July 23, 2024
New Delhi, India
IPO Watch
Tunwal E-Motors made a promising debut on the NSE SME platform, with its shares listed at ₹64, an 8.5% premium over the issue price of ₹59. This positive start reflects investor confidence in the electric two-wheeler manufacturer.
IPO Details: The company launched its IPO to raise ₹115.64 crores. The fixed price issue included a fresh issue of 138.5 lakh shares worth ₹81.72 crores and an offer for sale of 57.5 lakh shares totaling ₹33.93 crores. The IPO opened for bidding on July 15 and closed on July 18, with allotments finalized on July 19. Horizon Management Pvt Ltd acted as the book-running lead manager, while Skyline Financial Services Pvt Ltd served as the registrar.
Company Background: Founded in December 2018, Tunwal E-Motors specializes in the design, development, and production of high-quality electric bikes. The company boasts a diverse portfolio with over 23 models available in the Indian market, catering to various consumer needs.
Manufacturing and Operations: Tunwal E-Motors operates a state-of-the-art manufacturing facility in Palsana, Sikar, covering 8,000 square meters. This plant has a production capacity of up to 41,000 units annually. The company ensures extensive reach and service across the country through a robust dealer network spanning 19 states and comprising over 256 dealers. Each dealer provides comprehensive after-sales support, including maintenance, battery management, diagnostics, and safety checks.
Market Response: The successful IPO and positive listing indicate strong market confidence in Tunwal E-Motors’ potential. With its extensive dealer network and diverse product portfolio, the company is well-positioned to capitalize on the growing demand for electric vehicles in India.
Tunwal E-Motors’ successful IPO debut underscores its promising prospects in the electric vehicle market. The company’s robust manufacturing capabilities and extensive dealer network position it for sustained growth and market expansion.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
