5.02 | 0.41 |
| EBITDA | 4.33 | 6.82 | 6.64 | 0.51 |
| Net Worth | 13.55 | 10.35 | 5.10 | 0.07 |
| Reserves & Surplus | 8.54 | 5.35 | 5.09 | 0.07 |
| Total Borrowing | – | – | 0.04 | 0.41 |
Promoter Holding:
- Pre Issue: 99.96%
- Post Issue: NA
Objects of the Issue
Ravelcare proposes to utilise the net proceeds from the IPO for the following purposes:
| S.No. | Object of the Issue | Expected Amount (₹ in crore) |
| 1 | Marketing and advertising expenses to enhance brand awareness and visibility | 11.50 |
| 2 | Setting up a new manufacturing facility at Mauje Peth, Amravati, Maharashtra | 7.84 |
| 3 | General corporate purposes | Balance |
Ravelcare Ltd.: Industry Outlook
- The beauty and personal care market in India is expanding with rising disposable incomes, greater digital penetration, and increasing preference for personalised routines.
- D2C and marketplace-led brands are gaining share as customers shift online, searching for targeted solutions rather than mass generic products.
- Ravelcare’s digital-first distribution, data-driven personalisation, and planned in-house manufacturing capability support better control over product quality, margins, and delivery timelines.
- International expansion to markets such as the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia further diversifies its opportunity set.
Ravelcare IPO: Peer Comparison
Ravelcare IPO can be compared with peers such as Honasa Consumer Ltd (Mamaearth), FSN E Commerce Ventures Ltd (Nykaa), Lotus Herbals, The Good Glamm Group, and Marico’s BPC portfolio. Exploring these companies provides investors with a broader view of how Ravelcare positions itself in the digital-first beauty and personal care landscape, helping them assess growth potential, competitive strengths, and sector dynamics.
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Conclusion
Ravelcare Ltd. represents a modern consumer brand play in the digital-first beauty and personal care space, with:
- Strong return ratios (high ROE and ROCE)
- Growing revenue and profitability
- Clear use of IPO proceeds toward brand building and integrated manufacturing
At the same time, investors should consider key risks such as:
- Dependence on online platforms and performance marketing
- Intense competition from both established FMCG players and new-age D2C brands
- Execution risk around setting up and scaling the new manufacturing facility
For investors comfortable with SME listing risk and the high-growth consumer internet theme, the Ravelcare IPO may be worth evaluating within a diversified portfolio and a long-term horizon.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
