EI
EPW India
Book Building issueSMENSE₹31.81 Cr issue
+14.43%
Listing gain over issue price
Issue size
₹31.81 Cr
1 lot at cut-off
₹1,16,400
Lot size
1,200shares
Open
22 Dec 2025
Close
24 Dec 2025
Allotment
26 Dec 2025
Listing
30 Dec 2025
Listing performance
Issue price
₹97
Listed at
₹111
Listing-day close
₹116.55
Latest price
₹232.45
Listing gain
+14.43%
Return since listing
+139.64%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹2.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Dec 2025 | ₹2.50 | +2.58% | ₹2,300 | ₹99.50 | ₹3,000 |
| 29 Dec 2025 | ₹2.50 | +2.58% | ₹2,300 | ₹99.50 | ₹3,000 |
| 28 Dec 2025 | ₹2.50 | +2.58% | ₹2,300 | ₹99.50 | ₹3,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 22 Dec 2025 – 24 Dec 2025
- Listing date
- 30 Dec 2025
- Face value
- ₹5 per share
- Issue price
- ₹97 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹31.81 Cr
- Market cap at offer price
- ₹111 Cr
- Promoter holding
- 100.00% → 71.43% pre-issue → post-issue
- ISIN
- INE1KEC01023
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- GetFive Advisors Pvt.Ltd.
- Registered office
- Shop No.131 & 132, Ground Floor, C-Block Chenoy Trade Center, Parklane, Secunderabad, 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 |
|---|---|---|---|
| Anchor investor · within QIB | 9,32,400 | — | — |
| Market maker | 1,64,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹97
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,16,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (min) | 9 | 10,800 | ₹10,47,600 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
9,32,400
Anchor portion
₹9.04 Cr
at ₹97 per share
Valuation and performance
Valuation at offer price
₹97 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.28 | 7.01 |
| P/E (×) | 18.37 | 13.84 |
| Price to book (×) | 15.06 | — |
| Market cap | — | ₹111 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 82.06%
- ROCE
- 35.03%
- Debt / equity
- 2.32
- PAT margin
- 8.13%
- EBITDA margin
- 11.64%
- NAV per share
- ₹6.44
- Price to book
- 15.06
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About EPW India
EPW India Limited is an IT electronics refurbishing company incorporated on April 16, 2021, that provides refurbished IT products by procuring used IT assets, refurbishing them to near-new condition, and selling them directly to end-use customers through its own shops and website. The company's business model encompasses an end-to-end reverse supply chain for IT assets, involving procurement of used equipment, refurbishment with quality testing, and distribution via dual channels (D2C and B2B). Currently, the company sells IT products including laptops, desktops, Chromebooks, monitors, and accessories. The company was initially incorporated as EPW India Private Limited and converted to EPW India Limited on December 26, 2024.
Company Analysis
from RHPEPW India Limited is an IT electronics refurbishing company providing refurbished electronics (laptops, desktops, Chromebooks, peripherals) through direct-to-consumer and B2B supply chain methods.
EPW India Limited is an IT electronics refurbishing company incorporated on April 16, 2021, that provides refurbished IT products by procuring used IT assets, refurbishing them to near-new condition, and selling them directly to end-use customers through its own shops and website. The company's business model encompasses an end-to-end reverse supply chain for IT assets, involving procurement of used equipment, refurbishment with quality testing, and distribution via dual channels (D2C and B2B). Currently, the company sells IT products including laptops, desktops, Chromebooks, monitors, and accessories. The company was initially incorporated as EPW India Private Limited and converted to EPW India Limited on December 26, 2024.
