BikeWo GreenTech shares made a weak stock market debut on Friday, September 27 after the conclusion of its initial public offering (IPO). BikeWo GreenTech shares were listed at ₹45 apiece on the NSE SME, a discount of 27.4% to the issue price of ₹62 per share.
BikeWo GreenTech IPO listing was below market estimates. BikeWo GreenTech IPO GMP or grey market premium ahead of share listing was ₹7 per share, signalling a listing premium of over 11% to the IPO price.
BikeWo GreenTech IPO Details
BikeWo GreenTech IPO was an SME IPO which opened for subscription on Friday, September 20 and closed on Tuesday, September 24. The IPO allotment was finalised on September 25. BikeWo GreenTech shares are listed on NSE SME.
BikeWo GreenTech IPO price band was set at ₹59 to ₹62 per share. At the upper end of the price band, the company raised ₹24.09 crore from the book-built issue which was entirely a fresh issue of 38.86 lakh equity shares.
BikeWo GreenTech IPO was subscribed 41.82 times in total. The public issue received 61.04 times subscription in the retail category, 43.03 times in the Qualified Institutional Buyers (QIB) category, and 22.48 times in the Non-Institutional Investors (NII) category.
BikeWo Green Tech Ltd is an electric two-wheeler retailer in India. Incorporated in December 2006, the company has a stong presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat.
The company proposes to utilise the net issue proceeds for purchasing of electric two-wheeler vehicles for selling and supplying, funding capital expenditure proposed to be incurred towards setting up eleven dealership stores in various states in India, prepayment or repayment of all or a portion of certain outstanding borrowings and general corporate purposes.
Khandwala Securities was the book-running lead manager of the BikeWo GreenTech IPO, while Bigshare Services Pvt Ltd was the IPO registrar.
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