Zelio E-Mobility was incorporated on July 15, 2021. The company manufactures, assembles, and supplies electric two-wheelers under the brand “Zelio” and three-wheelers under the brand “Tanga.” Certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015, it focuses on sustainable mobility and distributes its products through a wide dealer network across urban, semi-urban, and rural areas
| Bidding Dates |
|---|
| 30 Sep 2025 - 03 Oct 2025 |
| Subscription |
|---|
| 1.46x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,58,000 | 2 | 2 | 1000 | 5.8 M | ₹129 - ₹136 | 72.77 % | ₹743.0 M - ₹783.4 M | RHP DOC |
Zelio EMobility IPO SUBSCRIPTION STATUS
03 Oct '25Zelio EMobility IPO overall subscription rate was 1.46 times the total available shares
Zelio EMobility IPO retail subscription rate was 1.75 times in the retail segment
Zelio EMobility IPO non-institutional investor subscription rate was 2.81 times in the non-institutional investor category
Zelio EMobility IPO Qualified Institutional Bidder subscription rate was 0.85 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
03 Oct 2025 (Day 3) | 1.75x | 2.81x | 0.85x |
01 Oct 2025 (Day 2) | 0.31x | 0.65x | 0.67x |
30 Sep 2025 (Day 1) | 0.19x | 0.02x | 0.38x |
Zelio EMobility FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 172.2 | 16.0 | -9.6 | -14.4 | 12.2% |
| FY24 | 94.4 | 6.3 | 1.1 | -3.5 | 9.3% |
| FY23 | 51.3 | 3.1 | 0.9 | -3.5 | 7.8% |
Zelio EMobility IPO SUBSCRIPTION STATUS DETAILS
Zelio EMobility had 5.8 M shares on offer
Zelio EMobility IPO offer price was in the range ₹129 - ₹136
Zelio EMobility IPO minimum Investment was ₹258000
Zelio EMobility IPO issue size was ₹ 743.0 M - ₹ 783.4 M
Zelio EMobility had a minimum lot size of 1000 Shares per application
Zelio EMobility NUMBER OF SHARES ON OFFER
Zelio EMobility IPO IMPORTANT DATES
| Issue Open Date | 30 Sep 2025 |
| Issue close Date | 03 Oct 2025 |
| Allotment Date | 06 Oct 2025 |
| Refund Date | 07 Oct 2025 |
| Demat Account Credit Date | 07 Oct 2025 |
| Listing Date | 08 Oct 2025 |
| Listing on Exchange(s) | BSE |
| Zelio EMobility Allotment Status | Exchange/ Registrar |
Zelio EMobility IPO subscription opened on 30 Sep 2025, and closed on 03 Oct 2025
IPO allotment for Zelio EMobility was finalized on Monday, 06 Oct 2025
IPO listing for Zelio EMobility was on BSE on Wednesday, 08 Oct 2025
Zelio EMobility IPO LISTING GAINS
| Issue Price (adjusted) | 136.0 |
| Listing Open Price | 154.9 |
| Listing Close Price | 162.6 |
| Listing Gain% | 13.9% |
| Current Gain% | 422.4% |
Zelio EMobility Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zelio E-Mobility Ltd. | 710.4 | 1502.5 | 52.9 | 4.8 | 25.4 | 18.3 | 313.7 | 28.4 | 13.4 | ||||
| Bajaj Auto Ltd. | 11662 | 325950.3 | 27.7 | 0.5 | 4.6 | 27.7 | 13.9 | 65087.2 | 24 | 10744.2 | 46.7 | 420.7 | 54.9 |
| Eicher Motors Ltd. | 8020 | 220162.6 | 38.1 | 2 | 8.8 | 22 | 17.1 | 24894.1 | 23.4 | 5515.2 | 16.5 | 210.3 | 19.3 |
| TVS Motor Company Ltd. | 4440.9 | 210981.4 | 61.6 | 1.4 | 3.5 | 31.6 | 5.3 | 56091.5 | 27 | 3018.3 | 35 | 72.1 | 43.7 |
| Hero MotoCorp Ltd. | 5725 | 114580.8 | 21 | 2.6 | 2.3 | 26.6 | 17.2 | 48469.4 | 15.5 | 5741.7 | 31.1 | 272.2 | 8.2 |
| Ather Energy Ltd. | 1481.5 | 58444.2 | -149.9 | -2.9 | 13.8 | -20.1 | -11 | 3823.1 | 65.8 | -517.2 | 36.3 | -9.9 | 51.7 |
Zelio EMobility INFORMATION ON IPO ISSUE
About Zelio EMobility
Zelio E-Mobility was incorporated on July 15, 2021. The company manufactures, assembles, and supplies electric two-wheelers under the brand “Zelio” and three-wheelers under the brand “Tanga.” Certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015, it focuses on sustainable mobility and distributes its products through a wide dealer network across urban, semi-urban, and rural areas
