Tunwal E-Motors IPO: Subscribed 1.97 Times on Day 1! Check GMP and Subscription Details | Stock Market News

On Monday, July 15, the Tunwal E-Motors IPO began its subscription period, which will end on Thursday, July 18. Each share is priced at ₹59, with a face value of ₹2, and bids must be placed for at least 2000 shares or multiples thereof.

The IPO has allocated 93,10,000 equity shares to non-institutional investors (NII), 93,10,000 equity shares to retail individual investors (RII), and 9,80,000 equity shares to market makers.

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About Tunwal E-Motors

Tunwal E-Motors is a growing company in the electric vehicle (EV) 2-wheeler industry, known for its innovation in EV two-wheeler production. The company operates in 19 states with over 225 dealers and offers 23 models, including seven two-wheeler variants. It has achieved a 346% annual growth rate in revenue. The promoter, Jhumarmal Pannaram Tunwal, has experience in producing and marketing electric vehicles through his private company, Tunwal Electrionics.

Subscription Status

On the first day, the Tunwal E-Motors IPO was subscribed 1.97 times. The retail portion was subscribed 2.90 times, and the NII portion was booked 1.04 times. The company received bids for 3,66,06,000 shares against 1,86,20,000 shares on offer by 17:17 IST, according to chittorgarh.com.

IPO Details

The Tunwal E-Motors IPO includes a fresh issue of equity shares worth ₹81.72 crore and an Offer For Sale (OFS) of 5,750,000 equity shares worth ₹33.93 crore by existing shareholders, totaling ₹115.64 crore. The company plans to use the net proceeds for working capital needs, research and development, inorganic expansion, and general corporate costs.

Horizon Management Private Ltd is the lead manager, and Skyline Financial Services Private Ltd is the registrar.

Grey Market Premium (GMP)

The GMP for Tunwal E-Motors IPO is +₹14, indicating that shares are trading at a premium of ₹14 in the grey market, as per investorgain.com. Considering the IPO price of ₹59 and the current GMP, the estimated listing price is ₹73 per share, which is 23.73% higher than the IPO price.

The GMP has fluctuated between ₹14 and ₹25 over the past six sessions, suggesting it might decline further. The ‘grey market premium’ reflects investors’ willingness to pay more than the issue price.