Supertech EV Limited, a company at the forefront of India’s electric vehicle (EV) innovation, is launching its Initial Public Offering (IPO) on June 25, 2025, closing on June 27, 2025. This ₹29.90 crore book-built issue consists solely of a fresh issue of 32.49 lakh equity shares. The company aims to list on the BSE SME platform with a tentative listing date of July 2, 2025.

The price band for the Supertech EV IPO is set at ₹87 to ₹92 per equity share, and the lot size is 1,200 shares. For retail investors, the minimum investment stands at ₹1,10,400, and for HNIs, the requirement is two lots (2,400 shares), totaling ₹2,20,800. At the upper price band, the market capitalisation of the company will be ₹113.69 crores.

Company Overview

Supertech EV Limited is engaged in the manufacturing, assembling, exporting, and supplying of battery-operated smart electric vehicles, both for passenger and commercial usage. All its vehicles are certified by the INTERNATIONAL CENTRE FOR AUTOMOTIVE TECHNOLOGY (ICAT) under the “Pilot” program, which demonstrates its commitment to safety, performance, and innovation.

The product offerings include:

• Battery-operated rickshaws

• Electric passenger autos

• Commercial EVs for small-scale cargo transport

• Other forms of zero-emission smart mobility solutions

The company’s goal is to revolutionize urban and semi-urban transport by offering cost-effective, eco-friendly alternatives to traditional internal combustion engine vehicles.

IPO Objectives

Supertech EV intends to utilise the net proceeds from the IPO for the following purposes:

1. ₹16.50 crores for working capital requirements, such as procurement of components, raw materials, and scaling manufacturing operations.

2. ₹3.00 crores for the repayment of borrowings, reducing financial liabilities and improving cash flows.

3. Remaining funds will be used for general corporate purposes, including brand-building, distribution expansion, and operational enhancements.

Promoter Background

The promoters of Supertech EV include:

• Mr. Yetender Sharma – with over 20 years of industry experience

• Mr. Jitender Kumar Sharma – contributing 25 years of operational insight

• Ms. Geetanjali Sharma – who brings 15 years of administrative and strategic experience

Together, they bring a robust combination of domain expertise and leadership acumen, which is vital in an emerging and competitive EV market.

Financial Highlights

Supertech EV has displayed strong growth in financial performance over the past three years:

Revenue from Operations:

• FY23: ₹23.75 lakh

• FY24: ₹6,514.08 lakh

• FY25: ₹7,519.11 lakh

EBITDA:

• FY23: ₹9.69 lakh

• FY24: ₹746.96 lakh

• FY25: ₹965.82 lakh

Profit After Tax (PAT):

• FY23: ₹6.35 lakh

• FY24: ₹502.28 lakh

• FY25: ₹619.35 lakh

These figures highlight explosive growth, particularly from FY23 to FY25, signaling the company’s ability to scale quickly in a rapidly growing industry.

Valuation and Key Metrics

At the IPO price of ₹92, the valuation and return ratios present a mixed picture:

• Pre-issue EPS (FY24): ₹6.82

• Post-issue EPS (FY24): ₹5.01

• Pre-issue P/E Ratio: 13.48x

• Post-issue P/E Ratio: 18.36x

• ROCE (FY24): 47.95%

• ROE (FY24): 36.66%

• RoNW (FY24): 47.95%

These return ratios are impressive and suggest efficient capital utilization, especially ROCE above 40%, which is high even by EV industry standards. The P/E ratio, though higher post-issue, remains within acceptable limits in the context of the fast-growing electric mobility sector.

However, it is important to note that sustainability of margins and profitability remains key, especially as competition increases in the EV domain from both domestic and international players.

Grey Market Premium (GMP)

As of June 23, 2025, the Grey Market Premium (GMP) for the Supertech EV IPO stands at ₹0, indicating no anticipated premium or listing gains. While GMP is unofficial and speculative, a flat GMP suggests limited enthusiasm among investors for short-term gains.

Live Subscription Status

On June 25, 2025, at 11:00 AM, Supertech EV IPO was subscribed 0.42x, meaning that investor interest was moderate on day one. The final response over the next two days will determine if the IPO is fully subscribed or not.

How to Check IPO Allotment Status

Investors who wish to check the Supertech EV IPO allotment status can follow these steps after June 30, 2025:

• Go to the SKYLINE FINANCIAL SERVICES PRIVATE LIMITED registrar portal.

• Select Supertech EV Limited IPO.

• Enter either Application Number, PAN, or DP Client ID.

• Click Submit to check your allotment status.

Industry and Market Outlook

India’s EV market is on the cusp of rapid expansion, driven by:

• Government subsidies

• Favorable FAME II policies

• Rising fuel prices

• Growing urban pollution concerns

However, the segment is also intensely competitive, with major players like Tata Motors, Mahindra Electric, and several SME startups in the race. Supertech EV’s position in entry-level EVs (like rickshaws and small cargo vehicles) offers a high-volume, low-margin business model, and success will hinge on:

• Supply chain efficiency

• Distribution reach

• After-sales service infrastructure

Final Recommendation

Despite strong financial growth and favorable EV tailwinds, the lack of GMP, flat day-one subscription, and the relatively short operational track record make this IPO a moderate-risk investment.

We recommend investors to avoid applying for listing gains, as short-term appreciation seems unlikely. However, long-term investors with interest in green mobility and emerging markets may choose to evaluate Supertech EV post-listing, once the stock stabilizes and real market sentiment emerges.

Disclaimer: This content is meant for educational and informational purposes only and should not be considered financial advice. Investing in IPOs involves market risks. Past performance does not guarantee future returns. Readers are advised to consult with certified financial advisors before making investment decisions. The above views are based on publicly available information as of the date of publication.

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