Object of the Issue
- Repayment and/or pre-payment, in full or part, of borrowing availed by the company
- Funding the capital expenditure requirements towards setting up of a new manufacturing unit
- To meet the working capital requirements
- General corporate purposes
Zelio EMobility - PROMOTERS
| Name |
|---|
| Niraj Arya |
| Kunal Arya |
| Deepak Arya |
| Sayuri Arya |
Zelio EMobility - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Niraj Arya | Chairman & Whole Time Director |
| Kunal Arya | Managing Director |
| Deepak Arya | Whole Time Director |
| Sayuri Arya | Non – Executive Director |
| Sulabh Jain | Independent Director |
| Meenakshi Jain | Independent Director |
Zelio EMobility Book Running Lead Manager
HEM Securities Limited
ib@hemsecurities.com
Zelio EMobility Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
Zelio EMobility Strengths
Extensive dealer network
The company has built a wide dealer network of 280 exclusive and non-exclusive dealers across India, supported by an in-house sales and marketing team. Strong dealer relationships are central to its business strategy, ensuring sustained growth, market reach, and uninterrupted product supply
Quality assurance
The company emphasizes quality to build long-term customer relationships and brand loyalty. ISO-certified in quality, environment, and safety management, it manufactures electric 2- and 3-wheelers, with a dedicated 17-member quality assurance team ensuring high standards across sourced components and final products
Diversified customer base
The company’s revenue is largely derived from its top 10 regions, reflecting strong market presence and penetration. This multi-regional footprint enables responsiveness to market demand shifts and supports expansion into new customer segments
Zelio EMobility Risks
Licenses & approvals
The company requires various statutory and regulatory permits, licenses, and approvals to operate. Any failure to obtain, maintain, or renew these approvals on time could disrupt operations and adversely impact its business and financial condition
Competition
The company faces intense competition in the rapidly evolving Indian automotive market. Competitors with stronger financial resources, superior technology, or wider distribution networks could outpace its electric vehicles, while advances in internal combustion engines or alternative energy technologies may reduce EV adoption, affecting revenue, market share, and profitability
Expansion risks
The company has not yet placed orders for plant and machinery for its proposed expansion, and any delays in procurement could affect its implementation timeline, increase costs, and impact revenue and profitability. Expansion plans remain subject to uncertainties such as equipment performance, regulatory approvals, cost overruns, and other external factors beyond management’s control
IPO FAQs
This IPO consists of an offer for sale of up to Rs 15.5 crore, of 1,140,000 shares. It also consists of a fresh issue of Rs 62.8 crore.
The promoters of the company are Niraj Arya, Kunal Arya, Deepak Arya and Sayuri Arya.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 129.0 - 136.0.
The IPO application opens on Sep 30, 2025 and closes on Oct 03, 2025.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 258,000.0, the maximum value for this IPO is Rs 272,000.0.
This IPO will be allotted on Oct 06, 2025.
The refund will be credited to your account on Oct 07, 2025.
The allotted shares will be credited to your demat on Oct 07, 2025.
Zelio E-Mobility Ltd.’s shares listed on the stock exchanges on Oct 08, 2025.