Tunwal E-Motors shares list at an 8.5% premium on the NSE SME platform

Tunwal E-Motors Ltd made a muted debut on the NSE SME platform, Emerge, on Monday, July 23, with its shares listing at a premium of over 8% against the issue price of ₹59 apiece.

The stock opened at ₹64 apiece, reflecting an upside of 8.47% compared to the IPO price of ₹59. After listing, the stock dropped 5% to hit an intraday low of ₹60.8 per share.

In early morning trades over 36 lakh shares of the company changed hands on the NSE SME platform. The company's market valuation stood at ₹336.23 crore.

Tunwal E-Motors Ltd IPO details

The IPO closed for subscription on July 18. Before the listing of Tunwal E-Motors shares on the NSE SME issue the company allotted shares to successful bidders on July 19. The NSE SME issue was oversubscribed 12.17 times with bids for over 22.67 crore shares compared to 1.86 crore shares set aside for the category. The issue was booked 16.64 times in the retail category. The Non-Institutional Investors (NIIs) booked their category 7.33 times.

Tunwal E-Motors IPO was a fixed-price issue valued at ₹115.64 crore. The issue consisted of a fresh issue of 138.5 lakh shares aimed at raising ₹81.72 crore and an offer-for-sale of 57.5 lakh shares aggregating ₹33.93 crore.

Tunwal E-Motors IPO price was fixed at ₹59 per share. The minimum lot size to apply for the IPO for retail investors was fixed at 1 lot comprising 2000 shares, which aggregates to an investment of ₹1,18,000.

Horizon Management Private Limited is the book-running lead manager for the issue, and Skyline Financial Services Private Ltd is the registrar for the Tunwal E-Motors IPO.

Tunwal E-Motors Limited is an electric vehicle (EV) manufacturing company. The company is engaged in the design, development, manufacturing, and distribution of electric two-wheelers. The company had a total headcount of 64 employees as of March 31, 2024.