Zelio E-Mobility's SME IPO receives 54 pc subscription on day 2

New Delhi, Oct 1 (PTI) The SME IPO of electric two-and three-wheeler manufacturer Zelio E-Mobility received 54 per cent subscription on the second day of the share sale on Wednesday.

The Rs 78-crore initial public offering (IPO) received bids for 22,38,000 shares against 41,21,000 shares on offer, according to BSE data.

The qualified institutional buyers category recorded strong interest, and received 1.27 times subscription. The non-institutional investors portion subscribed 36 per cent subscription while the retail investors' quota has been booked 24 per cent subscription, as per BSE data.

Overall, the second day of bidding reflected a more diversified interest base compared to Day 1, with institutional investors setting the pace and retail investors gradually increasing their participation, the company said in a release.

On Monday, Zelio E-Mobility raised Rs 22.29 crore from anchor investors, including Mumbai-based Carnelian Asset Management and Advisors and Sanshi Fund-1.

The IPO is a mix of fresh issue of 46.20 lakh equity shares and an offer for sale of 11.40 lakh shares.

The company has fixed the price in the range of Rs 129-Rs 136 per share with a lot size of 2,000 shares. The issue will close on October 3.

Proceeds from the IPO are planned to be deployed towards repayment and prepayment of borrowings, capital expenditure for establishing a new manufacturing facility, meeting working capital needs, and general corporate purposes.

Founded in 2021, Zelio E-Mobility has crossed sales of 1 lakh low-speed scooters across India so far. On the financial front, the company reported revenue of Rs 172 crore, and profit after tax of Rs 16 crore in FY25.

The company' shares will be listed on the BSE's SME platform. PTI HG TRB