Supertech EV Limited, a manufacturer and assembler of electric vehicles in India, is set to launch its Initial Public Offering (IPO) on June 25, 2025, closing on June 27, 2025. The IPO comprises a fresh issue only of 32.50 lakh equity shares, aggregating to ₹29.90 crore.

About the Company:

Incorporated in 2022, Supertech EV Limited is involved in the manufacturing of electric two-wheelers and E-Rickshaws. The company has launched 12 different EV models (8 two-wheelers and 4 e-rickshaws), targeting both personal and commercial transport markets.

The company has established a nationwide distribution network of 445 dealers across 19 Indian states, offering a broad footprint for sales and service support. Some flagship products include:

• CARGO MAX – L5 E-Loader

• PASSENGER MAX

• ZAPSTER PRO

Despite its quick expansion, the company operates in a highly fragmented and competitive industry, raising concerns about long-term scalability and margin stability.

Supertech EV IPO Details:

Share Reservation:

Financial Performance:

Financials show explosive growth, but much of this is from a very low base, raising doubts about sustainability.

Valuation Metrics:

The high post-issue P/E of 23.44x compared to SME peers makes this IPO look overvalued, especially in a crowded and cost-sensitive EV market.

Use of IPO Proceeds:

Promoters & Shareholding:

Supertech EV IPO GMP Today (Grey Market Premium):

As of June 23, 2025, there is no confirmed GMP for Supertech EV IPO, suggesting low speculative interest. Investors should not rely on GMP for decision-making in such SME issues.

Review & Recommendation:

✅ Pros:

• Fast revenue and PAT growth

• Extensive distributor network (445 partners)

• Large addressable EV market

❌ Cons:

• Very short operating history (since 2022)

• Stiff competition from larger, well-funded EV players

• High valuation (P/E > 23x post-issue)

• Concerns over future earnings stability

📌 Expert Verdict (Dilip Davda):
While the company has shown rapid growth, long-term sustainability remains questionable in a fragmented and hyper-competitive EV industry. The IPO appears pricey at current valuation.

Final Call:

🔴 Recommendation: Avoid

Disclaimer

This article is for educational and informational purposes only. It does not constitute investment advice. IPO investments are subject to market risks, and the Grey Market Premium is not officially regulated. Investors are advised to consult a SEBI-registered financial advisor before investing.

The Upcoming IPOs in this week and coming weeks are Supertech EV, Valencia India, Neetu Yoshi, Abram Food, PRO FX Tech, Suntech Infra Solutions, Shri Hare-Krishna Sponge Iron, Icon Facilitators, Ace Alpha Tech, Globe Civil Projects, Sambhav Steel Tubes, Ellenbarrie Indutrial Gases, Kalpataru, HDB Financials, AJC Jewel.

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

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Investors are advised to skip the Supertech EV IPO for listing gains, though those with high risk appetite and long-term vision may keep it on watch post-listing.