Bikewo Green Tech Limited Announces IPO to Raise Rs 24.09 Crores

Bikewo Green Tech Limited is set to launch its Initial Public Offering (IPO) on September 20, 2024, aiming to raise Rs 24.09 Crores. The proceeds will be used to purchase electric two-wheelers, open new dealerships, repay debt, and for corporate purposes. The IPO will close on September 24, 2024.

Bikewo Green Tech Limited, a leading electric two-wheeler retailer in India, is set to open its Initial Public Offering (IPO) on September 20, 2024. The company plans to raise Rs 24.09 Crores through this offering, with the shares to be listed on the NSE Emerge platform.

The IPO will consist of up to 38,86,000 equity shares at a face value of Rs 10 each. The allocation of shares is divided as follows: not more than 1,86,000 equity shares for Qualified Institutional Buyers, not less than 17,52,000 equity shares for Non-Institutional Investors, not less than 17,52,000 equity shares for Retail Individual Investors, and up to 1,96,000 equity shares for the Market Maker.

The net proceeds from the IPO will be utilized for various purposes, including the purchase of electric two-wheeler vehicles, setting up eleven new dealership stores, repaying existing borrowings, and for general corporate purposes. The IPO will close on September 24, 2024. Khandwala Securities Limited is the Book Running Lead Manager for the issue, while Bigshare Services Private Limited is the Registrar.

Katepalli Manideep, Chairman and Managing Director of Bikewo Green Tech Limited, expressed excitement over the IPO, highlighting the company's growth from a pre-owned vehicle retailer to a leading electric two-wheeler market player. He emphasized that the IPO proceeds will be critical for expanding electric vehicle inventory, launching new dealership stores, and strengthening the company's financial position through debt repayment.

Rinav Manseta, Associate Director of Khandwala Securities Limited, praised the company's achievements in addressing the rising demand for sustainable transportation. He noted the strategic use of IPO proceeds would significantly enhance the company's electric vehicle inventory and dealership network, setting the stage for robust growth.

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(With inputs from agencies.)