Rajani Associates advised Ravita Engineering Services Limited and book-running lead manager Vivro Financial Services Private Limited on Ravita’s ₹116.05-crore initial public offering. The company’s shares listed on the National Stock Exchange’s SME platform on October 22, 2026.
The transaction was led by Sangeeta Lakhi, Senior Partner, with support from Associates Sommya Khandelwal and Addvit Shrivastava. The offer comprised a fresh issue of 1,03,62,000 equity shares, with no offer-for-sale component.
According to the supplied transaction brief, the firm’s mandate extended from legal and secretarial diligence to responding to NSE queries, preparing ancillary documents and agreements, and drafting and finalising the offer documents. The engagement placed disclosure preparation and regulatory coordination at the centre of the legal work.
The capital raise is intended to support long-term working capital, equipment purchases and general corporate purposes for an engineering business engaged in HVAC, chiller plants, industrial compressors and related electromechanical systems.
Key Highlights
Transaction: Ravita Engineering Services raised ₹116.05 crore through an entirely fresh issue of 1,03,62,000 equity shares.
Advisers: Rajani Associates advised the issuer and Vivro Financial Services, according to the transaction brief. Sangeeta Lakhi led the firm’s team.
Legal mandate: The work covered diligence, NSE-query responses, transaction agreements and preparation of the DRHP, RHP and prospectus.
Deployment: The stated objects include long-term working capital, heavy equipment purchases and general corporate purposes.
Timetable: The revised public subscription window ran from October 14 to 16, 2026, followed by listing on October 22.
Rajani Associates advises issuer and book-running lead manager on Ravita's IPO
Rajani Associates’ engagement covered both Ravita Engineering Services and Vivro Financial Services, according to the supplied deal brief. The issuer was seeking public equity capital for its business, while Vivro acted as the book-running lead manager responsible for managing the offering. These are distinct transaction roles, brought together through the preparation, verification and execution of a common set of offer documents.
The NSE-hosted draft red herring prospectus independently identifies the law firm as legal adviser. Its definitions section describes the advisers in the following terms:
“The legal advisors being Rajani Associates, Advocates and Solicitors.”
The firm’s publicly indexed announcement also confirms its involvement as counsel to Ravita. The detailed dual-client mandate and description of work are drawn from the supplied transaction brief, rather than a separately retrieved account of that engagement. The distinction matters because an adviser’s identification in an offer document establishes its participation, but does not, by itself, establish every element of its instructions.
The offering proceeded within the SME capital-markets framework, rather than through any adjudicatory process. There was no court ruling or contested regulatory proceeding at the centre of the transaction. The relevant legal exercise concerned corporate authorisations, disclosure obligations, diligence and the steps required to bring the company’s shares to the exchange.
The ₹116.05-crore offer comprised a fresh issue of 1,03,62,000 shares
The ₹116.05-crore IPO comprised 1,03,62,000 newly issued equity shares, offered within a price band of ₹105 to ₹112 per share. The reported issue size corresponds, on a rounded basis, to the number of shares multiplied by the upper end of that band. The entire offering was a fresh issue, with no sale of existing shares by shareholders.
That distinction determines the basic destination of the fundraising. In a fresh issue, the company receives the subscription proceeds, subject to issue expenses and the terms of the offering. An offer for sale, by contrast, provides proceeds to the shareholders selling their existing holdings. Ravita’s stated objects therefore concern deployment by the company rather than a shareholder exit.
The red herring prospectus expressly signposted the statutory prospectus framework:
“Please read Section 26 and 32 of the Companies Act, 2013”.
Section 26 concerns matters to be stated in a prospectus, while Section 32 addresses the red herring prospectus used before final offer particulars are settled. The RHP also identified Regulations 229(2) and 253(1) of Chapter IX of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as the applicable issue framework. Together, these provisions locate the offering within the company-law and securities-disclosure architecture for an SME public issue.
Sangeeta Lakhi led the Rajani Associates transaction team
Sangeeta Lakhi, Senior Partner at Rajani Associates, led the transaction, supported by Associates Sommya Khandelwal and Addvit Shrivastava. The firm’s publicly indexed announcement identified the lawyers handling the matter:
“The matter was handled by Sangeeta Lakhi (Senior Partner), Sommya Khandelwal and Addvit Shrivastava (Associates).”
The supplied brief describes a mandate spanning diligence, exchange correspondence, agreements and offer-document preparation. It does not allocate particular drafting or diligence responsibilities among the three lawyers. Their individual contributions should therefore be understood through the stated team composition, rather than through assumptions about who handled particular workstreams.
For an IPO, these workstreams are closely connected. Corporate records reviewed during diligence can affect the description of the issuer’s history and capital structure; contractual review can inform business and risk disclosures; and exchange queries may require changes across several chapters. Legal drafting consequently involves checking consistency between underlying records, management explanations and the disclosures presented to prospective investors.
Ravita’s documented corporate history made that exercise particularly relevant. The company underwent name changes and conversion into a public company before its proposed listing. Reviewing the resolutions, certificates and related records provides the documentary basis for explaining that continuity in an offer document. This is general context for the mandate, not a finding that any particular irregularity arose during the transaction.
