Eppeltone Engineers Limited, a rising player in India’s electronic metering and power conditioning equipment sector, concluded its Initial Public Offering (IPO) with a massive subscription of 275.66 times on the final day, June 19, 2025. The company's strong financials, robust anchor book, and grey market sentiment have made this IPO one of the most sought-after in the NSE SME segment in recent times.

The book-built IPO of ₹43.95 crores comprises a fresh issue of 34.34 lakh equity shares, with a price band of ₹125 to ₹128 per share. At the upper end of the band, the post-issue market capitalization of Eppeltone Engineers stands at approximately ₹165.87 crores.

The issue opened for subscription on June 17, 2025, and closed on June 19, 2025. The allotment date is scheduled for June 20, and the tentative listing date is June 24, 2025, on the NSE SME platform.

The IPO lot size is 1,000 shares, meaning a minimum investment of ₹1,28,000 for retail investors. For High Net-Worth Individuals (HNIs), the minimum application is 2 lots (2,000 shares) costing ₹2,56,000.

Grey Market Premium (GMP) Trend and Expected Listing Gains

The Grey Market Premium (GMP) for Eppeltone Engineers IPO as of June 19, 2025, is ₹50, which implies an expected listing price of ₹178, a 39.06% premium over the upper issue price of ₹128.

It’s important to note that while GMP can offer directional cues, it is an unregulated and speculative indicator, not a guaranteed forecast. However, such a high GMP does reflect strong market enthusiasm toward the issue.

Anchor Investor Participation

Prior to opening for the general public, Eppeltone Engineers raised ₹12.51 crores from anchor investors. The company allotted 9,78,000 equity shares at the upper end of the price band (₹128). This endorsement by institutional players added credibility and attracted retail and HNI attention.

Anchor subscriptions are made from the Qualified Institutional Buyers (QIBs) quota and usually indicate positive institutional sentiment.

How to Check Eppeltone Engineers IPO Allotment Status

To know your IPO allotment status for Eppeltone Engineers, follow these steps:

1. Visit the Skyline Financial Services (Registrar) IPO allotment page.

2. Select Eppeltone Engineers Limited IPO from the dropdown.

3. Enter your application number, PAN, or DP Client ID.

4. Submit and check the result.

The allotment will be finalized on June 20, 2025 (Friday), and made available on the Registrar’s website.

Objectives of the IPO Proceeds

Eppeltone Engineers plans to utilize the funds raised from the IPO for:

• ₹3,000 lakhs for Working Capital Requirements, ensuring liquidity for order execution and business scaling.

• ₹500 lakhs for Capital Expenditure, specifically for installation of additional manufacturing machinery to enhance capacity.

• The remainder is allocated for General Corporate Purposes, covering operational expansion and administrative improvements.

These investments will support business expansion, equipment modernization, and financial flexibility.

Business Overview and Growth Story

Eppeltone Engineers specializes in the design and manufacture of:

• Electronic energy meters, including smart meters

• High-grade chargers

• UPS (Uninterruptible Power Supply) systems

• Other power conditioning devices

Their primary clientele includes institutions, industries, and electricity distribution utilities, serving both public and private sector enterprises.

The company is promoted by Rohit Chowdhary, Deven Chowdhary, and Reshu Chowdhary, who bring over 20 years of experience in the electrical equipment industry. Their leadership has helped Eppeltone Engineers scale production, maintain product quality, and expand into emerging segments like smart metering solutions.

Financial Performance Overview

The financials reveal strong revenue growth and a dramatic improvement in profitability over the last few years. EBITDA margins and PAT have improved significantly due to higher product demand and operational efficiencies.

Valuation and Ratios

• Pre-issue EPS (FY24): ₹11.98

• Post-issue EPS: ₹8.67

• Pre-issue P/E Ratio: 10.68x

• Post-issue P/E Ratio: 14.77x

• Industry P/E Ratio: 76.00x

• ROCE (FY24): 23.37%

• ROE (FY24): 28.00%

• RoNW (FY24): 28.08%

Compared to its industry peers, Eppeltone Engineers is competitively valued. The P/E ratios are lower than industry averages, and return ratios (ROE, ROCE) are impressive, indicating efficient capital utilization.

Investment Outlook

Given the strong oversubscription, anchor participation, robust financial metrics, and a GMP indicating nearly 40% listing premium, Eppeltone Engineers IPO is attracting substantial interest from both retail and institutional investors.

The demand for smart meters and energy-efficient power systems is rising rapidly due to government mandates and the push for smart grid infrastructure, positioning the company well for future growth.

Recommendation

Based on the analysis of financials, valuation, subscription status, and GMP, investors are recommended to apply to the Eppeltone Engineers IPO for listing gains. Long-term investors may also consider holding, given the industry’s positive outlook.

Disclaimer:
This article is for educational and informational purposes only and should not be construed as investment advice. Market investments are subject to risks, and readers are advised to conduct their own due diligence and consult a SEBI-registered financial advisor before investing. All data provided is based on publicly available sources as of the date mentioned and is subject to change.

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The Current active IPO are  Aakaar Medical Technologies, Safe Enterprises Retail Fixtures, Mayasheel Ventures.

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