IPO Details

Bidding Dates

20 Sep '24 - 24 Sep '24

Minimum Investment

₹1,24,000 / 1 Lot (2,000 Shares)

Price Range

₹59 - ₹62

Maximum Investment

₹1,24,000 / 1 Lot (2,000 Shares)

Retail Discount

To be announced

Issue Size

₹24.09 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   Eligible employees  |  

IPO Dates

Important dates with respect to IPO allotment and listing

Opening Date

Sep 20, 2024

Closing Date

Sep 24, 2024

Basis of Allotment

Sep 25, 2024

Initiation of Refunds

Sep 26, 2024

Listing Date

Sep 27, 2024

About BikeWo GreenTech IPO

BikeWo GreenTech Limited is launching its IPO, a book-built issue worth ₹24.09 crores, entirely composed of a fresh issue of 38.86 lakh shares. The IPO will be open for subscription from September 20, 2024, to September 24, 2024. The allotment of shares is expected to be finalised on Wednesday, September 25, 2024, with the company’s shares tentatively set to be listed on the NSE SME on Friday, September 27, 2024.

The price band for the BikeWo GreenTech IPO is set between ₹59 ₹62 per share. Retail investors can apply with a minimum lot size of 2,000 shares, requiring a minimum investment of ₹1,24,000. High-net-worth individuals (HNIs) must apply for at least 2 lots, consisting of 4,000 shares, requiring a minimum investment of ₹2,48,000. This IPO offers an opportunity to invest in a growing player in the green technology sector.

Industry Outlook:

  1. The electric 2-wheeler industry accounted for 55% of total EV sales in FY2022, with 4.56 lakh units sold in H1 FY2023 alone.
  2. In H1 FY2023, high-speed E2W sales comprised over 65% of overall E2W sales, with Maharashtra leading at 53,043 units.

BikeWo GreenTech IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Funding the purchase of electric two-wheeler vehicles for selling and supplying the same to our new and existing dealers.
  2. Funding capital expenditure is proposed to be incurred towards setting up of 11 dealership stores in various states in India.
  3. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company.
  4. General corporate purposes.

About BikeWo GreenTech Limited

BikeWo GreenTech Limited, established in December 2006, is an Indian retailer specialising in electric two-wheelers. Initially engaged in the buying and selling of used four-wheelers from authorised dealers, the company shifted its focus in 2022 to capitalise on the emerging electric vehicle market in India. During the first quarter of FY2022, BikeWo GreenTech franchised its brand to 10 dealers in Andhra Pradesh and Telangana, marking its entry into the electric two-wheeler segment.

The company operates through a dealership model offering three types of partnerships: State Dealerships, Diamond Dealerships, and Platinum Dealerships. This strategy aims to build a robust dealership network across Tier II and Tier III cities, ensuring high visibility and easy accessibility for customers.

BikeWo GreenTech has established a brand presence in Telangana, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat, with plans to expand into Raipur, Indore, Delhi, and other major cities. Emphasising a cluster-focused expansion strategy, the company deepens its presence in existing regions before entering new markets. As of January 31, 2024, BikeWo GreenTech Limited employed 36 staff members.

Peer Details

BikeWo GreenTech Limited operates in a unique business segment with no directly comparable listed companies in India.

How to Check the Allotment Status of the BikeWo GreenTech IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How to apply for BikeWo GreenTech IPO online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the BikeWo GreenTech IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of BikeWo GreenTech IPO

  • Registered office: Plot No. 502B, Amara Jyothi, Road No. 31, Jubilee Hills, Hyderabad - 500 033, Telangana, India
  • Phone: +91 812 100 7731
  • E-mail: info@bikewo.in

IPO Financials

Particulars Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue from Operation (in ₹ lakh) 2,498.78 2,056.85 1,380.60
Profit After Tax (PAT) (in ₹ lakh) 167.21 9.80 15.19
Current Ratio (x) 1.49 9.67 1.29
Net Worth (in ₹ lakh) 1,676.70 723.14 713.34
Total Borrowings (in ₹ lakh) 1,419.35 1,239.26 784.07
Return on Equity (%) 13.94% 1.36% 2.82%
Return on Capital Employed (RoCE) (%) 10.87% 2.64% 5.77%
Earnings Per Share (in ₹) 2.51 0.19 0.30

Know before investing

Strengths

6

  1. EV dealership network for major OEMs across 5 states.

  2. Sold 10 franchises in Andhra Pradesh and Telangana in FY2022.

  3. Exclusive marketing partner agreement with Enigma Automobiles in 2024.

  4. Established dealer network with 3 dealership categories: State, Diamond, and Platinum.

  5. Growing after-sales services with dedicated workshops and area managers.

  6. Expanding presence with plans to open 11 new dealerships.

Risks

7

  1. Expansion into new geographies without proven operational history.

  2. Reliance on EV sales contributed 42.17% revenue in FY2024.

  3. High dependence on dealers for significant revenue generation.

  4. Limited brand partnerships and losing brands affect revenue significantly.

  5. Dependence on external suppliers may affect business profitability.

  6. Competition from local and national EV retailers is increasing.

  7. Majority of revenue is concentrated from Telangana and Andhra Pradesh stores.

  • How to Apply in IPO
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BikeWo GreenTech IPO FAQs

What is the BikeWo GreenTech IPO?

BikeWo GreenTech IPO is a book built IPO. The IPO will be open from September 20, 2024, to September 24, 2024.

When will BikeWo GreenTech IPO be allotted?

The Basis of Allotment will happen on Tuesday, September 25, 2024.

When will BikeWo GreenTech IPO open for subscription?

The IPO subscription window will open on September 20, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 2,000 shares.

When will BikeWo GreenTech Limited list on exchanges?

The listing date for BikeWo GreenTech is Friday, September 27, 2024.

What would be the listing gains on the BikeWo GreenTech IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

How to increase your chances of getting a BikeWo GreenTech IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for BikeWo GreenTech IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of BikeWo GreenTech Limited using one PAN?

You can submit only one application using your PAN card.

How to read BikeWo GreenTech Limited's financial statements?

To read BikeWo GreenTech’ financial statements, download the IPO’s  RHP document.