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The SME IPO of Tunwal E-Motors is now open for subscription and will close on July 18. The company aims to raise Rs 115 crore and list on the NSE SME platform. Here are the top 10 things investors should know before subscribing.
The IPO includes a fresh equity issue of 13.8 lakh shares and an Offer for Sale (OFS. amounting to Rs 33.93 crore.
Shares are priced at Rs 59 each, with a minimum bid of 2000 shares per lot.
In the unlisted market, shares are trading at a Grey Market Premium (GMP. of Rs 25, suggesting a potential listing gain of approximately 42%.
Tunwal E-Motors has become a significant player in the electric vehicle market, specializing in the design, development, manufacturing, and distribution of high-quality electric two-wheelers.
India's electric two-wheeler (E2W. market is rapidly growing, driven by the country's fast-paced electric vehicle market. The two-wheeler segment, comprising over 70% of registered vehicles, is key to this growth.
For the year ending March 2024, the company reported total revenues of Rs 105 crore and a net profit of Rs 11.81 crore.
Proceeds from the IPO will be used to fund working capital, research and development, pursue inorganic growth, and cover general corporate expenses.
Horizon Management is the lead manager, and Skyline Financial Services is the registrar for the issue.
Half of the offer is reserved for retail investors, with the remaining 50% allocated to other investors.
The IPO opened on July 15 and will close on July 18. Final allotment is expected on July 19, with the shares likely to be listed on July 23.
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