Supertech EV
Book Building issueSMEBSE₹29.90 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹29.90 Cr
1 lot at cut-off
₹1,10,400
Lot size
1,200shares
Open
25 Jun 2025
Close
27 Jun 2025
Allotment
30 Jun 2025
Listing
02 Jul 2025
Listing performance
Issue price
₹92
Listed at
₹73.60
Listing-day close
₹69.92
Latest price
₹30.22
Close on 23 Oct 2026
Listing gain
-20.00%
Return since issue
-67.15%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jun 2025 – 27 Jun 2025
- Listing date
- 02 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹92 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹29.90 Cr
- Market cap at offer price
- ₹114 Cr
- Promoter holding
- 94.04% → 69.31% pre-issue → post-issue
- ISIN
- INE0SC101013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- Plot No.150, Sector-16, PhaseI, Bahadur Garh, Haryana
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 | 1,63,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹92
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,10,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,20,800 |
| S-HNI (max) | 9 | 10,800 | ₹9,93,600 |
| B-HNI (min) | 10 | 12,000 | ₹11,04,000 |
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
₹92 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.80 | 5.01 |
| P/E (×) | 13.53 | 18.36 |
| Price to book (×) | 4.36 | — |
| Market cap | — | ₹114 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.66%
- ROCE
- 30.86%
- Debt / equity
- 0.73
- PAT margin
- 8.25%
- EBITDA margin
- 12.62%
- NAV per share
- ₹21.12
- Price to book
- 4.36
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Supertech EV
Supertech EV Limited, incorporated in August 2022 and converted to a public limited company in December 2022, is a pure EV player in India building vertically integrated technology and manufacturing capabilities for electric vehicles. The company manufactures electric two-wheelers (e-scooters) with 8 variants and electric three-wheelers (e-rickshaws) with 4 variants. It operates through a widespread distributorship network of 445 distributors across India as of the Red Herring Prospectus date. On March 31, 2023, the company acquired the running business of the proprietorship concern 'Supertech Inc' of its promoter, taking over assets and liabilities as a going concern. The company aims to make electric vehicles accessible to all groups of society.
Company Analysis
from RHPSupertech EV Limited manufactures electric two-wheelers and electric three-wheelers (e-rickshaws) for the Indian transportation market.
Supertech EV Limited, incorporated in August 2022 and converted to a public limited company in December 2022, is a pure EV player in India building vertically integrated technology and manufacturing capabilities for electric vehicles. The company manufactures electric two-wheelers (e-scooters) with 8 variants and electric three-wheelers (e-rickshaws) with 4 variants. It operates through a widespread distributorship network of 445 distributors across India as of the Red Herring Prospectus date. On March 31, 2023, the company acquired the running business of the proprietorship concern 'Supertech Inc' of its promoter, taking over assets and liabilities as a going concern. The company aims to make electric vehicles accessible to all groups of society.
Electric Vehicles ManufacturingAutomotive
Objects of the Issue
- To meet working capital requirements Upto ₹1,65,000 thousand p.24
- Repayment of a portion of certain borrowing availed by our Company ₹30,000 thousand p.24
- General Corporate Purpose p.24
- Working capital requirement ₹1,65,000.00 thousand p.84
- Repayment of portion of certain borrowings availed by our Company ₹30,000.00 thousand p.84
- General Corporate Purposes [●] (not exceeding 25% of Gross Proceeds) p.84
- Repayment of borrowings p.281
Issue Structure
- Total Issue
- Upto 32,49,600 Equity Shares aggregating to ₹[●] Lakhs
- Fresh Issue
- Upto 32,49,600 Equity Shares of Face Value of ₹10/- each aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil - Entire issue constitutes fresh issue of equity shares
- Price Band
- ₹87 to ₹92 per equity share (Floor Price ₹87, Cap Price ₹92)
- Lot Size
- 1,200 Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures and sells electric vehicles (two-wheelers and three-wheelers/e-rickshaws) through a distributorship network. Revenue is generated from the sale of these EVs to distributors operating across India.
Business Segments
Manufactures and sells electric two-wheelers with 8 variants under the Supertech brand.
Manufactures and sells electric three-wheelers (e-rickshaws) with 4 variants designed for commercial transportation.
Manufacturing of electric three-wheelers (e-rickshaws)
Assembly of two-wheeler e-scooters (high-speed and low-speed products)
Designs, develops, manufactures and distributes electric scooters including 8 variants such as S-PRO, V-PRO, TIGER, POWER, ACTIVE, GT, U-PRO and ZAPSTER with features including range of 80-110 km per charge, top speeds of 25 km/h or 65 km/h, and lead-acid or lithium-ion batteries.
Manufactures and distributes electric rickshaws including 4 variants: PILOT DLX and PILOT S DLX for passenger transport with seating capacity of 4 passengers plus 1 driver; GARBAGE for waste management with 350-500 kg loading capacity; and E-LOADER for goods transport with 310 kg loading capacity. Also produces CARGO MAX and PASSENGER MAX variants.