IT electronics refurbishmentE-waste managementRefurbished electronics retail
Objects of the Issue
- Funding the working capital requirements ₹ 1,584.81 lakhs p.25
- Repayment of Banking Facilities availed by the Company ₹ 850.00 lakhs p.25
- General Corporate Purposes p.25
- To meet the working capital requirement ₹1,584.81 lakhs p.92
- Repayment of banking facilities availed by the company ₹850.00 lakhs p.95
- General Corporate Purpose [●] p.97
- Not disclosed in this part of the document
- —
- Funding working capital requirement of the company p.349
- Repayment of banking facilities availed by the company p.349
- General corporate purposes p.349
Issue Structure
- Total Issue
- Up to 32,79,600 Equity Shares of Face Value of ₹5/- each aggregating ₹ [●] Lakhs
- Fresh Issue
- Up to 32,79,600 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] (to be determined)
- Lot Size
- [●] (to be determined)
- Face Value
- ₹ 5 each
Business Model
The company operates an end-to-end reverse supply chain business model for IT assets. It procures used IT assets (laptops, desktops, Chromebooks and peripherals), refurbishes them to as close to new condition through testing and quality control processes, and sells them directly to end-use customers—both businesses and retail consumers. Distribution occurs through two channels: direct-to-consumer (D2C) via its own shops and website, and business-to-business (B2B) arrangements.
Business Segments
Procurement of used IT assets (laptops, desktops, Chromebooks, peripherals), refurbishment to near-new condition through testing and quality control, and sale through direct-to-consumer and B2B channels
Procuring used IT assets (laptops, desktops, Chromebooks and peripherals), refurbishing them to as close to new condition, and selling them directly to end use customers through B2B and B2C channels
Refurbished laptops from various brands (Dell, HP, Lenovo, ThinkPad, etc.) with different processor generations, RAM, and screen sizes, sold to students, professionals, businesses, and budget-conscious consumers
Refurbished desktop computers and workstations, including all-in-one models, sold to corporate offices, educational institutions, and other institutional buyers
Refurbished monitors (various sizes from 17" to 24"), keyboards, mice, adapters, cables, hard drives, SSDs, RAM, power supplies, cooling fans, and other IT accessories
Wholesale trade and retail sale of refurbished laptops, desktops, and peripherals through multiple retail stores and online channels
Refurbishment of used IT products through facility covering 4,500 sq. ft. including software-based activities (data erasure, OS installation, security checks) and hardware interventions (storage drive, memory, battery, screen replacement)
Recycling of electronic waste through dismantling, sorting, and recovering materials from discarded electrical and electronic equipment including computers, refrigerators, air conditioners, TVs, washing machines with installed capacity of 1,476 tonnes per annum
Refurbished and new laptops
Refurbished and new desktops
Refurbished and new IT peripherals including monitors, keyboards, mice, and accessories
Refurbished laptops sales
Refurbished desktops sales
Refurbished IT peripherals and accessories sales
Business-to-business sales of refurbished IT equipment
Business-to-consumer sales of refurbished IT equipment through retail outlets
SWOT Analysis
Strengths
- • Significant revenue growth momentum(p.104)
- • Strong profit margins relative to business scale(p.107)
- • High return on equity metrics(p.107)
- • Improved EBITDA margins demonstrating operational leverage(p.107)
- • Wide range of refurbished IT products across multiple brands and configurations(p.151)
- • Experienced technical team with specialized expertise in refurbishment(p.151)
- • Comprehensive one-year warranty on refurbished products(p.151)
- • Multiple sales channels (offline retail and online presence)(p.152)
- • In-house refurbishment facility with modern technology and quality control(p.143)
- • Significant revenue growth demonstrating strong market traction(p.150)
- • Established multichannel sales infrastructure across Hyderabad(p.173)
- • Integrated refurbishment and recycling operations via subsidiary acquisition(p.198)
- • Diversified marketing strategy combining digital and offline channels(p.173)
