BikeWo GreenTech IPO allotment finalised today: Check status, latest GMP

BikeWo GreenTech IPO allotment: The initial public offering (IPO) of BikeWo GreenTech was finalised on Wednesday, September 25, after overwhelming interest and robust subscriptions.

The SME IPO, valued at ₹24.09 crore, opened for bidding on September 20 and closed on September 24. The price band was set in the range of ₹59-62 per share.

Investors can check the BikeWo Greentech IPO allotment status online through the official portal of the IPO registrar, Bigshare Services Private Ltd.

The company will credit the equity shares on Thursday, September 26, into the Demat accounts of investors who have received the allotment. Refunds for rejected applications will also be processed the same day. BikeWo Greentech IPO is slated to list on NSE SME on Friday, September 27, 2024.

How to check IPO allotment status

Step 1: Go to the IPO registrar website of Bigshare Services Private Ltd.

Step 2: From the selection menu, choose BikeWo Greentech IPO.

Step 3: To discover the current status, pick a mode – click on the PAN, Demat account, or application number.

Step 4: Enter the required information, such as your application number, PAN (Permanent Account Number), or Demat Account number.

Step 5: Enter the ‘captcha’ to verify that you are not a robot.

Step 6: Click ‘submit’ to view allotment status.

About the IPO

The BikeWo Greentech IPO is entirely a fresh issue of 38.86 lakh shares. There is no offer for sale (OFS) component in this issue. The minimum lot size for an application was 2000 shares, and the minimum investment required by retail investors was ₹1.24 lakh.

The IPO closed with strong demand. The SME issue subscribed 41.82 times in its three days of bidding. The IPO received bids for 15.43 crore shares against the 36.90 lakh shares on offer. The retail investor segment saw a subscription of 61.04 times, while the non-institutional investors (NII) category was booked 22.48 times. Meanwhile, the Qualified institutional buyer's quota was bid 43.03 times in the three days.

The company plans to use the net proceeds from the issue for several key objectives: funding the purchase of electric two-wheeler vehicles to supply to both new and existing dealers, financing capital expenditure for setting up eleven dealership stores across various states in India, repaying or prepaying a portion of its outstanding borrowings, and addressing general corporate purposes.

Khandwala Securities Limited is the book-running lead manager of the BikeWo GreenTech IPO, while Aftertrade Broking is the market maker.

About the Company

Incorporated in December 2006, Bikewo Green Tech Limited is a prominent electric two-wheeler retailer in India, with a strong presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat. Bikewo Green Tech has ambitious plans to expand with stores in cities such as Raipur, Indore, Delhi, Chandigarh, Lucknow, Prayagraj, Patna, Bhubaneshwar, Nagpur, Bangalore, and Trivandrum. As of January 31, 2024, the company employed 36 people.

Bikewo Green Tech's competitive strength lies in its premium EV retail business, dealing in brands like Ola Electric, Quantum e-scooters, Bounce, and GT-Force. The company’s unique business model, with a growing presence across multiple states, is further bolstered by its expanding after-sales segment, which has driven consistent revenue growth and improved profit margins.

Notably, between the fiscal years ending March 31, 2023, and March 31, 2024, the company’s revenue grew by 22 per cent, while profit after tax surged by an impressive 1606 per cent.

Review

“The company is emerging EV-two wheeler retailer on Pan India Basis. It is doing the business on third party/franchise basis model. It posted growth in top line, but bottom line marked inconsistency. Based on FY24 earnings, the issue appears aggressively priced. Well-informed/cash surplus investors may park moderate fund for long term,” said Dilip Davda of Chittorgarh.com with a ‘may apply’ rating.

BikeWo Greentech IPO GMP today

The IPO's grey market premium (GMP) today is ₹7 per share, indicating an expected listing price of ₹69, a premium of 11.29 percent from its issue price of ₹72. The GMP was the same in the previous session, September 24, but declined from ₹20 on September 23.