NSE SME Bikewo Green Tech stumbles in market debut

The scrip was listed at Rs 45, a discount of 27.42% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 47.25 and a low of Rs 45. About 3.26 lakh shares of the company changed hands at the counter.

Bikewo Green Tech's IPO was subscribed 39.83 times. The issue opened for bidding on 20 September 2024 and it closed on 24 September 2024. The price band of the IPO was set at Rs 59 to Rs 62 per share.

The IPO comprised fresh issue of 38,86,000 shares. The promoter and promoter group shareholding diluted to 62.48% from 89% pre-IPO.

The company intends to utilize the net proceeds for purchasing electric two wheeler vehicles for selling and supplying the same to new and existing dealers, setting up of eleven dealership stores in various states in India, prepayment or repayment of all or a portion of certain outstanding borrowings availed by company and for general corporate purposes.

Bikewo Green Tech is a two wheeler retailer in India. The company offers three types of dealerships to its dealer, State Dealership, Diamond Dealership and Platinum Dealership. The company has established its presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra and Gujarat markets. The company also plans to expand its network in Rajasthan, Kerala, Karnataka and West Bengal in pursuing its defined cluster-focused expansion strategy. As of 31 March 2024, the company had 34 employees.

The company recorded revenue from operations of Rs 24.98 crore and net profit of Rs 1.67 crore for the period as on 31 March 2024.