IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 30 Sept. 2025 |
| IPO Closes on | 3 Octo 2025 |
| Allotment on | 6 Octo. 2025 |
| Credit of shares on | 7 Octo. 2025 |
| Tentative Listing on | 8 Octo.2025 |
| Registered office in.. |
| Hisar Haryana |
| Lead Manager of the IPO |
| Hem Securities ltd |
| Registrar to the IPO |
| Maashitla Securities Pvt ltd |
Business:
Incorporated in 2021, Zelio E-Mobility Ltd. is engaged in the manufacturing, assembling and supply of electric two-wheelers and three-wheelers. The company operates under the brands “Zelio” (E-2Ws) and “Tanga” (3Ws), focusing on eco-friendly vehicles with low emissions, reduced noise and energy efficiency, supported by its expanding dealer network.
Its manufacturing facility at Ladwa, Haryana, spread over 24,458 sq. meters, has an annual production capacity of 72,000 units, comprising both electric two-wheelers and three-wheelers. The plant is equipped with advanced machinery for efficient manufacturing and assembly operations.
IPO Details
| IPO opens on | 30 September 2025 |
| IPO closes on | 3 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 5760,000 Shares / Rs 78.34 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 294,000 Shares |
| Net offer to Public | 5466000 Shares Rs. 74.34 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 129-136 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker | 5.10% |
| QIB | 47.43% |
| NII (HNI) | 14.24% |
| Retail | 33.23% |
| Total Shares | 100 % |
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,72,000 |
| Retail (Max) | 2 | 2,000 | ₹2,72,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,08,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,52,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,88,000 |
The Promoters’ Holding
The promoters hold 100% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | ₹ in crores |
| Repayment and/or pre-payment, in full or part, of borrowing availed by the Company | 20 |
| Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit | 19.45 |
| To Meet Working Capital Requirement | 8 |
| General Corporate Purpose |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 65.79 | 29.08 | 15.47 |
| Total Income | 173.8 | 94.9 | 51.62 |
| Profit After Tax | 16.01 | 6.31 | 3.06 |
| EBITDA | 21.02 | 8.76 | 4.02 |
| NET Worth | 26.67 | 10.67 | 4.36 |
| Reserves and Surplus | 10.14 | 10.64 | 4.33 |
| Total Borrowing | 30.68 | 14.11 | 9.59 |
| Amount in ₹ Crore | |||
Peer Comparison:
| Company Name | P/E (x) | RoNW (%) |
| Valplast Technologies | 12.75 | 20.16 |
| SRM Contractors Limited | 20.6 | 19.96 |
Key Financial Indicators
| KPI | Values |
| ROE | 85.75% |
| ROCE | 36.86% |
| Debt/Equity | 1.32 |
| RoNW | 60.02% |
| PAT Margin | 9.30% |
| EBITDA Margin | 12.21% |
| Price to Book Value | 21.09 |
| EPS | 9.68 |
| PER | 14.04 |
IPO Recommendation/Concise Review-
In manufacturing and marketing of Two -wheer-EV, the company has tough competition of the large players like Bajaj Auto, Ather ltd etc. Hence for small and tiny players, it is very difficult job and diffcult to survive and grow.
Considering above aspects, the IPO is not worth taking risk.
Quicklinks
- Market Analysis by Nagaraj Shetti
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