Ravelcare IPO

About Ravelcare IPO

The 100% book building issue of Ravelcare comprises a fresh issue of aggregating up to 18,54,000 equity shares. There’s no offer for sale in this IPO. The price band is ₹123 to ₹130 per share and the lot size is 1000.

The Ravelcare IPO opens on December 1, 2025 and closes on December 3, 2025. The allotment of shares will take place on December 4, 2025. The credit of shares to the Demat account will take place on December 5, 2025. The initiation of refunds will take place on December 5, 2025. The listing of shares will take place on December 8, 2025.

Ravelcare operates through a digital first distribution model in the beauty and personal care segment (“BPC”) offering a range of haircare, skincare, and bodycare products. Its current operations are built around a direct-to-consumer (D2C) approach, supported by e-commerce and data-driven product development processes.

Objectives of Ravelcare IPO

The company proposes to utilise the IPO proceeds for:

• Marketing and advertisement expenses toward enhancing the awareness and visibility of its brand
  
• Setting up a new manufacturing facility located at Mauje-Peth in Amravati
  
• General corporate purposes
  

Ravelcare Industry Outlook

The beauty and personal care market in India encompass the following sub-segments: Skincare, Oral Care, Hair Care, Men's Grooming, Makeup & Cosmetics, Fragrance, and Bath & Shower. The Indian beauty and personal care market is expected to grow at a CAGR of 9.6% from 2021 to 2026. Note that over the last decade, India has seen consistent growth in the personal care and cosmetics market with increasing shelf space in boutiques and retail stores across the country.

The Indian cosmetics industry is majorly categorised into skin care, hair care, oral care, fragrances, and colour cosmetics segments. The overall market share is expected to grow to US$ 20 billion by 2025 with a Compound Annual Growth Rate (CAGR) of 25%. On the other hand, India’s beauty, cosmetics and grooming market is expected to reach US$ 20 billion by 2025. The market share of organised and unorganised will be 44:55 by 2025 from the existing ratio of 25:75.

Ravelcare Company Information

Ravelcare specialises in personalised hair care, skincare and body care products within the beauty and personal care industry. Its core mission is to redefine beauty standards by offering bespoke products meticulously crafted to meet the needs and preferences of customers. It focuses on harnessing top-tier ingredients, cutting-edge product research, and direct customer feedback to curate exceptional formulations that deliver transformative results.

Its dedication to personalised beauty regimens empowers individuals to embrace their distinctiveness and enhances their self-assurance. It aims to foster a movement towards personalised self-care by revolutionising how people perceive and engage with beauty, thereby enhancing the overall customer experience.

Strengths of Ravelcare

• Diversified customer base having a wide geographic presence
• Digital distribution channel
• Product innovations

Risks of Ravelcare

• Dependence on third-party contract manufacturer for all products subjects us to risks, which, if realised, could adversely affect business
• Inability to commission proposed manufacturing facility may adversely affect business
• The plan for deployment of the net proceeds has not been appraised by any bank or financial institution
• Negative cash flow in the future may affect liquidity and financial condition
• Decrease in the sales of haircare products will adversely affect business
• Significant dependence on website and digital media marketing for the sale of products
• Difficulty in seeking renewal or extension of such lease terms may cause disruption in operations
• Subject to product liability claims from customers
• Disruptions or inefficiencies in third-party service providers may adversely affect business
• No insurance coverage obtained by the company can protect the company against all potential losses

Peer Comparison

There are no listed companies in India that are engaged in the business segment in which Ravelcare operates or of a comparable size to that of it. Accordingly, it is not possible to provide an industry comparison in relation to Ravelcare.

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on November 28, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: KFin Technologies
• Book Running Lead Manager: Marwadi Chandarana Intermediaries Brokers

Ravelcare Business Model

Specialising in personalised haircare, skincare and body care products, Ravelcare business model focuses on a direct-to-consumer (D2C) approach, strategically leveraging e-commerce platforms and digital channels to engage with customers directly. Its core business is to deliver tailored haircare, skincare, and body care products.

Ravelcare Growth Trajectory

The revenue of operations of Ravelcare increased from ₹3.4936 crores in FY 23 to ₹24.9789 crores in FY 25. Its EBITDA margin increased from 14.51% in FY 23 to 27.30% in FY 25, while PAT margin increased from 11.87% in FY 23 to 21.04% in FY 25. Diversified customer base having a wide geographic presence and product innovations have helped the company grow over the years.

Ravelcare Market Position

Ravelcare has sales across India, from north to south and from east to west. As on date of the company’s draft red herring prospectus (DRHP), it had served 2,02,861 customers on Pan India basis. Also, as on the date of the DRHP, the company had 11 master SKUs and 40 child SKUs.

It introduced 4 SKUs and 3 SKUs in haircare & skincare range respectively during the financial year 2023-2024. It introduced 4 SKUs and 1 SKU in haircare & skincare range respectively in the first quarter of financial year 2024-25.

How to Apply for Ravelcare IPO?

To apply for this IPO:

• Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.