- • Customer loyalty and referral programs to drive repeat business(p.173)
- • Sustainability and CSR positioning in e-waste management(p.173)
- • Growing revenue and profitability trajectory(p.223)
- • Strong revenue growth trajectory with significant year-on-year increases(p.298)
- • Improved gross profit margins through economies of scale and better vendor terms(p.302)
- • Substantial expansion in customer base across both B2B and B2C segments(p.301)
- • Improved operational efficiency with declining trade payable days(p.307)
- • Effective inventory management with stable holding period despite growth(p.308)
- • Diversified product portfolio across laptops, desktops and peripherals(p.312)
- • Rapid customer base expansion across B2B and B2C segments(p.313)
- • Strong revenue growth and operational efficiency improvements(p.313)
- • Expanding gross margins through economies of scale and supplier negotiations(p.313)
- • Improved profit margins and operational leverage(p.315)
- • Efficient inventory management aligned with operations(p.321)
- • Effective receivables management with credit discipline(p.321)
- • Improved supplier payment terms and working capital management(p.320)
- • Multi-outlet retail presence supporting scale(p.321)
Weaknesses
- • High debt-to-equity ratio creating financial leverage risk(p.107)
- • Significant finance costs from multiple high-interest borrowings(p.96)
- • Concentrated customer base and reliance on B2B segment growth(p.94)
- • Small operating scale relative to listed peers(p.107)
- • Heavy reliance on a small customer base for majority of revenue(p.145)
- • Limited geographic presence concentrated in Telangana and Andhra Pradesh(p.144)
- • High employee attrition rate impacting operational stability(p.172)
- • Recently acquired subsidiary contributing to operational complexity(p.150)
- • Refurbished sales declining as percentage of total revenue(p.145)
- • High dependence on promoter group financing and personal guarantees(p.214)
- • Short-term lease agreements on all operating properties with high rent volatility(p.174)
- • Heavy inventory concentration and working capital requirements(p.221)
- • Related party dependency and lessor concentration(p.176)
- • Subsidiary operating at low capacity utilization with recent launch challenges(p.180)
- • Rapidly expanding debt burden from multiple unsecured lending sources(p.233)
- • High financial leverage with significant short-term debt obligations(p.307)
- • Deteriorating debt-to-equity ratio indicating increased financial risk(p.245)
- • Heavy dependence on external borrowings for working capital(p.307)
- • Extended trade receivable days indicating collection challenges(p.309)
- • Rising finance costs impacting profitability(p.299)
- • Dependence on related party loans and promoter funding(p.307)
- • Dependence on working capital borrowings for growth funding(p.320)
- • Significant reliance on cash credit facility from single bank(p.320)
- • High short-term debt relative to equity base(p.319)
- • Significant increase in employee costs relative to early years(p.314)
- • Rapid employee scaling creating operational complexity(p.314)
- • Promoter litigation relating to customs violations(p.325)
- • Pending customs duty liability from related party business history(p.326)
Opportunities
- • Expansion into multiple states for market penetration(p.94)
- • Growing B2B segment penetration(p.106)
- • Subsidiary's recycling business segment diversification(p.106)
- • Public listing benefits and enhanced market access(p.92)
- • Rapid growth of India's refurbished electronics market projected to reach $11 billion by 2026(p.132)
- • Government initiatives and digital inclusion programs driving demand for affordable devices(p.131)
- • Expansion into new geographic markets beyond current concentration(p.152)
- • Increasing environmental awareness and circular economy adoption driving sustainable product demand(p.134)
- • Rising penetration of e-waste recycling and formal refurbishment sector(p.132)
- • Strong macroeconomic growth supporting domestic consumption in India(p.119)
- • Growing e-waste recycling market and regulatory tailwinds(p.184)
- • Expansion into new geographies beyond Hyderabad(p.191)
- • E-commerce platform integration for refurbished IT products(p.173)
- • Government support for electronics hardware manufacturing and recycling(p.183)
