BSE SME Supertech EV hits the brakes on day one
The scrip was listed at Rs 73.60, a discount of 20% compared with the initial public offer (IPO) price. The stock was currently frozen at its lower limit of 5% over its listing price.
The counter hit a high of Rs 73.60 and a low of Rs 69.92. About 42,000 shares of the company changed hands at the counter.
Supertech EV's IPO was subscribed 4.23 times. The issue opened for bidding on 25 June 2025 and it closed on 27 June 2025. The price band of the IPO was set at Rs 87 to Rs 92 per share.
The IPO comprised fresh issue of 32,49,600 equity shares. The promoter and promoter group shareholding diluted to 69.31% from 94.04% pre-issue.
The company intends to utilize the net proceeds for working capital requirement, repayment of portion of certain borrowings availed by the company and general corporate purposes.
Supertech EV is a pure EV player in India, building vertically integrated technology and manufacturing capabilities for electric vehicles. It manufactures EVs, including 2-wheelers and e-rickshaws, at its factory. The company has launched 8 variants of 2-wheelers and 4 variants of e-rickshaws. It operates through a widespread distributorship network of 445 outlets across India. The company aims to make electric vehicles accessible to all segments of society. As of 31 May 2025, the company had 148 employees on payroll basis excluding contractual and KMP/ Directors.
The company recorded revenue from operations of Rs 7.50 lakh and net profit of Rs 0.62 lakh for the period ended 31 March 2025.
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