Zelio E-Mobility shares list at 14% premium; hit upper circuit post market debut

Shares of Zelio E-Mobility shares made a strong stock market debut on Wednesday, October 08, as the electronic vehicle player was listed at Rs 154.90 on BSE, a premium of 13.90 per cent over its issue price of Rs 136 apiece. Investors made a profit of Rs 18,900 on each lot of 1,000 equity shares worth Rs 1,36,000. Post listing the stock hit an upper circuit of 5 per cent to Rs 162.60.

The initial public offering (IPO) of Zelio E-Mobility was open for bidding between September 30 and closed for subscription on October 03. The company raised a total of Rs 78.34 crore via primary route, which included a fresh share sale of Rs 58.84 crore and an offer-for-sale (OFS) of up to 11,40,000 equity shares worth Rs 15.50 crore.

Incorporated in 2021, Zelio E-Mobility is engaged in manufacturing, assembling and supplying of electric vehicles like two-wheelers and three-wheelers. It is operating under the brands 'Zelio' for E-2Ws and 'Tanga' for 3Ws, and focuses on producing eco-friendly electric vehicles with lower emissions, reduced noise, and energy sustainability, supported by a wide dealer network.

The issue saw an offer-all subscription of 1.5 times. The portion for qualified institutional bidders (QIBs) was subscribed 1.61 times, while non institutional investors (NIIs) quota was booked 1.76 times. The portion for retail investors was subscribed 1.32 times during the bidding process. It has raised around Rs 22.3 crore from anchor investors.

Hem Securities was the book running lead manager and Maashitla Securities served as the registrar of the issue. Hem Finlease served as the market maker of the company. Being an SME IPO, the company has been listed on BSE only.