Zelio E-Mobility IPO

Incorporated in 2021, Zelio E-Mobility Limited manufactures, assembles, and supplies electric two-wheelers and three-wheelers under the brands “Zelio” (E-2Ws) and “Tanga” (3Ws). The company focuses on eco-friendly vehicles with lower emissions, reduced noise, and sustainable energy use, supported by a wide dealer network. Operating from a 24,458 sq. meter facility in Ladwa, Haryana, it has an annual production capacity of 72,000 units, using advanced machinery. Its product range includes EEVA, EEVAZX, GRACY, Legender, Mystery, and XMen, employing around 176 staff as of February 28, 2025.

Zelio E-Mobility Limited IPO Overview

Zelio E-Mobility IPO is a book-built issue worth ₹78.34 crores, comprising a fresh issue of 0.46 crore shares aggregating ₹62.83 crores and an offer for sale of 0.11 crore shares aggregating ₹15.50 crores. The IPO opens for subscription on 30 September 2025 and closes on 3 October 2025, with allotment expected on 6 October 2025. It will list on BSE SME, tentatively on 8 October 2025. The price band is ₹129 to ₹136 per share, with a lot size of 1,000 shares. Retail investors must invest a minimum of ₹2,72,000 (2,000 shares), while HNI investors must apply for at least 3 lots (3,000 shares), amounting to ₹4,08,000. Hem Securities Ltd. is the book running lead manager, and Maashitla Securities Pvt. Ltd. is the registrar.

Zelio E-Mobility Limited IPO Details

Particulars	Details
IPO Date	30 September 2025 to 3 October 2025
Listing Date	8 October 2025
Face Value	₹10 per share
Issue Price Band	₹129 to ₹136 per share
Lot Size	1,000 Shares
Total Issue Size	57,60,000 shares (aggregating up to ₹78.34 Cr)
Fresh Issue	43,26,000 shares (aggregating up to ₹62.83 Cr)
Offer for Sale	11,40,000 shares (aggregating up to ₹15.50 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,65,30,000 shares
Share Holding Post Issue	2,11,50,000 shares
Market Maker Portion	2,94,000 shares (aggregating up to ₹4.00 Cr)

Zelio E-Mobility Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII (HNI)	Not less than 15% of the Net Offer

Zelio E-Mobility Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,000	₹2,72,000
Retail (Max)	2	2,000	₹2,72,000
HNI (Min)	3	3,000	₹4,08,000
HNI (Max)	7	7,000	₹9,52,000
B-HNI (Min)	8	8,000	₹10,88,000

Zelio E-Mobility Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	75.77%

Zelio E-Mobility Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	9.68
Price/Earnings (P/E) Ratio	60.02
Return on Net Worth (RoNW)	59.15%
Net Asset Value (NAV)
Return on Equity	83.99%
Return on Capital Employed (ROCE)	34.84%
EBITDA Margin
PAT Margin	6.68%
Debt to Equity Ratio	1.32

Objectives of the Proceeds

• Repay or pre-pay company borrowings totaling ₹245 million.

• Fund capital expenditure for new manufacturing unit ₹238.9 million.

• Meet working capital requirements to support operations.

• Support general corporate purposes and business expansion plans.

Key Financials (in ₹ Crore)

Particulars	30 Sep 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	53.89	29.08	15.47	8.57
Total Income	76.04	94.90	51.62	13.03
Profit After Tax	7.05	6.31	3.06	1.27
Reserves and Surplus	17.68	10.64	4.33	1.27
Total Borrowing	21.97	14.11	9.59	3.73