Ravita Engineering Services' initial public offering (IPO) was subscribed 6.68 times on October 16, the final day of bidding, reflecting demand across investor categories.

The company is raising Rs 116.05 crore through the IPO, comprising a fresh issue of 1.03 crore equity shares. The price band for the offer was fixed at Rs 105-112 per share.

Investors placed bids for 4.95 crore equity shares against the 74.13 lakh shares on offer, through 6,309 applications.

Qualified institutional buyers (QIBs) led the demand, subscribing to their allotted portion 13.19 times. The portions reserved for non-institutional investors (NIIs) and retail individual investors were subscribed 7.77 times and 3.5 times, respectively.

The share allotment for the Ravita Engineering Services IPO is expected to be finalised by October 19, while the company's shares are likely to list on the NSE Emerge platform on October 22.

In the grey market, Ravita Engineering Services shares were trading at a premium of nearly 2%, according to market observers. However, the grey market premium (GMP) is unofficial and may fluctuate before listing.

The engineering solutions company specialises in the engineering, procurement, installation and commissioning (EPIC) of heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis.

It also provides operation and maintenance (O&M) services for projects executed by the company, as well as systems installed by third-party solution providers.

Promoted by Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors, Ravita Engineering Services plans to use Rs 70 crore from the net IPO proceeds to meet its long-term working capital requirements and Rs 25.5 crore to purchase certain heavy equipment. The remaining proceeds will be used for general corporate purposes.

Vivro Financial Services acted as the merchant banker for the Ravita Engineering Services IPO.