Legal work covered diligence, NSE queries and offer-document preparation
According to the transaction brief, Rajani Associates conducted legal and secretarial diligence, prepared and finalised responses to NSE queries, and worked on ancillary documents and agreements. Its mandate also covered drafting, reviewing and finalising all chapters of the draft red herring prospectus, red herring prospectus and prospectus. These documents represent successive stages of the public-offer disclosure process.
The company filed its DRHP with NSE on March 25, 2026. NSE granted in-principle listing approval on July 2, 2026, subject to applicable conditions, and the original RHP was dated October 6, 2026. In-principle approval is an intermediate regulatory step; it should not be read as an assurance of investment performance or as an endorsement of every commercial statement in the offer.
The company’s material-documents index lists merchant banker diligence certificates, site-visit reports, chartered engineer reports, restated financial statements, professional consents and corporate approvals. That index demonstrates the range of supporting documentation assembled for the offering. Its existence does not establish the substantive conclusions of each report, or permit an inference that every underlying matter was free from qualification.
The DRHP also records a materiality policy adopted on February 2, 2026, addressing outstanding litigation, creditors and group companies for disclosure purposes. Such policies help structure disclosure assessments; they do not establish that litigation or liabilities are absent. Exchange-query responses and document revisions form part of the process of ensuring that relevant information is presented coherently.
Ravita's IPO proceeds are earmarked for working capital, equipment and corporate needs
Ravita identified long-term working capital, purchase of heavy equipment and general corporate purposes as the principal objects of the issue. These objects connect the fundraising to the requirements of a project-execution business. The available material does not provide a verified allocation among the three categories, and no specific allocation can therefore be attributed to them here.
Working capital has a particular commercial significance for an engineering contractor. Procurement, equipment mobilisation and installation may require expenditure before corresponding customer payments are received. Fresh equity can support that funding cycle, although raising capital does not itself establish that individual projects will be completed on schedule or that receivables will be collected within anticipated periods.
Equipment expenditure addresses a different aspect of execution capacity. Ravita’s stated plan to purchase heavy equipment sits alongside its activities in installation and commissioning. Free Press Journal reported Chairman and Executive Director Vibhoar Agrawal’s explanation that the investment would support order execution and strengthen delivery capabilities, including in the data-centre business. That explanation is available in paraphrase, not as a verified verbatim quotation.
From a disclosure perspective, the objects of an issue explain why capital is being sought and the purposes for which investors are being asked to fund the issuer. Subsequent reporting on utilisation provides an accountability mechanism under the applicable framework. General corporate purposes remain part of the disclosed deployment structure, rather than a substitute for the specific working-capital and equipment objectives.
HVAC, chiller and data-centre projects underpin Ravita's business profile
Ravita provides engineering, procurement, installation and commissioning services for HVAC and related electromechanical systems, together with operation and maintenance services. Its activities include central air-conditioning, airflow systems, chiller plants, industrial compressors and cooling equipment. The business serves commercial, industrial and offshore installations, bringing together equipment supply, technical installation and continuing operational support.
Free Press Journal reported an order book of ₹491.12 crore across 21 projects as of June 30, 2026, including ₹120 crore of data-centre work orders. The figures provide a dated view of contracted business and the role of data-centre projects within it. They should not be treated as a statement of the company’s order book at the end of October.
The same report recorded revenue from operations of ₹277.63 crore and profit after tax of ₹28.04 crore for FY2026, alongside June-quarter revenue of ₹97.31 crore. These are reported commercial metrics, not findings by a court or regulator. An order book is also distinct from recognised revenue: execution, contractual milestones and applicable accounting treatment remain relevant to the conversion of orders into reported earnings.
The issuer’s corporate history began with incorporation as Sayo Construction Private Limited on December 28, 2007. It became Powermech Services Private Limited following the April 22, 2010 resolution and May 5 certificate. A September 5, 2025 resolution approved the Ravita Engineering Services Private Limited name, followed by a September 29 certificate. Public-company conversion proceeded through resolutions on October 8 and November 3, with the fresh certificate issued on December 16, 2025.
The final timetable must be distinguished from the schedule in the original RHP. That document contemplated anchor bidding on October 12 and public bidding from October 13 to 15, 2026. Subsequent reporting recorded revised anchor bidding on October 13 and the public subscription window from October 14 to 16, 2026.
The updated Economic Times IPO record places the basis of allotment on October 19, refund initiation and share credit on October 21, and listing on October 22, 2026. These stages distinguish the close of bidding from the allocation and delivery of shares, and finally their admission to exchange trading. The issue is recorded as listed on NSE’s SME platform.
Listing shifts the issuer from offer-stage disclosures to the continuing obligations applicable to a listed company. The DRHP refers to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and describes board-committee arrangements by reference to applicable company-law and listing provisions. The precise requirements must be assessed within the SME framework, rather than assumed to be identical to every main-board obligation.
Transaction advisers: Rajani Associates advised Ravita Engineering Services Limited and book-running lead manager Vivro Financial Services Private Limited, according to the transaction brief. Its team comprised Senior Partner Sangeeta Lakhi and Associates Sommya Khandelwal and Addvit Shrivastava. MUFG Intime India Private Limited acted as registrar. Following listing, the company’s continuing focus is the disclosed deployment of proceeds and compliance with its applicable reporting obligations.
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