BikeWo GreenTech IPO Subscription Status

BikeWo GreenTech's initial public offering (IPO) has garnered significant investor interest, with subscription rates showing a remarkable increase over the three-day period. The IPO, which opened on 20th September 2024, witnessed a surge in demand, particularly in the retail segment, resulting in a robust 13.82 times oversubscription by 10:59:59 AM on day three. This strong response underscores the market's enthusiasm for BikeWo GreenTech's shares and sets an optimistic tone for its potential listing in the burgeoning electric vehicle (EV) sector.

Throughout the subscription period, BikeWo GreenTech attracted bids for 5,09,98,000 equity shares, amounting to a substantial ₹316.19 crore. This level of investor engagement suggests strong confidence in the company's business model and future prospects in the rapidly growing EV market in India.

Subscription Status of BikeWo GreenTech IPO for Days 1, 2, and 3:

Note: Market Maker portion is not included in NII/HNI.

This day-wise breakdown illustrates a clear trend of increasing investor interest, with a particularly strong surge in the retail category, reflecting growing individual investor confidence in the EV sector.
 

Detailed subscription details for BikeWo GreenTech IPO as of Day 3 (24th September 2024, 10:59:59 AM):

Total Applications: 21,397

Note: The total amount is calculated based on the upper price of the issue price range (₹62 per share).

Key Highlights of the Subscription:

• The IPO of BikeWo GreenTech has been subscribed 13.82 times overall, indicating strong investor interest in the EV retail sector.
• Retail investors have shown overwhelming enthusiasm, with a subscription ratio of 24.43 times, suggesting high confidence among individual investors in the EV market's growth potential.
• Non-Institutional Investors (NII) have demonstrated solid interest, with a subscription ratio of 4.58 times, indicating positive sentiment among larger investors.
• Qualified Institutional Buyers (QIB) have fully subscribed their portion, with a subscription ratio of 1.00 times, showing measured interest from institutional investors.
• The overall subscription trend increased significantly day-on-day, particularly in the retail segment, suggesting growing investor confidence in BikeWo GreenTech's business model and the EV sector's future.

BikeWo GreenTech IPO - Day 2 Subscription at 9.69 Times

Key Highlights:

• By Day 2, BikeWo GreenTech's IPO subscription reached 9.69 times, driven primarily by strong retail investor participation.
• Retail investors showed remarkable interest with a subscription ratio of 17.57 times, indicating growing individual investor confidence in the EV sector.
• Non-Institutional Investors (NII) demonstrated increased interest with a subscription ratio of 2.75 times.
• Qualified Institutional Buyers (QIB) fully subscribed their portion with a ratio of 1.00 times.
• The overall subscription trend suggested building momentum across all investor categories.

BikeWo GreenTech IPO - Day 1 Subscription at 1.28 Times

Key Highlights:

• On Day 1, BikeWo GreenTech's IPO opened to a modest 1.28 times subscription, with initial demand coming mainly from Retail Investors.
• Retail investors showed early interest with a subscription ratio of 2.36 times, indicating initial enthusiasm for the EV retail sector.
• Non-Institutional Investors (NII) displayed minimal initial interest with a subscription ratio of 0.34 times.
• Qualified Institutional Buyers (QIB) showed no initial interest on the first day.
• While modest, the first-day response laid the groundwork for increased participation in the following days, particularly in the retail segment.

About BikeWo GreenTech Limited

BikeWo Green Tech Limited, established in December 2006, is positioning itself as a leading player in India's growing electric two-wheeler retail market. The company's focus on the electric vehicle (EV) sector aligns with the country's shift towards sustainable transportation solutions. BikeWo has a strong presence across several states, including Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat. It operates through three types of dealerships: State, Diamond, and Platinum, with plans to expand into major cities like Raipur, Indore, Delhi, Chandigarh, Lucknow, Prayagraj, Patna, Bhubaneshwar, Nagpur, Bangalore, and Trivandrum.

The company offers dealerships for well-known EV brands such as Ola Electric, Quantum e-scooters, Bounce, and GT-Force. As of January 2024, BikeWo employed 36 people, reflecting an efficient and lean operational setup. The company’s strengths include a focus on premium EV brands, a wide geographic reach, and a unique dealership model that drives market penetration and revenue. BikeWo is also expanding its after-sales services, contributing to steady revenue growth and higher profit margins.

Financially, as of March 2024, the company had total assets worth ₹3,151.35 lakhs, revenues of ₹2,514.21 lakhs (a 22% year-on-year growth), and a profit after tax of ₹167.21 lakhs (a massive 1606% increase). The company’s net worth stood at ₹1,676.7 lakhs, with total borrowings of ₹1,419.35 lakhs. Key performance metrics include a post-IPO market capitalization of ₹80.87 crore, a return on equity (ROE) of 13.94%, and a return on capital employed (ROCE) of 10.87%, with a price-to-book value of 3.39 and a PAT margin of 6.69%. These figures highlight the company's strong financial health and its strategic position in the fast-growing EV market.

Also read about BikeWo GreenTech IPO

BikeWo GreenTech IPO Details

• IPO Date: 20th September 2024 to 24th September 2024
• Listing Date: 27th September 2024 (Tentative)
• Face Value: ₹10 per share
• Price Band: ₹59 to ₹62 per share
• Lot Size: 2000 Shares
• Total Issue Size: 3,886,000 shares (aggregating up to ₹24.09 Cr)
• Fresh Issue: 3,886,000 shares (aggregating up to ₹24.09 Cr)
• Issue Type: Book Built Issue IPO
• Listing At: NSE SME
• Book Running Lead Manager: Khandwala Securities Limited
• Registrar: Bigshare Services Pvt Ltd
• Market Maker: Aftertrade Broking