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BikeWo GreenTech Shares Debut with 27% Discount, Listed at ₹45 on NSE SME

Indian stock market

September 27, 2024

New Delhi, India

NSE SME IPO

BikeWo GreenTech Ltd made a weak debut on the NSE SME platform on September 27, 2024, with shares listing at ₹45 apiece, a 27.4% discount to the IPO price of ₹62 per share. Despite high subscription levels, the stock underperformed market expectations on its first day of trading.

BikeWo GreenTech IPO Listing Highlights:

  • IPO Price: ₹62 per share
  • Listing Price: ₹45 per share (27.4% discount)
  • GMP (Grey Market Premium): ₹7 per share, indicating an 11% premium pre-listing
  • Issue Size: ₹24.09 crore (fresh issue of 38.86 lakh equity shares)

Also Read: Phoenix Overseas Debuts Flat on NSE SME at ₹64, Matching IPO Price

The IPO opened for subscription between September 20-24, 2024 and was heavily subscribed, with a total subscription rate of 41.82 times. The retail segment was subscribed 61.04 times, the Qualified Institutional Buyers (QIBs) by 43.03 times, and the Non-Institutional Investors (NIIs) category saw 22.48 times subscription.

About BikeWo GreenTech:

Founded in December 2006, BikeWo GreenTech is a retailer of electric two-wheelers in India, with a significant presence across Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat.

Also Read: Indogulf Cropsciences to Launch ₹200 Crore IPO, Files DRHP with SEBI

IPO Objectives:

The company aims to use the proceeds from the IPO for:

  • Purchasing electric two-wheeler vehicles for sale
  • Capital expenditure for setting up 11 dealership stores across various Indian states
  • Prepayment/repayment of certain borrowings
  • General corporate purposes

Lead Managers and Registrars:

  • Lead Manager: Khandwala Securities
  • IPO Registrar: Bigshare Services Pvt Ltd

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