Tunwal E-Motors IPO Subscribed 1.99 Times At The End Of Day 1

Tunwal E-Motors' initial public offering was subscribed 1.99 times at 07:00 p.m. on Monday. The electric vehicle (EV) manufacturing company seeks to raise Rs 115.64 crore through its initial public offering. The IPO, which consists of a fresh issue of 138.5 lakh shares and an offer for sale of 57.5 lakh shares, is priced at Rs 59 per share. Investors can participate by bidding for a minimum lot size of 2000 shares, requiring an investment of Rs 118,000 for retail investors and Rs 236,000 for High Net Worth Individuals

The IPO has been subscribed 1.99 times as of 07:00 p.m. on Monday, as per market tracking site Chittorgarh.

• Non-institutional buyers: 1.04 times

• Retail investors: 2.95 times

The Tunwal E-Motors IPO opens for subscription on July 15 and will close on July 18. The allotment of shares is expected to be finalised on July 19 with tentative listing on the NSE SME platform scheduled for July 23.

Founded in December 2018, Tunwal E-Motors Limited has rapidly emerged as a prominent player in the electric two-wheeler market in India. The company specialises in designing, manufacturing, and distributing a diverse range of electric vehicles, boasting over 23 models catering to various consumer needs. With a robust distribution network spanning 19 states and supported by more than 256 dealers, Tunwal E-Motors emphasises post-sales services such as maintenance, battery management, and safety checks.

The proceeds from the IPO will be primarily directed towards enhancing the company's operational capabilities and growth initiatives. This includes funding working capital requirements, investing in research and development for future product innovations, pursuing inorganic growth opportunities, and covering general corporate expenses.

In terms of financial performance, Tunwal E-Motors has shown growth, with revenue increasing by 37.85% and profit after tax (PAT) surging by 217.11% between the financial years ending March 31, 2024, and March 31, 2023.