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)
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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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