Bikewo Green Tech
SMENSE₹24.09 Cr issue
-27.42%
Listing gain over issue price
Issue size
₹24.09 Cr
1 lot at cut-off
₹1,24,000
Lot size
2,000shares
Open
20 Sep 2024
Close
24 Sep 2024
Allotment
25 Sep 2024
Listing
27 Sep 2024
Listing performance
Issue price
₹62
Listed at
₹45
Listing-day close
₹47.25
Latest price
₹116.30
Close on 23 Oct 2026
Listing gain
-27.42%
Return since issue
+87.58%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Sep 2024 – 24 Sep 2024
- Listing date
- 27 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹62 per share
- Lot size
- 2,000 shares
- Listing at
- NSE
- Total issue size
- ₹24.09 Cr
- Market cap at offer price
- ₹80.87 Cr
- Promoter holding
- 89.00% → 62.48% pre-issue → post-issue
- ISIN
- INE0SQH01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- Plot No.502B, Amara Jyothi, Road No.31, Jubilee Hills, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,96,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹62
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 18,000 | ₹11,16,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹62 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.83 | 1.28 |
| P/E (×) | 33.88 | 48.44 |
| Price to book (×) | 3.39 | — |
| Market cap | — | ₹80.87 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.94%
- ROCE
- 10.87%
- PAT margin
- 6.69%
- NAV per share
- ₹18.31
- Price to book
- 3.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bikewo Green Tech
Bikewo Green Tech Limited, incorporated on December 9, 2016, initially engaged in buying and selling of used four-wheelers from authorized dealers. In 2022, the company diversified into electric vehicles, leveraging the growing EV market in India. The company operates through a dealership model, creating a multi-brand channel for electric two-wheelers by appointing local dealers under the Bikewo brand in various states. Revenue is generated through commission-based sales from dealers and direct retail sales. As of March 31, 2024, the company had presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, Gujarat, Karnataka, Rajasthan, and Uttar Pradesh, with the majority of sales concentrated in Telangana and Andhra Pradesh.
Company Analysis
from RHPBikewo Green Tech Limited is an electric two-wheeler retailer and dealer in India, operating through a multi-brand franchise model focused on Tier-I, Tier-II and Tier-III cities.
Bikewo Green Tech Limited, incorporated on December 9, 2016, initially engaged in buying and selling of used four-wheelers from authorized dealers. In 2022, the company diversified into electric vehicles, leveraging the growing EV market in India. The company operates through a dealership model, creating a multi-brand channel for electric two-wheelers by appointing local dealers under the Bikewo brand in various states. Revenue is generated through commission-based sales from dealers and direct retail sales. As of March 31, 2024, the company had presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, Gujarat, Karnataka, Rajasthan, and Uttar Pradesh, with the majority of sales concentrated in Telangana and Andhra Pradesh.
Electric Vehicles (E2W - Electric Two-Wheelers)Automotive Retail and DistributionMulti-brand Dealership
Objects of the Issue
- Funding purchase of electric two wheeler vehicles for selling and supplying the same to our new and existing dealers ₹600.00 lakhs p.20
- Funding capital expenditure proposed to be incurred towards setting up of eleven dealership stores in various states in India ₹623.38 lakhs p.20
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹350.00 lakhs p.20
- General corporate purposes p.20
- Funding purchase of electric two wheeler vehicles for selling and supplying the same to our new and existing dealers ₹600.00 lakhs p.79
- Funding capital expenditure proposed to be incurred towards setting up of eleven dealership stores in various states in India ₹623.38 lakhs p.79
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹350.00 lakhs p.79
- General corporate purposes p.79
- Funding capital expenditure proposed to be incurred towards setting up of eleven dealership stores in various states in India p.134
- Long term working capital requirement of purchasing EV two wheelers for supplying the same to our new and existing dealers across the country p.133
- Not specified in this document part
Issue Structure
- Total Issue
- Upto 38,86,000 Equity Shares aggregating Up to ₹ [•] lakhs
- Fresh Issue
- Upto 38,86,000 Equity Shares of Face Value of ₹ 10/- each at Issue Price of ₹ [●] per Equity Share aggregating Up to ₹ [•] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹59 (Floor Price) to ₹62 (Cap Price)
- Lot Size
- Bid Lot: 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates through a multi-brand dealership model for electric two-wheelers. It sources EV two-wheelers from third-party manufacturers and sells them through appointed dealers under three types of dealerships (State, Diamond, and Platinum). Revenue is earned through commissions on sales and direct retail sales of EV vehicles and pre-owned vehicles. The company also generates revenue from pre-owned vehicle sales.