Manufacturing and designing of electric vehicles; acquired running business from Supertech Inc proprietorship
Manufacturing and distribution of electric scooters with 8 variants including models PILOT and PILOT LI
Manufacturing and distribution of electric rickshaws with 4 variants including models LOAD KING
SWOT Analysis
Strengths
- • Pure EV player with vertically integrated technology and manufacturing capabilities(p.23)
- • Diversified product portfolio across 2-wheeler and 3-wheeler segments(p.23)
- • Established nationwide distribution network(p.23)
- • Experienced promoter team with 20+ years of combined experience(p.24)
- • Strong revenue growth trajectory(p.26)
- • Diversified range of services and products offered(p.92)
- • Strong client base(p.92)
- • Experience of promoter and core management team(p.92)
- • Quality assurance capabilities(p.92)
- • Cost competitiveness and time-bound delivery(p.92)
- • Strong revenue growth trajectory with CAGR of 216.22%(p.99)
- • High return on capital employed (47.95%) and strong ROE (36.66%)(p.95)
- • Diverse product portfolio with 12 models across multiple vehicle segments(p.154)
- • Extensive nationwide distribution network with 445 distributors across 19+ states(p.155)
- • Integrated manufacturing capabilities for E-rickshaws with quality control(p.154)
- • Experienced promoter team with decades of EV industry background(p.155)
- • Commitment to quality assurance and environmental sustainability(p.156)
- • Experienced promoter management with 25 years in business(p.207)
- • Dominant promoter shareholding of 94.04% ensures control and alignment(p.206)
- • No defaults or rescheduling of borrowings with financial institutions(p.185)
- • No time or cost overruns in project execution(p.185)
- • Clean litigation record for directors and promoters(p.188)
- • Established B2B distribution network across 19 states(p.270)
- • Experienced promoter team with 20-25 years in industry(p.270)
- • Revenue growth of 15.48% YoY(p.276)
Weaknesses
- • Very limited operating history of only 2.1 years(p.32)
- • Significant dependence on related party suppliers for raw materials(p.36)
- • Low manufacturing capacity utilization(p.38)
- • Dependence on few large suppliers for raw materials(p.35)
- • Negative operating cash flows in the past(p.32)
- • Trademark registration opposed and pending(p.35)
- • Environmental compliance case pending against the company(p.33)
- • Promoters' personal properties mortgaged as collateral for company loans(p.37)
- • High working capital intensity with significant inventory holding(p.86)
- • Elevated short-term borrowings of ₹103,898.95 thousand(p.56)
- • Significant reliance on debt financing with debt-to-equity ratio of 0.73(p.95)
- • Limited operational history with business commenced only in February 2023(p.87)
- • Declining current ratio and increasing working capital days(p.95)
- • Heavy dependence on a few top distributors for revenue generation(p.145)
- • Significant reliance on imported CKD components for two-wheeler assembly(p.143)
- • Low capacity utilization at manufacturing facilities(p.164)
- • Limited operating history of only 2.10 years as an incorporated company(p.143)
- • High dependence on single largest supplier for materials(p.146)
- • Significant short-term borrowings requiring refinancing(p.237)
- • Heavy reliance on related party financing(p.249)
- • All three promoters are family members creating succession risk(p.190)
- • Significant operating cash outflows despite profitability(p.239)
- • High working capital requirements with rapid inventory growth(p.252)
- • No collaboration or strategic partnership agreements in place(p.185)
- • High customer concentration - top 10 customers represent 41.43% of revenue(p.279)
- • Trademark registration opposed by Walmart(p.285)
- • Environmental compliance case pending against company(p.286)
- • Significant debt burden with 0.73 debt-to-equity ratio(p.268)
Opportunities
- • Strong market growth in EV segment in India(p.23)
- • Rapid growth in electric two-wheeler segment(p.23)
- • Strong growth in electric three-wheeler segment(p.24)
- • Government targets for EV penetration providing favorable policy environment(p.23)
- • Large cargo segment opportunity in E3W market with e-commerce growth(p.24)
- • Expansion of distributorship network planned(p.23)
- • Growing electric vehicle market in India with supportive government policies(p.109)
- • India's robust economic growth projected at 7.0% for FY25 and 6.5% for FY26(p.105)
- • Strong manufacturing sector growth with CAGR of 4.7% from FY16 to FY19(p.108)
- • Expansion of production-linked incentive (PLI) schemes across sectors(p.110)
- • Increasing consumer demand supported by rising bank credit and rural demand(p.108)
- • Growing integration into global supply chains(p.107)
