Tunwal E-Motors IPO opens for subscription today; price, GMP, lot size here

Tunwal E-Motors initial public offering (IPO) is set to open for subscription on Monday, July 15. The IPO aims to raise Rs 115.64 crore in total, comprising a fresh issue of 13.85 million shares aggregating to Rs 81.72 crores and an offer for sale of 5.75 million shares aggregating to Rs 33.93 crores.

Established in December 2018, Tunwal E-Motors is dedicated to manufacturing electric vehicles (EVs), with a primary focus on designing, developing, producing, and distributing high-performance electric two-wheelers.

The company has launched more than 23 distinct models in the local market, with a presence in 19 states across India, facilitated by a network of over 256 dealerships.

Here is all you need to know about  Tunwal E-Motors IPO

Tunwal E-Motors IPO Lot size

Tunwal E-Motors IPO price is Rs 59 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is Rs 1,18,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to Rs 2,36,000. 

Tunwal E-Motors IPO allotment & listing

Tunwal E-Motors IPO opens for subscription on July 15, 2024 and closes on July 18, 2024. The allotment for the Tunwal E-Motors IPO is expected to be finalized on Friday, July 19, 2024. Tunwal E-Motors IPO will list on NSE SME with tentative listing date fixed as Tuesday, July 23, 2024.

Tunwal E-Motors IPO GMP

According to IPO platform Chittorgarh IPO, The SME IPO’s last grey market premium is Rs 30. With the price band of Rs 59, and estimated listing price of Rs 89, the expected listing gain is at 50.85 per cent per share.

Tunwal E-Motors IPO Lead managers

Horizon Management Private Limited is the book running lead manager of the Tunwal E-Motors IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Tunwal E-Motors IPO are Nikunj Stock Brokers and Giriraj Stock Broking.

Tunwal E-Motors IPO Financials

Tunwal E-Motors Limited's revenue increased by 37.85 per cent year on year (YoY) to Rs 105.5 crore in fiscal year 2023-24 (FY24) compared to Rs 76.55 crore in FY23. The company's profit after tax (PAT) rose by 217.11 per cent to Rs 11.81 crore from Rs 3.72 crore  between the financial year ending with March 31, 2024 and March 31, 2023.

Post the IPO, the company will have a price to earnings multiple of 27.62 with an earning per share of Rs 2.14.