The Supertech EV Limited IPO is scheduled to open on June 25, 2025, offering investors an opportunity to participate in the fast-growing electric vehicle (EV) industry through the BSE SME platform. The company specializes in the manufacturing, assembling, supplying, exporting, and distribution of battery-operated passenger and commercial vehicles, certified by the International Centre for Automotive Technology (ICAT), marking it as a credible player in the emerging EV market.

IPO Issue Details and Timeline

The IPO is a Book Built Fresh Issue of ₹29.90 Crores, comprising 32.49 lakh equity shares priced in the band of ₹87 to ₹92 per share. At the upper price band, the company’s market capitalization will be ₹113.69 Crores. The minimum lot size is 1,200 shares, meaning retail investors must invest a minimum of ₹1,10,400, and HNIs require a minimum investment of ₹2,20,800 (2 lots).

The IPO will be open for subscription from June 25 to June 27, 2025, with allotment expected on June 30, 2025. The shares will list tentatively on July 2, 2025, on the BSE SME exchange.

About Supertech EV Limited

Supertech EV is positioned as an innovative manufacturer of new-generation smart electric vehicles in India. Their product portfolio includes battery-operated passenger vehicles and commercial vehicles, certified by ICAT, ensuring compliance with safety and quality standards. The company also engages in exporting and distribution, targeting both domestic and international markets.

The leadership team consists of Mr. Yetender Sharma, Mr. Jitender Kumar Sharma, and Ms. Geetanjali Sharma, collectively bringing approximately 60 years of experience in relevant fields, ensuring strong operational and strategic guidance.

Financial Performance Overview

Supertech EV has demonstrated steady growth in revenue and profitability over the recent fiscal years:

• Revenue from Operations (in ₹ thousands):

  • FY23: 23,750.20

  • FY24: 651,408.08

  • FY25 (estimated): 751,911.07

• EBITDA (in ₹ thousands):

  • FY23: 969.77

  • FY24: 74,696.29

  • FY25 (estimated): 96,582.07

• Profit After Tax (in ₹ thousands):

  • FY23: 635.73

  • FY24: 50,228.10

  • FY25 (estimated): 61,935.77

These numbers reflect a rapid scale-up, particularly from FY23 to FY24, showing promising business traction in the nascent electric vehicle segment.

Valuation Metrics and Investment Perspective

Key valuation and performance metrics as per FY24 data include:

• Pre-Issue EPS: ₹6.82

• Post-Issue EPS: ₹5.01

• Pre-Issue P/E: 13.48x

• Post-Issue P/E: 18.36x

• ROCE: 47.95%

• ROE: 36.66%

• RoNW: 47.95%

These ratios indicate the IPO is fairly priced, with reasonable valuations compared to many other SME IPOs. The high return ratios are encouraging and suggest effective capital use and profitability growth.

Grey Market Premium (GMP) and Market Sentiment

As of June 23, 2025, the Grey Market Premium is reported at ₹0, reflecting no premium over the issue price. This neutral GMP suggests a lack of significant aftermarket demand, meaning investors should not expect immediate listing gains.

The absence of GMP is important for prospective investors seeking quick profits from listing day price jumps, indicating a cautious approach is warranted.

Utilisation of IPO Proceeds

Supertech EV plans to use the net proceeds from the IPO for:

1. ₹165 Crores for working capital requirements, supporting production scale-up and operational liquidity.

2. ₹30 Crores for repayment of certain existing borrowings, strengthening the balance sheet.

3. Remaining funds for general corporate purposes, which include business expansion and operational needs.

Lead Managers, Registrar, and Market Maker

• Book Running Lead Manager: Corporate Makers Capital Limited

• Registrar: Skyline Financial Services Private Limited

• Market Maker: Asnani Stock Broker Private Limited

These entities will facilitate a smooth IPO process and help maintain orderly market operations post-listing.

How to Check IPO Allotment Status

Investors can verify their IPO allotment status after June 30, 2025, by:

• Visiting the registrar’s IPO allotment status page.

• Selecting Supertech EV Limited IPO from the IPO list.

• Entering their application number, PAN, or DP Client ID.

• Submitting the details to check allotment results.

Investment Recommendation

While Supertech EV Limited operates in the high-potential EV sector with good growth prospects and financial health, the lack of GMP and the fair valuation indicate limited potential for listing-day gains. Hence, investors looking for short-term profits on listing should avoid this IPO.

Long-term investors with a focus on the electric vehicle market and sustainable mobility may consider the IPO for portfolio diversification but should carefully assess the risks and business fundamentals.

Disclaimer:
This IPO review is for informational purposes only and does not constitute financial advice. Investment decisions should be made after consulting a certified financial advisor, considering one’s risk appetite. Market investments carry inherent risks. The review is based on publicly available data as of the publication date and is subject to change. Neither the author nor the platform assumes liability for investment outcomes.

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