Supertech EV IPO sees 1.98 times subscription but no listing gain expected

Team Finance Saathi

    27/Jun/2025

What's covered under the Article:

  1. Supertech EV IPO subscribed 1.98 times on final day of bidding, signalling moderate demand.

  2. Grey Market Premium remains at ₹0, indicating no expected listing gain post allotment.

  3. Despite strong financials, analysts recommend investors avoid the IPO for short-term gains.

Supertech EV Limited, an electric vehicle (EV) manufacturer focused on battery-operated passenger and commercial vehicles, concluded its IPO on June 27, 2025 with moderate interest from investors. The IPO, which was entirely a fresh issue, raised ₹29.90 crore through the sale of 32.49 lakh equity shares.

Despite the promising backdrop of the EV sector, the Grey Market Premium (GMP) remains nil, and experts are advising caution for investors looking purely for listing gains.


Supertech EV IPO Snapshot

  • IPO Opening Date: June 25, 2025

  • IPO Closing Date: June 27, 2025

  • Allotment Date: June 30, 2025

  • Listing Date (Tentative): July 02, 2025

  • Listing Exchange: BSE SME

  • IPO Size: ₹29.90 Crores

  • Share Price Band: ₹87 to ₹92 per equity share

  • Lot Size: 1,200 shares

  • Minimum Investment – Retail: ₹1,10,400

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

  • Market Capitalisation at Upper Price Band: ₹113.69 Crores


About the Company – Supertech EV Limited

Supertech EV Limited is a pioneering EV company that manufactures, assembles, supplies, and exports smart electric vehicles, both passenger and commercial variants. Their products are certified by the International Centre for Automotive Technology (ICAT) under the “Pilot” category.

The company caters to a growing demand for sustainable and affordable mobility and is tapping into government and private markets with a broad portfolio of eco-friendly electric vehicles.


Subscription Status – Final Day Insights

As per the update at 11:00 AM on June 27, the IPO has been subscribed 1.98 times, indicating:

  • Strong response from retail and HNI investors

  • Interest driven by EV industry sentiment, not listing premium

However, the lack of oversubscription in multiple categories points to investor caution despite the company’s sector.


GMP Update – Zero Excitement

The GMP (Grey Market Premium), which often reflects speculative interest in the IPO before listing, is currently ₹0. This implies:

  • No unofficial premium or discount

  • Flat listing likely

  • No strong buzz among grey market investors

Grey market trends are unofficial and unregulated, and not a reliable investment indicator, but they can hint at sentiment and expected listing behaviour.


Financial Performance – Rapid Growth in Recent Years

The company has shown exceptional revenue and profit growth over the past three years:

Revenue from Operations (₹ in Thousands):

  • FY25: ₹7,51,911.07

  • FY24: ₹6,51,408.08

  • FY23: ₹23,750.20

EBITDA (₹ in Thousands):

  • FY25: ₹96,582.07

  • FY24: ₹74,696.29

  • FY23: ₹969.77

Profit After Tax (₹ in Thousands):

  • FY25: ₹61,935.77

  • FY24: ₹50,228.10

  • FY23: ₹635.73

This shows a massive turnaround and scale-up in operations, making Supertech EV one of the fastest-growing players in the EV SME space.


Valuation Metrics and Key Ratios

While financials are promising, valuation metrics indicate caution for short-term investors:

  • 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: 47.95%

  • ROE: 36.66%

  • RoNW: 47.95%

Despite being fairly priced in comparison to listed SME peers, the lack of listing premium and current market sentiment tempers excitement.


IPO Registrar and Lead Manager

  • Book Running Lead Manager: Corporate Makers Capital Limited

  • Registrar: Skyline Financial Services Private Limited

  • Market Maker: Asnani Stock Broker Private Limited


How to Check Allotment Status

To check Supertech EV IPO allotment, follow these steps:

  1. Visit the registrar’s website (Skyline Financial Services Pvt. Ltd.)

  2. Select "Supertech EV Limited IPO" from dropdown

  3. Enter PAN, Application Number, or DP Client ID

  4. Click on "Submit" to view your allotment status

The allotment will be finalized by June 30, 2025, and shares will be credited ahead of listing on July 02, 2025.


Recommendation – Apply or Avoid?

Given the:

  • Zero GMP

  • Moderate 1.98x subscription

  • Strong revenue but average listing excitement

We recommend investors to avoid Supertech EV IPO for listing gains, though long-term investors with belief in the EV growth story may consider entering post-listing based on market behaviour.


The Upcoming IPOs in this week and coming weeks are CrizacSilky OverseasVandan FoodsPushpa JewellersCedaar TextileMarc Loire Fashions.


The Current active IPO are Neetu YoshiAdcounty Media IndiaMoving Media EntertainmentValencia IndiaPRO FX TechAce Alpha TechIndogulf CropsciencesSuntech Infra SolutionsRama TelecomSupertech EVSambhav Steel TubesHDB Financials.


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