BikeWo GreenTech IPO fully subscribed on strong retail demand; check key details

BikeWo GreenTech Limited IPO saw a strong response across investor categories on the first day of bidding on Friday, September 20. The NSE SME issue was fully subscribed on day 1, driven by strong retail demand.

BikeWo GreenTech IPO was subscribed 1.21 times with bids for more than 44.68 lakh shares compared to 36.9 lakh shares on offer. In the retail category, the issue was booked 2.22 times. The retail investors applied for 38.96 lakh shares compared to 17.52 lakh shares set aside for them.

The non-institutional investors (NIIs) submitted bids for over 5.72 lakh shares against 17.52 lakh shares set aside for the category, booking the portion by 32%.

However, the Qualified Institutional Buyers (QIBs) portion did not receive any application on the first day. The company has set aside 1,86,000 shares for the category.

The investors looking forward to applying for BikeWo GreenTech IPO should check key details like issue size, price band, lot size and listing date, before bidding.

BikeWo GreenTech IPO offer size, price band and other details

BikeWo GreenTech IPO is a book-building offer worth ₹24.09 crore and the issue includes a fresh issue of 38.86 lakh shares.

The IPO price band has been fixed at ₹59 to ₹62 per share.

The minimum lot size for an application is 2,000 shares, aggregating to an investment of ₹1,24,000 for retail investors. The High Networth Individuals (HNIs), can apply for a minimum lot size of 2 lots (4,000 shares) amounting to an investment of ₹2,48,000.

BikeWo GreenTech IPO dates

The IPO of BikeWo GreenTech window is open for bidding from September 20 to September 24. The IPO share allotment status is likely to be finalised on September 25.

The transfer of shares into the Demat accounts of successful bidders will be initiated on September 26 and refunds for non-allottees will be made the same day.

Shares of the company are likely to be listed on the NSE SME platform, on Friday, September 27.

BikeWo GreenTech IPO registrar

The registrar for the company's IPO is Bigshare Services Private Limited while Khandwala Securities Limited acts as the book-running lead manager for the BikeWo GreenTech IPO.

Aftertrade Broking is the market maker for the the company's IPO.

BikeWo GreenTech IPO objective

The company plans to use the net proceeds from the offering to finance the purchase of electric two-wheeler vehicles for distribution to both new and existing dealers. The company will also allocate a portion of the funds towards capital expenditures for establishing eleven dealership stores across various states.

The funding will also enable the prepayment or repayment of a portion of the company's outstanding borrowings and the remaining part of the funds will be used for general corporate purposes.

About BikeWo GreenTech Limited

Incorporated in December 2006, Bikewo GreenTech Limited is a prominent electric two-wheeler retailer, operating through a dealership model across several states, including Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra and Gujarat.

The company operates through three dealership tiers allowing diverse partnership opportunities. With plans to expand into key cities such as Raipur, Indore and Delhi, the company aims to strengthen its footprint in the rapidly growing EV market.