Business Segments
Buying and selling of used four-wheelers from authorized dealers of reputed automobile brands
Marketing and selling of electric two-wheeler vehicles through a multi-brand dealership network
Purchases electric two-wheelers from OEMs and manufacturers, maintains inventory, and supplies vehicles to dealer network at higher margins
Operates dealership stores through franchisee partners, providing retail spaces in high-visibility locations for vehicle sales and after-sales services
Provides maintenance, repair, and workshop services through dealership stores
Multi-brand electric two-wheeler dealership through franchised dealership network offering scooters, motorcycles, delivery two wheelers and electric bicycles
Buying and selling of used four-wheeler passenger vehicles procured from authorized dealers of reputed automobile brands
Sale and distribution of electric two-wheelers through a multi-brand dealership model in Tier-I, Tier-II and Tier-III cities
Services rendered by the company related to dealership and EV retail operations
SWOT Analysis
Strengths
- • Leadership in high-speed E2W segment with rapid market growth(p.19)
- • Multi-brand distribution model covering large geographic footprint(p.26)
- • Clean litigation history and strong regulatory compliance(p.21)
- • Experienced Key Managerial Personnel driving business strategy and operations(p.43)
- • Established dealership network across multiple states (Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, Gujarat)(p.83)
- • Improved profitability with PAT margin of 6.69% in FY2024 vs 0.48% in FY2023(p.94)
- • Multi-brand EV dealership with exclusive partnerships and established OEM relationships(p.131)
- • Hierarchical dealership model enabling rapid expansion and market penetration(p.131)
- • Strong after-sales service infrastructure with dedicated technicians and master workshop(p.132)
- • Experienced promoter with automotive industry background(p.156)
- • Established dealer base across multiple states with cluster-focused expansion strategy(p.131)
- • Strong brand presence and recognition through awards(p.131)
- • Strong operational profitability and positive net worth trajectory(p.235)
- • Diversified business model spanning used vehicles and electric two-wheelers(p.218)
- • Established multi-brand dealership network across multiple states(p.218)
- • Strong revenue growth and improved profitability in FY2024(p.221)
Weaknesses
- • Significant dependence on Telangana and Andhra Pradesh for revenue generation(p.30)
- • High concentration among limited number of brands(p.29)
- • Negative operating cash flows impacting liquidity(p.38)
- • Significant historical delays in statutory GST and EPF payments(p.34)
- • Heavy reliance on dealer network for revenue with concentration risk(p.26)
- • Dependent on external suppliers with no long-term contracts(p.29)
- • Limited operating history in expansion markets(p.26)
- • Unsecured loans subject to recall at any time(p.37)
- • Operational properties held on leasehold basis with renewal risks(p.39)
- • Dependence on Key Managerial Personnel with no documented succession plan(p.43)
- • Conflict of interest between promoters' other business activities and the company(p.43)
- • Significant debt obligations with security over movable and immovable properties(p.43)
- • No independent monitoring agency for deployment of IPO proceeds(p.43)
- • Inadequate insurance coverage for operational risks(p.44)
- • Limited cash position with only ₹7.42 lakhs in cash and cash equivalents as of March 31, 2024(p.52)
- • High reliance on OEM partners for product sourcing without backward integration(p.116)
- • Limited working capital and inventory management challenges(p.117)
- • Small employee base and potential talent acquisition challenges(p.138)
- • Negative operating cash flow in FY2024 despite profitability(p.223)
- • Significant inventory buildup creating working capital challenges(p.183)
- • High leverage with debt-to-equity ratio of 0.88(p.225)
- • Concentration of operations in two states(p.219)
- • Limited operating history with losses in prior years(p.184)
Opportunities
- • Rapid expansion of EV2W market with 71% CAGR over four years(p.19)
- • Plan to establish 11 new dealership stores across untapped geographies(p.28)
- • Government support through FAME scheme driving EV adoption(p.19)
- • Cluster-focused expansion strategy into Rajasthan, Kerala, Karnataka and West Bengal(p.26)
- • Growing penetration opportunity in Tier II and Tier III cities(p.19)
- • High-speed E2W sales outpacing low-speed segment(p.19)
