The issue is a combination of fresh issue of 138.5 lakh shares aggregating to Rs 81.72 crores and offer for sale of 57.5 lakh shares aggregating to Rs 33.93 crores. Tunwal E-Motors IPO is a fixed price issue of Rs 115.64 crores.
Tunwal E-Motors IPO opens for subscription on July 15, 2024 and closes on July 18, 2024. The allotment for the Tunwal E-Motors IPO is expected to be finalized on Friday, July 19, 2024. Tunwal E-Motors IPO will list on NSE SME with tentative listing date fixed as Tuesday, July 23, 2024.
Tunwal E-Motors IPO price is ₹59 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹118,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹236,000.
Horizon Financial Pvt Ltd is the book running lead manager of the Tunwal E-Motors IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Tunwal E-Motors IPO are Nikunj Stock Brokers and Giriraj Stock Broking.
About Tunwal E-Motors Limited
Incorporated in December 2018, Tunwal E-Motors Limited is an electric vehicle (EV) manufacturing company that specializes in designing, developing, manufacturing, and distributing high-quality electric two-wheelers.
The company has introduced over 23 different models in the local market to cater to various needs.
The company has its presence in 19 states through a network of more than 256 dealers.
The company has a network of around 256 dealers in India. When a dealer is appointed, the company requires them to provide after-sales services such as routine maintenance, battery management, diagnostics, safety checks, and component replacement to customers.
The manufacturing unit of the company is located in Palsana, Sikar spread across an area of 8000 square meters.
Tunwal E-Motors Ltd manufactures electric bikes at its plant in Palsana and has the capacity to produce up to 41000 units.
As of March 31, 2024, the company had 64 permanent employees. The company trains its employees regularly to increase operational excellence, improve productivity, and maintain compliance standards for quality and safety.
Refer to Tunwal E-Motors IPO RHP for detailed information.
Tunwal E-Motors IPO Details
| IPO Date | July 15, 2024 to July 18, 2024 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price | ₹59 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 19,600,000 shares(aggregating up to ₹115.64 Cr) |
| Fresh Issue | 13,850,000 shares(aggregating up to ₹81.72 Cr) |
| Offer for Sale | 5,750,000 shares of ₹2(aggregating up to ₹33.93 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 41,451,080 |
| Share holding post issue | 55,301,080 |
| Market Maker portion | 980,000 shares |
Tunwal E-Motors IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 50% of the Net issue |
| Other Shares Offered | 50% of the Net issue |
Tunwal E-Motors IPO Timeline (Tentative Schedule)
Tunwal E-Motors IPO opens on July 15, 2024, and closes on July 18, 2024.| IPO Open Date | Monday, July 15, 2024 |
| IPO Close Date | Thursday, July 18, 2024 |
| Basis of Allotment | Friday, July 19, 2024 |
| Initiation of Refunds | Monday, July 22, 2024 |
| Credit of Shares to Demat | Monday, July 22, 2024 |
| Listing Date | Tuesday, July 23, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 18, 2024 |
Tunwal E-Motors IPO Lot Size
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹118,000 |
| Retail (Max) | 1 | 2000 | ₹118,000 |
| HNI (Min) | 2 | 4,000 | ₹236,000 |
Tunwal E-Motors IPO Promoter Holding
The promoters of the company are Jhumarmal Pannaram Tunwal, Amitkumar Pannaram Mali And Jhumarmal Pannaram Tunwal HUF| Share Holding Pre Issue | 97.04% |
| Share Holding Post Issue | 62.34% |
Tunwal E-Motors Limited Financial Information (Restated)
Tunwal E-Motors Limited's revenue increased by 37.85% and profit after tax (PAT) rose by 217.11% between the financial year ending with March 31, 2024 and March 31, 2023.| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 7,582.97 | 5,694.49 | 5,037.44 |
| Revenue | 10,553.69 | 7,655.74 | 7,566.42 |
| Profit After Tax | 1,181.17 | 372.48 | 233.94 |
| Net Worth | 2,053.08 | 821.91 | 424.43 |
| Reserves and Surplus | 1,224.06 | 409.40 | 321.55 |
Key Performance Indicator
The market capitalization of Tunwal E-Motors IPO is Rs 326.28 Cr.KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 57.53% |
| ROCE | 59.38% |
| Debt/Equity | 1 |
| RoNW | 57.53% |
| P/BV | 11.92 |
| PAT Margin (%) | 11.29 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.85 | 2.14 |
| P/E (x) | 20.71 | 27.62 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (Tunwal E-Motors IPO Objectives)
The company proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Funding of working capital requirements of the Company.
- Research & Development
- Pursuing Inorganic Growth
- General Corporate Expenses
Tunwal E-Motors Limited Contact Details
Rama Icon Commercial Building,
Office No 501, S.No 24/2, C.T.S, No. 2164,
Plot No. 31/11 Sadashiv Peth, Pune, 4110
Phone: +91-20-24336001
Email: cs@tunwal.com
Website: https://tunwal.com/
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