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Tunwal E-Motors Limited IPO of Rs 115.64 crores (Tunwal E-Motors IPO) Detail

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 DateJuly 15, 2024 to July 18, 2024
Listing Date[.]
Face Value₹2 per share
Price₹59 per share
Lot Size2000 Shares
Total Issue Size19,600,000 shares(aggregating up to ₹115.64 Cr)
Fresh Issue 13,850,000 shares(aggregating up to ₹81.72 Cr)
Offer for Sale5,750,000 shares of ₹2(aggregating up to ₹33.93 Cr)
Issue TypeFixed Price Issue IPO
Listing AtNSE SME
Share holding pre issue41,451,080
Share holding post issue55,301,080
Market Maker portion980,000 shares

Tunwal E-Motors IPO Reservation

Investor CategoryShares Offered
Retail Shares Offered50% of the Net issue
Other Shares Offered50% 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 DateMonday, July 15, 2024
IPO Close DateThursday, July 18, 2024
Basis of AllotmentFriday, July 19, 2024
Initiation of RefundsMonday, July 22, 2024
Credit of Shares to DematMonday, July 22, 2024
Listing DateTuesday, July 23, 2024
Cut-off time for UPI mandate confirmation5 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.

ApplicationLotsSharesAmount
Retail (Min)12000₹118,000
Retail (Max)12000₹118,000
HNI (Min)24,000₹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 Issue97.04%
Share Holding Post Issue62.34%

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 Ended31 Mar 202431 Mar 202331 Mar 2022
Assets7,582.975,694.495,037.44
Revenue10,553.697,655.747,566.42
Profit After Tax1,181.17372.48233.94
Net Worth2,053.08821.91424.43
Reserves and Surplus1,224.06409.40321.55

Key Performance Indicator

The market capitalization of Tunwal E-Motors IPO is Rs 326.28 Cr.

KPI as of March 31, 2024.
KPIValues
ROE57.53%
ROCE59.38%
Debt/Equity1
RoNW57.53%
P/BV11.92
PAT Margin (%)11.29

Pre IPOPost IPO
EPS (Rs)2.852.14
P/E (x)20.7127.62

Note:

   Tunwal E-Motors Limited Contact Details

Tunwal E-Motors Limited
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
Websitehttps://tunwal.com/

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