Tunwal E-Motors Limited

15 Jul 2024 - 18 Jul 2024 Individual Category SME NSE

Min Investment

₹236000

Price Band

₹59

Issue Size

196 lakhs
Equity Shares

Lot Size

2000 (per lot)

IPO Dates
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15 Jul 2024

Open Date

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18 Jul 2024

Close Date

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19 Jul 2024

Allotment Date

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23 Jul 2024

Listing Date

Tunwal E- Motors IPO is open for subscription starting Monday, July 15, 2024, and closing on Thursday, July 18, 2024. This upcoming IPO's price is set as Rs 59 per share. The minimum lot size set for the retail category is 2000 shares. Meanwhile, the minimum lot size for the HNI category is 2 lots consisting of 4000 shares.  The minimum investment required for retail category investors is Rs 1,18,000 ( 59 x 2000 shares). However, for the HNI category, the minimum investment amount required is Rs 2,36,000 (59 x 4000 shares).  Tunwal E- Motors IPO is a fixed price issue of Rs 115.64 crores. This upcoming IPO is a combination of fresh issue and offer-for-sale. The fresh issue is of 138.5 lakh equity shares amounting to Rs 81.72 crores. The OFS is of 57.5 lakh equity shares amounting to Rs 33.93 crores.  The allotment for this new IPO is expected to be finalised on Friday, July 19, 2024. Tunwal E- Motors IPO will be listed on NSE SME on Tuesday, July 23, 2024.  Horizon Financial Private Limited is the book-running lead manager, and Skyline Financial Services Private Limited is the registrar. Nikunj Stock Brokers and Giriraj Stock Broking are the market makers for this IPO.

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About Tunwal E-motors Limited

Tunwal E- Motors IPO was incorporated in 2018, is an electric vehicle manufacturing company that specialises in designing, developing, manufacturing, and distributing high-quality electric two-wheelers.  Tunwal E-Motors has a network of around 256 dealers in India. The company requires them to provide after-sales services such as routine maintenance, battery management, diagnostics, safety checks, and component replacement to customers.  The company's manufacturing unit is located in Palsana, Sikar spread across an area of 8000 square metres. The company has introduced over 23 different models in the local market to cater to various needs. The company has a presence in 19 states through a network of more than 256 dealers.Tunwal E-Motors Ltd manufactures electric bikes at its Palsana plant and can produce up to 41000 units.  As of March 31, 2024, the company had 64 permanent employees. The company trains its employees regularly to increase operational excellence, improve productivity, and maintain compliance standards for quality and safety.

Founded

2018

Managing Director

Jhumarmal Pannaram Tunwal

Parent Organization

IPO Objectives

The funds received from this IPO will be used to meet the company's day-to-day capital requirements, research and development, organic growth, and general corporate expenses.

Company Promoters

Subscription Details

Investor Category Subscription (times)
Qualified Institutions 0
Non-Institutional Buyers 0
bNII (bids above ₹10L) 0
sNII (bids below ₹10L) 0
Retail Investors 0
Employees 0
Others 0
Total 0
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