The initial share sale of BikeWo GreenTech Ltd. opened for subscription on September 20. The BikeWo GreenTech IPO is an entirely fresh issue of 38.86 lakh shares totalling Rs 24.08 crore. The SME issue of BikeWo GreenTech was subscribed 1.28 times on Day 1.
Here's all you need to know about the SME IPO of BikeWo GreenTech Ltd.
BikeWo GreenTech IPO Details
BikeWo GreenTech IPO will be open for bidding till September 24. The price band of the issue has been set at Rs 59 to Rs 62 per equity share. Retail investors can participate in the IPO with a minimum lot size of 2,000 shares, aggregating to an investment of Rs 1,24,000 at the upper end of the price band.
BigShare Services Pvt Ltd is the registrar for the issue, while Khandwala Securities Limited is the book-running lead manager of the BikeWo GreenTech IPO. Aftertrade Broking Pvt. has been appointed market maker for the initial share sale.
The allotment for the BikeWo GreenTech IPO is expected to be finalised on Wednesday, September 25. Successful applicants will receive shares in their demat accounts on September 26. The company will initiate refunds for non-allottees on the same day. Shares of BikeWo GreenTech IPO are set to list on the NSE SME platform, Emerge, on September 27.
BikeWo GreenTech IPO Day 2 Subscription Status
The IPO has been subscribed 9.69 times as of 7:29 p.m. on Monday
-
Qualified institutions: 1 time
-
Non-institutional buyers: 2.75 times
-
Retail investors: 17.57 times
BikeWo GreenTech Ltd IPO GMP Today
The grey market premium (GMP) of BikeWo GreenTech IPO is Rs 20 as of 7:02 p.m. on September 23, implying a 32.26% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 82 per share.
GMP is not an official price quote for the stock and is based on speculation.
BikeWo GreenTech Ltd: Business
Established in 2016, BikeWo GreenTech Ltd. is a retailer of two-wheeler electric vehicles. It operates on a dealership model and offers three types of dealerships to its clients – State, Diamond and Platinum.
The company is present in states including Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra and Gujarat. It plans to expand its network across Rajasthan, Kerala, Karnataka and West Bengal.
Use of Funds
BikeWo GreenTech in its red herring prospectus said that it will use the funds from the IPO to purchase electric two-wheelers for selling and supplying them to its existing and new dealers.
The company will also use the proceeds to fund capital expenditure required to set up 11 dealership stores across various states in India.
Part of the proceeds will be used to settle outstanding borrowings. The remaining money will be used for general corporate purposes.
Financials of the Company
In FY24, the company clocked a revenue of Rs 25.14 crore, up nearly 22% from its FY23 revenue of Rs 20.61 crore. Meanwhile, its profit after taxes zoomed 1,606% to Rs 1.67 crore in FY24, as compared to Rs 9.8 lakh in the previous fiscal.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
. Read more on IPOs by NDTV Profit.