- • Expansion into new geographic markets (Rajasthan, Kerala, Karnataka, West Bengal)(p.83)
- • Growth in electric vehicle dealership segment with franchise model expansion(p.83)
- • Establishment of eleven new dealership stores across India(p.83)
- • Strengthening after-sales service segment for improved margins and recurring revenue(p.92)
- • Rapid growth in Indian EV two-wheeler market with projected 60.5% CAGR through FY2027(p.110)
- • Government support through FAME 2 scheme and production-linked incentives(p.109)
- • Expansion into tier-II and tier-III cities with underpenetrated markets(p.134)
- • Growing consumer preference for EVs driven by fuel cost inflation and environmental concerns(p.106)
- • High-speed E2W segment growth exceeding low-speed segment, creating premium market opportunity(p.109)
- • Expansion into new product categories and geographic markets(p.133)
- • Expansion into electric vehicle market with growing industry tailwinds(p.218)
- • Cluster-focused dealership expansion strategy in Tier-II and Tier-III cities(p.218)
- • Multi-brand channel strategy capturing market demand for EV two-wheelers(p.218)
- • Leverage dealer network with local market knowledge for deeper penetration(p.218)
Threats
- • Intense competition from national and regional competitors with greater resources(p.29)
- • Vulnerability to supply chain disruptions from multiple dependencies(p.29)
- • No in-transit insurance creating product damage liability(p.33)
- • Dependence on third-party transportation without definitive agreements(p.32)
- • First-time issuer with unproven equity market trading history(p.25)
- • Trademark applications pending approval with prior oppositions(p.40)
- • Exposure to rapid shifts in consumer trends and technology(p.29)
- • Potential loss of key brands or reduction in supply volumes(p.29)
- • Significant working capital requirements for inventory and expansion(p.39)
- • Regulatory and policy changes affecting business operations(p.48)
- • Dependence on Indian economic conditions and consumer income(p.48)
- • Foreign exchange fluctuations and currency risks(p.47)
- • Natural calamities impacting Indian economy and business(p.49)
- • Political instability and changes in economic liberalization policies(p.49)
- • Stock price volatility and illiquidity in SME platform trading(p.45)
- • High cost of e-bikes deterring consumer adoption outside China(p.106)
- • Battery quality and fire incident risks threatening brand and consumer confidence(p.116)
- • Inadequate charging infrastructure limiting consumer adoption(p.117)
- • Government regulatory restrictions and stricter safety compliance mandates(p.110)
- • Retail financing constraints and high interest rates limiting customer affordability(p.115)
- • Rapid entry of established automotive players creating intense competitive pressure(p.115)
- • Global supply chain disruption and component import dependencies(p.116)
- • Intense competition from both organized and unorganized players(p.224)
- • Dependence on limited number of brands and suppliers(p.219)
- • Dependence on dealer intermediaries for significant revenue(p.219)
- • Risk of market changes and customer preference shifts(p.219)
- • Limited operating history and performance instability(p.219)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Katepalli Manideep | Promoter | 5.01% | 3.52% |
| Satyapoorna Chander Yalamanchili | Promoter | 58.84% | 41.31% |
| N Vidhya Sagar Reddy | Promoter | 10.05% | 7.06% |
| Manvi Talwar | Promoter | 15.10% | 10.60% |
| Satyapoorna Chander Yalamanchili | Promoter | 58.84% | 41.31% |
| N Vidhya Sagar Reddy | Promoter | 10.05% | 7.06% |
| Manvi Talwar | Promoter | 15.10% | 10.60% |
| Katepalli Manideep | Promoter | 5.01% | 3.52% |
| Katepalli Manideep | Promoter | 5.01% | — |
| Katepalli Manideep | Promoter | 5.01% | — |
| Satyapoorna Chander Yalamanchili | Promoter | 58.84% | — |
| N Vidhya Sagar Reddy | Promoter | 10.05% | — |
| Manvi Talwar | Promoter | 15.10% | — |
Leadership
Katepalli Manideep · Managing Director
Rama Mohan Thammineni · Whole-time Director
Sivaji Dusari · Chief Financial Officer
Rakshita Agarwal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Bikewo Green Tech IPO FAQs
What is the lot size of Bikewo Green Tech IPO?
The minimum lot size of Bikewo Green Tech IPO is 2,000 shares. One lot costs ₹1,24,000 at the cut-off price.
When does Bikewo Green Tech IPO open and close?
Bikewo Green Tech IPO opened for subscription on 20 Sep 2024 and closed on 24 Sep 2024.
What is the listing date of Bikewo Green Tech IPO?
Bikewo Green Tech IPO listed on 27 Sep 2024.