Tunwal E-Motors, an emerging electric two-wheeler manufacturer, made a notable entry into the stock market with its initial public offering (IPO) on the NSE SME platform. Shares of Tunwal E-Motors were listed at Rs 64, reflecting an 8.5% premium over the issue price of Rs 59.

IPO Details

The Tunwal E-Motors IPO aimed to raise Rs 115.64 crores. The IPO was a fixed price issue, comprising:

A fresh issue of 138.5 lakh shares worth Rs 81.72 crores.

An offer for sale of 57.5 lakh shares totaling Rs 33.93 crores.

The bidding for the IPO opened on July 15 and closed on July 18, with allotments being finalized on July 19. The IPO was managed by Horizon Management Pvt Ltd as the book-running lead manager, and Skyline Financial Services Pvt Ltd served as the registrar.

Company Overview

Founded in December 2018, Tunwal E-Motors specializes in the design, development, and production of high-quality electric bikes. The company has a diverse portfolio, offering over 23 models in the Indian market to meet various consumer needs. Tunwal E-Motors has established a strong presence in the electric vehicle (EV) sector with the following features:

Robust Dealer Network: The company has an extensive dealer network spanning 19 states with over 256 dealers. Each dealer is equipped to provide comprehensive after-sales support, including maintenance, battery management, diagnostics, and safety checks.

State-of-the-Art Manufacturing: Tunwal E-Motors operates a modern manufacturing facility in Palsana, Sikar, covering 8,000 square meters. The plant has a production capacity of up to 41,000 units annually.

Future Prospects

With the successful launch of its IPO, Tunwal E-Motors is poised to expand its market presence and enhance its product offerings. The funds raised through the IPO will support the company in scaling its operations, investing in R&D, and expanding its dealer network further.

The strong debut on the NSE SME platform marks a significant milestone for Tunwal E-Motors, reflecting investor confidence in the company's growth potential and its role in the rapidly evolving electric vehicle market in India.

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