Supertech EV IPO, Day 1: Check GMP, Offer Size, Price Band, Subscription Status And More

Supertech EV Ltd. launched its initial public offering on Wednesday to raise nearly Rs 30 crore from the primary market. The company manufactures electric vehicles. Investors who want to bid for shares need to check the following details before submitting their applications for the IPO shares. 

The Supertech EV IPO is a bookbuilding issue of Rs 29.9 crore. The BSE SME IPO comprises entirely a fresh issue of 32.5 lakh shares.

The price band for the IPO has been fixed between Rs 87 and Rs 92 per share.

Retail investors can participate in the IPO by bidding for a single lot size of 1,200 shares worth Rs 1,10,400. High-Net-Worth Individuals must bid for at least two lots, requiring an investment of Rs 2,20,800.

Both retail investors and Non-Institutional Investors will be offered 47.36% of the issue. As much as 5% of the shares are reserved for Qualified Institutional Buyers. The market maker will be allotted 5.28% of the shares. 

Corporate Makers Capital Ltd. is the book-running lead manager of the Supertech EV IPO. Skyline Financial Services Pvt. is the registrar and Asnani Stock Broker Pvt. is the market maker for the issue. 

The subscription window for the IPO is open from June 25 to June 27. Share allotment is proposed to be finalised on June 30. Successful bidders will receive shares in their demat accounts on July 1 and refunds for non-allottees will be initiated on the same day. 

The IPO listing has been tentatively scheduled for July 2. Shares of the company will be listed on the BSE SME platform. 

The IPO of Supertech EV was subscribed 0.67 times as of 1:34 p.m. on Wednesday

Qualified Institutions: NIL

Non-Institutional Buyers: 0.41 times

Retail Investors: 0.99 times

*The subscription status will be updated at regular intervals.

According to InvestorGain, the grey market premium for the Supertech EV IPO was Rs 15 as of 12:31 p.m. on June 25. The GMP indicates listing of shares at an estimated price of Rs 107 apiece, a premium of 16.30% per share over the upper end of the price band. 

Note: GMP does not represent official data and is based on speculation.

The company manufactures electric two-wheelers and three-wheelers. E-scooters and e-rickshaws are its major products. 

Use Of Proceeds

The company will use proceeds from the IPO to meet working capital requirements and for general corporate purposes. 

Financials

Supertech EV reported a 23.3% year-on-year increase in its profit after tax to Rs 6.19 crore in FY25 from Rs 5.02 crore in FY24. Revenue from operations rose 15.5% YoY to Rs 75.1 crore in FY25 from Rs 65.03 crore in FY24.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.