The Indian stock market witnessed a blockbuster debut on Monday, December 8, 2025, as digital-first beauty brand Ravelcare made its entry on the BSE SME platform. The company's shares began trading at a significant premium, reflecting immense investor confidence garnered during its recent public offering.
A Stellar Market Debut Exceeds Expectations
Ravelcare's share price was listed at ₹201 per share on the BSE SME, marking a powerful opening. This listing price represented a substantial premium of 54.62% over its issue price of ₹130 per share. The stellar performance aligned closely with the grey market premium (GMP) trends observed prior to the listing, which had indicated a likely debut around ₹205.
The public issue, which was open for subscription from December 1 to December 3, 2025, witnessed an overwhelming response from all investor categories. The final allotment was completed on December 4, paving the way for today's listing.
Unprecedented Subscription and IPO Details
The Ravelcare IPO story is one of record-breaking demand. The overall issue was subscribed a staggering 437.60 times, showcasing the frenzy among investors to own a piece of this growing D2C brand. A closer look at the category-wise subscription reveals even more impressive numbers.
The portion reserved for retail individual investors (RII) was booked 463.13 times. Non-institutional investors (NII) demonstrated even greater hunger, subscribing their segment 752.16 times. Qualified Institutional Buyers (QIBs) also participated robustly, putting in bids 155.91 times the allotted shares. In total, the company received bids for 54.04 crore shares against an offer of just 12.35 lakh shares.
The ₹24.10 crore SME IPO comprised entirely a fresh issue of 19 lakh equity shares, with no offer-for-sale (OFS) component from existing promoters or shareholders. The price band for the offer had been fixed between ₹123 and ₹130 per share.
Utilisation of Funds and Company Background
The capital raised through this IPO is earmarked for specific growth initiatives. ₹11.5 crore will be deployed for marketing and advertising to boost brand visibility. Another ₹7.8 crore is allocated for establishing a new manufacturing facility at Mauje-Peth in Amravati. The remaining funds will cater to general corporate purposes.
Ahead of the public issue, on November 28, the company successfully secured ₹6.83 crore from anchor investors, setting a positive tone. The IPO lot size was set at 1,000 shares, requiring retail investors to apply for a minimum of two lots, translating to a minimum investment of ₹2.60 lakh at the upper price band.
Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. acted as the book-running lead manager for the issue, with Kfin Technologies Ltd. as the registrar. SS Corporate Securities Ltd. served as the market maker.
Ravelcare: A Digital-First Beauty Powerhouse
Founded in 2018, Ravelcare has carved a niche in the competitive beauty and personal care industry with its direct-to-consumer (D2C) model. The brand offers a wide portfolio of haircare, skincare, and bodycare products. Its omnichannel strategy leverages major e-commerce platforms and quick-commerce services to reach customers across India and key international markets like the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia.
The company's financial performance underscores its growth trajectory. For the six months ended September 30, 2025, Ravelcare reported a revenue of ₹14.4 crore and a profit after tax (PAT) of ₹3.2 crore. In the full financial year 2024-25, it generated revenue of ₹24.98 crore with a PAT of ₹5.25 crore, indicating steady expansion and rising consumer demand for its products.
The successful listing and the phenomenal subscription numbers highlight the market's strong belief in Ravelcare's business model and its future growth prospects in the evolving beauty and personal care landscape.
