PNN
Mumbai (Maharashtra) [India], September 19: Bikewo Green Tech Limited, one of the leading electric two-wheeler retailer in India with expertise in the buying and selling of used four-wheelers, proposes to open its Initial Public Offering on September 20, 2024, aiming to raise Rs 24.09 Crores with shares to be listed on the NSE Emerge platform.
The issue size is Up To 38,86,000 equity shares at a face value of Rs 10 each.
Equity Share Allocation
* Qualified Institutional Buyer - Not More Than 1,86,000 Equity Shares
* Non-Institutional Investors - Not Less Than 17,52,000 Equity Shares
* Retail Individual Investors - Not Less Than 17,52,000Equity Shares
* Market Maker - Up To 1,96,000 Equity Shares
The net proceeds from the IPO will be utilized for purchase of electric two-wheeler vehicles, capital expenditure setting up of eleven dealership stores, repayment of borrowing and thegeneral corporate purpose. The issue will close on September 24, 2024.
The Book Running Lead Manager to the Issue is Khandwala Securities Limited, The Registrar to the Issue is Bigshare Services Private Limited.
Katepalli Manideep, Chairman and Managing Director, of Bikewo Green Tech Limited expressed, "As we stand on the brink of our upcoming IPO, we are keen to share the exciting potential that lies ahead for our company in the electric vehicle market. Since our inception, we have transitioned from a pre-owned vehicle retailer to one of the prominent leader in the electric two-wheeler market, harnessing the growing demand for sustainable transportation solutions.
The proceeds from this IPO will be essential for expanding our electric vehicle inventory, launching new dealership stores in strategic locations, and strengthening our financial position through debt repayment. Our focus on establishing a robust presence in Tier-I, Tier-II, and Tier-III cities will enhance our ability to serve customers and capitalize on emerging opportunities."
Rinav Manseta, Associate Director of Khandwala Securities Limited said, "we are glad to be part of this transformative journey in the electric vehicle market. The company has made significant strides in addressing the growing demand for sustainable transportation. The electric vehicle industry is experiencing rapid growth, driven by increasing environmental awareness and government initiatives aimed at promoting green mobility.
The strategic allocation of IPO proceeds will enhance their electric vehicle inventory, expand their dealership network, and strengthen their financial position, setting the stage for robust growth. We are proud to be involved in this journey and look forward to a successful offering. "
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