Supertech EV Limited, an emerging player in the electric vehicle (EV) manufacturing sector, recently launched its Initial Public Offering (IPO) on the BSE SME platform. The IPO was a Book Built Issue amounting to ₹29.90 Crores, consisting entirely of a Fresh Issue of 32.49 lakh equity shares.

The IPO opened for subscription on June 25, 2025, and closed on June 27, 2025. The allotment is expected to be finalized by June 30, 2025, with shares expected to be listed on the BSE SME on July 2, 2025.

IPO Details:

• IPO Type: Book Built Issue

• Total Issue Size: ₹29.90 Crores

• Fresh Issue: 32.49 Lakh Shares

• Offer for Sale: Nil

• Price Band: ₹87 to ₹92 per share

• Lot Size: 1,200 shares

• Retail Investment Minimum: ₹1,10,400

• HNI Investment Minimum: ₹2,20,800 (2 lots)

• Expected Market Capitalization at Upper Price Band: ₹113.69 Crores

The Book Running Lead Manager (BRLM) for the IPO is Corporate Makers Capital Limited, while the Registrar is Skyline Financial Services Pvt. Ltd. Asnani Stock Broker Pvt. Ltd. is appointed as the Market Maker.

About Supertech EV Limited:

Supertech EV Limited is engaged in the design, assembly, manufacture, and distribution of electric vehicles. The company produces battery-operated passenger and commercial vehicles, which are certified by the International Centre for Automotive Technology (ICAT) under the “Pilot” certification standard.

Its focus lies in creating new-generation smart EV solutions with an eye on both the domestic and export markets. The company supports a complete business model from production to export, covering battery-powered rickshaws, loaders, and light commercial vehicles.

Promoter Background:

The promoters of Supertech EV include:

• Mr. Yetender Sharma – ~20 years of experience

• Mr. Jitender Kumar Sharma – ~25 years of experience

• Ms. Geetanjali Sharma – ~15 years of experience

Their combined industry knowledge reflects in the company’s current growth strategy and operational efficiency.

Financial Performance Overview:

Supertech EV’s revenue and profit data over the last three fiscal years shows strong growth momentum:

This data highlights a phenomenal surge in revenue and profits, particularly in the last two years, as the business scaled its operations.

Key Valuation Metrics (FY24):

Despite the strong financial performance, the post-issue EPS dilution and average P/E valuation indicate that the issue is reasonably priced for long-term holding—but not lucrative for short-term listing gains.

Use of IPO Proceeds:

The net proceeds from the IPO will be allocated to:

1. ₹16.50 Crores for working capital requirements

2. ₹3.00 Crores for repayment of borrowings

3. Remaining for general corporate purposes

The funds will help the company scale manufacturing, enhance supply chain capabilities, and reduce financial liabilities.

Grey Market Premium (GMP) & Sentiment:

As per the last recorded data on June 23, 2025, no grey market premium (₹0) is associated with Supertech EV IPO.

This reflects a lack of excitement in the unlisted market, often driven by perceived demand and supply in retail and HNI categories.

Subscription Status:

By 7:00 PM on June 27, 2025 (the final day of bidding), the IPO was subscribed only 0.62 times, meaning it did not receive full subscription from retail, HNI, or institutional investors.

This weak subscription suggests that investors were cautious, likely due to zero GMP, modest market capitalization, and subdued broader market sentiment.

IPO Allotment – How to Check:

Supertech EV IPO allotment status can be checked on the Skyline Financial Services website starting June 30, 2025.

Steps to Check:

1. Go to the IPO allotment status portal on the registrar’s website

2. Choose Supertech EV Limited IPO from the dropdown

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

4. Submit to view your allotment result

This helps investors determine whether they’ve received shares and proceed with demat credit or refund.

Analyst Review & Investment Recommendation:

While Supertech EV Limited shows strong financial growth and operates in a booming electric mobility sector, there are a few cautionary signs:

• The IPO failed to receive full subscription

• GMP remains at ₹0, indicating no speculative interest

• The valuation appears fair but not attractive enough for listing gains

• Small-cap and SME risks remain elevated in such issues

Recommendation: Given the low subscription, lack of GMP, and uncertain market reception, investors are advised to avoid this IPO if looking solely for listing gains.

Those with a long-term view on electric mobility and high-risk appetite may consider secondary market entry post-listing once price discovery is done.

Final Thoughts:

Supertech EV Limited brings innovative solutions in EVs and has demonstrated operational growth. However, its IPO response has been lukewarm, suggesting the market is not yet confident in its near-term potential.

With listing scheduled for July 2, 2025, market watchers will keep a close eye on post-listing volumes and price stability.

Disclaimer:
The content provided is solely for informational and educational purposes and should not be interpreted as investment advice. Please consult your financial advisor before making any investment decisions. Investing in the stock market involves risks, including the loss of principal.

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