EV manufacturer Zelio E-Mobility announces ₹78 crore SME IPO

Zelio E-Mobility, a Haryana-based electric two- and three-wheeler manufacturer, has announced a ₹78 crore SME IPO. The IPO opens for subscription on 30th September 2025 and closes on 3rd October 2025, with anchor investor allocation on 29th September 2025.

In FY25, the company reported revenue of ₹172 crore, EBITDA of ₹21 crore, and PAT of ₹16 crore. Its net worth stood at ₹26.67 crore, with ROE/ROCE of 59.96%. Between FY23 and FY25, Zelio E-Mobility recorded a revenue CAGR of 83% and a PAT CAGR of 128%.

The IPO comprises a total of 57,60,000 equity shares of ₹10 each, including a Fresh Issue of 46,20,000 equity shares to raise new capital and an Offer for Sale of 11,40,000 equity shares. The price band is ₹129–₹136 per share, with a lot size of 2,000 shares and multiples thereof, resulting in a minimum application value per lot of ₹2,58,000–₹2,72,000.

Commenting on the IPO, Kunal Arya, Managing Director of Zelio E-Mobility, said, “We are doubling our growth every year, but the market is growing even faster. With demand outpacing our capacity, this IPO comes at the right time to accelerate expansion and innovation. The proceeds will enable us to build world-class facilities, launch new models, strengthen after-sales support, and meet the rising expectations of our customers. We are grateful to our team, partners, and customers for their support, and this milestone is a step forward in our journey to drive India’s transition to electric mobility.”

Hem Securities Ltd. is the Book Running Lead Manager, and Maashitla Securities Pvt Ltd. will serve as the Registrar to the Issue. The company’s promoters are Niraj Arya, Kunal Arya, and Deepak Arya. IPO proceeds are expected to be used for repayment and pre-payment of borrowings, capital expenditure for a new manufacturing unit, working capital requirements, and general corporate purposes.

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