- • Institutional and bulk buyer procurement demand for refurbished devices(p.173)
- • Digital transformation and IT spending recovery driving demand(p.192)
- • Expansion into e-waste refurbishment through subsidiary acquisition(p.291)
- • Growing market demand for refurbished IT products(p.298)
- • Significant growth potential in B2B customer segment(p.304)
- • Multiple geographic markets with strong performance in Telangana and Andhra Pradesh(p.254)
- • Potential for margin improvement through operational scaling(p.299)
- • Seasonal demand peaks for IT equipment sales(p.322)
- • Expanding refurbished IT equipment market with growing scale advantages(p.315)
- • Diversified product portfolio with growing peripherals demand(p.316)
- • Acquisition of subsidiary for recycling and e-waste management(p.320)
- • Expansion of retail outlets to support market penetration(p.314)
- • Professional services engagement for business formalization and growth(p.314)
Threats
- • Regulatory and tax law changes in India affecting operations(p.53)
- • Impact of global economic and geopolitical disruptions(p.54)
- • Infrastructure and logistical disruption risks(p.56)
- • Natural disasters and pandemic-related operational disruptions(p.56)
- • Financial market instability contagion effects(p.57)
- • Dominance of informal sector handling 80-90% of e-waste collection creating unfair competition(p.136)
- • Complex and evolving regulatory compliance requirements for e-waste management(p.136)
- • Quality control challenges and consumer trust issues in refurbished electronics sector(p.136)
- • Limited repair options and shortened product lifecycles reducing refurbishment opportunities(p.136)
- • Supply chain fragmentation and difficulty sourcing used devices and spare parts(p.136)
- • Global economic slowdown affecting device replacement cycles and demand(p.117)
- • Intense competition from organized and unorganized sector players(p.173)
- • Input price volatility and supply chain disruptions in e-waste sourcing(p.177)
- • Regulatory compliance burden on environmental and safety standards(p.184)
- • Data security and privacy risks in device refurbishment operations(p.183)
- • Fluctuating demand for refurbished electronics subject to economic cycles(p.192)
- • Rising financing costs and credit market tightening(p.233)
- • Intensifying competition in IT refurbishment market(p.296)
- • Fluctuations in used IT hardware supply and pricing(p.296)
- • Customer preference changes and technological obsolescence(p.296)
- • Regulatory risks related to e-waste and electronics handling(p.291)
- • Risk of working capital constraints if growth accelerates further(p.296)
- • Dependence on key management personnel retention(p.296)
- • Competitive environment in refurbished IT equipment market(p.322)
- • Seasonality impact on revenue and cash flows(p.322)
- • Dependence on used IT equipment supply chain availability(p.315)
- • Rising operating expenses reducing margins despite revenue growth(p.315)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Yousuf Uddin | Promoter | 31,16,000 shares (38.00%) | — |
| Mohd Zaki Uddin | Promoter | 23,78,000 shares (29.00%) | — |
| Mohd Fasi Uddin | Promoter | 23,78,000 shares (29.00%) | — |
| Yousuf Uddin | Promoter | 38.00% | [●] |
| Mohd Zaki Uddin | Promoter | 29.00% | [●] |
| Mohd Fasi Uddin | Promoter | 29.00% | [●] |
| Fateema Jabeen | Promoter Group | 1.00% | [●] |
| Ayesha Fathima | Promoter Group | 1.00% | [●] |
| Saba Begum | Promoter Group | 1.00% | [●] |
| Mujeeb Sultana | Promoter Group | 1.00% | [●] |
| Yousuf Uddin | Promoter | — | — |
| Mohamad Fazi Uddin | Promoter | — | — |
| Mohd Zaki Uddin | Promoter | — | — |
| Yousuf Uddin | Promoter/Managing Director | 38.00% | — |
| Mohd Fasi Uddin | Promoter/Whole Time Director | 29.00% | — |
| Mohd Zaki Uddin | Promoter/Whole Time Director | 29.00% | — |
| Yousuf Uddin | Promoter | 38% | — |
| Mohd Fasi Uddin | Promoter | 29% | — |
| Mohd Zaki Uddin | Promoter | 29% | — |
| Yousuf Uddin | Promoter/Managing Director | — | — |
| Mohd Zaki Uddin | Promoter cum Whole Time Director | — | — |
| Mohd Fasi Uddin | Promoter | — | — |
Leadership
Yousuf Uddin · Managing Director
Mohd Fasi Uddin · Whole-time Director
Mohd Zaki Uddin · Whole-time Director
Syed Najaf Imam Hussani · Chief Financial Officer
Deepika Gupta · 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.