BikeWo GreenTech IPO: NSE SME issue booked nearly 42 times on final day, check key details

BikeWo GreenTech Limited IPO saw strong demand on the last day of bidding on Tuesday, September 24, as the public offer was booked nearly 42 times driven by retail investors.

The NSE SME issue was booked 41.87 times with bids for over 15.45 crore shares compared to the 36.9 lakh shares offered for bidding.

The Non-Institutional Investors’ (NIIs) portion of BikeWo GreenTech IPO was booked 22.58 times, with applications for over 3.95 crore shares compared to 17.52 lakh shares reserved for the category.

BikeWo GreenTech IPO was subscribed 61.04 times in the retail category with bids for 10.69 crore shares against 17.52 lakh shares set aside for the category.

Qualified Institutional Buyers (QIBs) placed bids for over 80.04 lakh shares against 1.86 lakh shares set aside for the category. The BikeWo GreenTech IPO was booked 43.03 times in the QIBs category.

BikeWo GreenTech IPO offer size and other details

The ₹24.09-crore initial public offering (IPO) of the company consisted of an entirely fresh issue of 38.86 lakh shares.

The IPO's price band was fixed at ₹59 to ₹62 per share. The minimum lot size for retail investors was fixed at 2000 shares which aggregated to an investment of ₹1,24,000.

BikeWo GreenTech IPO share allotment status and listing date

The company's IPO opened for subscription on Friday, September 20, and closed on Tuesday, September 24. BikeWo GreenTech IPO share allotment status is expected to be finalised by Wednesday, September 25.

Subsequent to the allotment of shares refunds will be initiated for unsuccessful bidders on Thursday, September 26, and successful bidders will receive shares in their Demat accounts the same day.

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

BikeWo GreenTech IPO: Registrar

BikeWo GreenTech IPO registrar is Bigshare Services Pvt Ltd. The book-running lead manager for the NSE SME issue is Khandwala Securities Limited and the market maker for the issue is Aftertrade Broking.

BikeWo GreenTech IPO: Objective

The company plans to use the money raised via the IPO to purchase electric two-wheeler vehicles for its new and existing dealers. The money will also be used for setting up eleven dealership stores across India. A portion of the proceeds will also be used for prepayment or repayment of the company’s outstanding borrowings and for general corporate purposes.

About BikeWo GreenTech

BikeWo GreenTech was incorporated in December 2006. The company is an electric two-wheeler retailer in India. The company operates business through its dealership network. The company had 36 employees on its payroll, as of January 31, 2024.