- • Government backing through FAME II and PLI schemes with substantial incentives(p.141)
- • Rapid growth in E2W market with 41.7% YoY growth in FY24(p.118)
- • Rising e-commerce demand driving adoption of electric three-wheelers for last-mile delivery(p.120)
- • Favorable demographic and consumption trends with rising disposable incomes(p.115)
- • Expansion potential in Tier 2 and Tier 3 cities with growing urbanization(p.119)
- • Battery swapping policy under development to reduce charging infrastructure barriers(p.129)
- • Growing revenue trajectory with 111% growth over two years(p.238)
- • Expanding into electric vehicle business through acquisition(p.184)
- • Scalable manufacturing infrastructure established(p.192)
- • Electrification of mobility market in India(p.270)
- • Diverse EV product portfolio to address market needs(p.270)
Threats
- • Intense competition from established and new EV manufacturers(p.40)
- • Risk of battery-related safety issues affecting EV adoption(p.40)
- • Supply chain disruptions affecting raw material availability(p.32)
- • Regulatory changes in motor vehicle standards impacting business(p.41)
- • Potential emergence of alternative technologies and fuel sources(p.40)
- • Economic slowdown impacting vehicle demand(p.23)
- • Distributor pricing pressure affecting gross margins(p.34)
- • Transportation and logistics disruptions affecting delivery schedules(p.41)
- • Vulnerability to global economic disruptions and geopolitical conflicts(p.107)
- • Risk of volatility in metal prices and electric component supply disruptions(p.51)
- • Exposure to financial instability in Indian and international markets(p.50)
- • Dependence on customers with head offices outside India exposed to global economic conditions(p.51)
- • Risk from changing Indian regulations and compliance requirements(p.51)
- • Potential adverse impact from COVID-19 pandemic and communicable diseases(p.51)
- • Exposure to stringent Indian labor laws and potential changes affecting flexibility(p.51)
- • Risk from natural calamities affecting Indian economy and operations(p.52)
- • Intense competition from established OEMs and numerous new entrants in E2W market(p.164)
- • Heavy dependence on imported lithium-ion batteries with supply chain vulnerability(p.140)
- • Raw material price volatility, particularly for lithium, cobalt, and nickel(p.125)
- • Lack of adequate charging infrastructure limiting EV adoption(p.135)
- • Rising concerns about battery safety and fire incidents(p.137)
- • Subsidy policy changes and reduction in government support(p.129)
- • Significant exposure to input cost volatility in manufacturing(p.253)
- • Dependence on few major customers creates concentration risk(p.252)
- • Exposure to foreign exchange volatility in raw material imports(p.231)
- • High operating leverage with rising employee costs(p.254)
- • Dependence on third-party suppliers for raw materials(p.272)
- • Market fluctuations and intense competition(p.272)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Yetender Sharma | Promoter/Managing Director | 52,75,792 equity shares (57.92%) | 52,75,792 equity shares (42.69%) |
| Mr. Jitender Kumar Sharma | Promoter/Chairman & Whole Time Director | 26,18,182 equity shares (28.74%) | 26,18,182 equity shares (21.18%) |
| Ms. Geetanjali Sharma | Promoter/Whole Time Director | 6,71,956 equity shares (7.38%) | 6,71,956 equity shares (5.44%) |
| Mr. Yetender Sharma | Promoter/Managing Director | 57.92% | 42.69% |
| Mr. Jitender Kumar Sharma | Promoter/Chairman & Whole Time Director | 28.74% | 21.18% |
| Ms. Geetanjali Sharma | Promoter/Whole Time Director | 7.38% | 5.44% |
| Mr. Gaurav Aapan | Promoter Group | 0.00% | 0.00% |
| Yetender Sharma | Promoter and Managing Director | — | — |
| Jitender Kumar Sharma | Promoter and Director | — | — |
| Geetanjali Sharma | Promoter and Director | — | — |
| Yetender Sharma | Promoter | 57.92% | — |
| Jitender Kumar Sharma | Promoter | 28.74% | — |
| Geetanjali Sharma | Promoter | 7.38% | — |
| Jitender Kumar Sharma | Promoter/Wholetime Director | — | — |
| Yetender Sharma | Promoter/Managing Director | — | — |
| Geetanjali Sharma | Promoter/Wholetime Director | — | — |
Leadership
Mr. Yetender Sharma · Managing Director
Mr. Jitender Kumar Sharma · Chairman & Whole Time Director
Ms. Geetanjali Sharma · Whole Time Director
Ms. Pooja Jain · Company Secretary & Compliance Officer
Mr. Jatin Dhawan · Chief Financial 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.
Supertech EV IPO FAQs
What is the lot size of Supertech EV IPO?
The minimum lot size of Supertech EV IPO is 1,200 shares. One lot costs ₹1,10,400 at the cut-off price.
When does Supertech EV IPO open and close?
Supertech EV IPO opened for subscription on 25 Jun 2025 and closed on 27 Jun 2025.
What is the listing date of Supertech EV IPO?
Supertech EV IPO listed on 02 Jul 2025.