Zelio E-Mobility IPO

About Zelio E-Mobility

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 43,26,000 shares (aggregating up to ₹58.83 crores). The offer for sale portion includes 11,40,000 shares of ₹10 (aggregating up to ₹15.50 crores). The total number of shares is 57,60,000 and the aggregate amount is ₹78.34 crores.

The Zelio E-Mobility opens on Tuesday, 30 September 2025 and closes on Friday, 3 October 2025. The tentative allotment is on Monday, 6 October 2025. The initiation of refunds will take place on Tuesday, 7 October 2025. The tentative listing date is Wednesday, 8 October 2025.

Zelio E-Mobility’s main focus is the manufacture, assembly, and supply of a range of electric two-wheelers (E-2Ws) and three-wheelers (E-3Ws), available in various designs, colours, and speed variants. They sell their products through a network of dealers consisting of exclusive and non-exclusive dealers spread across various states and union territories in India. They work with various dealers depending on their geographical reach, market knowledge, product and customer awareness as well as understanding of the electric vehicle industry. Their sales and distribution network is aided by their capable in-house sales and marketing team, which liaises with the dealers on a regular basis for customer inputs, the marketing of their products, and the positioning of their products vis-à-vis those of their competitors.

Objectives of Zelio E-Mobility IPO

• Repayment and/or pre-payment, in full or in part, of borrowing availed by the company.
  
• Funding the capital expenditure requirements for the setting up of a new manufacturing unit.
  
• To meet the working capital requirement.
  
• General corporate purposes.
  

Industry Outlook

India's Electric Vehicle (EV) sector is experiencing rapid growth, fuelled by government incentives, rising environmental concerns, and technological advancements. With initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, India aims to significantly increase EV adoption, revolutionising its transportation landscape towards sustainability and innovation. India has established an objective to elevate the proportion of Electric Vehicle (EV) sales to 30% in private cars, 70% in commercial vehicles, 40% in buses, and 80% in two-wheelers and three-wheelers by the year 2030. This equates to an ambitious objective of 80 million EVs on Indian roads by 2030. Additionally, India strives for complete domestic EV production through the 'Make in India' initiative.

Company Information

Zelio E-Mobility is primarily engaged in the business of manufacturing, assembling and supplying electric vehicles, offering a range of electric two-wheelers (“E-2Ws”) and three-wheelers (“3Ws”), available in a variety of designs, colours, and speed variants, etc. They are an ISO 45001:2018, ISO 9001:2015 and ISO 14001:2015 certified company, operating under the brand name "Zelio” for E-2Ws and “Tanga” for 3Ws and focussing exclusively on the production of E-2Ws and 3Ws which serves environmental benefits such as lower emissions, reduced noise, and energy sustainability, etc. They launched the first range of electric scooters in FY 2021-22 and operate through a network of exclusive and non-exclusive dealers spanning urban, semi-urban, and rural areas.

Currently, they are operating their business through a corporate office and manufacturing unit situated at Khewat No 510, 442, Hisar Road, Ladwa, Hisar- 125006, Haryana, India, spreading over an area of 48 kanal 7 marle (equivalent to 24,458.01 sq. metres). They have an installed capacity of producing 72,000 units p.a. (electric two-wheelers/three-wheelers) and are equipped with various machines such as a 32-metre long conveyor line, welding machines, impact wrenches, bolt tightening tools, and drilling tools, etc. for the manufacturing, assembling and supplying of electric vehicles. They manufacture EVs by assembling various parts which they outsource from suppliers as per the designs conceptualised by the company. The company is registered with the Bureau of Indian Standards and SAE International and the USA has confirmed a World Manufacturer Identifier (WMI) code for the company.

They operate their business through a wide network of dealers, and at present, their focus is primarily on B2B transactions. They are working with 337 dealers spread across more than 20 states & union territories in India, thus, selling their products pan-India. Their E-2Ws portfolio comprises various models inclusive of EEVA, EEVAZX, Gracy, Legender, Mystery, XMen, etc. and their E-3Ws comprise vehicles namely, Tanga and Tanga e-Loader under the brand name of “Tanga”.

Strengths of Zelio E-Mobility IPO

• Extensive network of dealers covering major parts of India.
  
• Quality assurance that ensures standardised product quality.
  
• Revenue derived from a geographically dispersed customer base.
• Proven track record of financial success.
  
• Experienced promoters and senior management, supported by a marketing team.
  

Risks of Zelio E-Mobility IPO

• Any delay, interruption, or reduction in the supply of raw materials required for their products.
  
• Unplanned slowdowns, unscheduled shutdowns, or prolonged disruptions in their manufacturing operations.
  
• Failure to manage their inventory and trade receivables.
  
• Any delay in placing orders or procurement of plant & machinery may delay their implementation schedule.
  
• Foreign currency fluctuation risks, particularly in relation to their import of products.
  

Notes: (i) Source – All the financial information for listed industry peers mentioned above is sourced from the Prospectus and Annual Reports of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated September 16, 2025 to compute the corresponding financial ratios. For Zelio E-Mobility, the Current Market Price is taken as the Offer price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.

(ii) The EPS, NAV, RoNW and total Income of our Company are taken as per Restated Financial Statement for the Financial Year 2024-25.

(iii) NAV per share is computed as the closing net worth divided by the weighted average number of paid up equity shares as on March 31, 2025.

(iv) RoNW has been computed as net profit after tax divided by closing net worth.

(v) Net worth has been computed in the manner as specifies in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vi) The face value of Equity Shares of our Company is ₹10/- per Equity Share and the Offer price is [●] times the face value of equity share.

Anchor Investor Bidding Date: Monday, 29 September 2025

Registrar: Maashitla Securities Private Limited Book Running Lead Managers: Hem Securities Limited

Business Model

The company earns its revenue through the following: Manufacturing, assembling and supplying electric vehicles, offering a range of electric two-wheelers (“E-2Ws”) and three-wheelers (“3Ws”), available in a variety of designs, colours, and speed variants, etc.

Company Growth Trajectory

(Based on Restated Financial Statements) Zelio E-Mobility’s Total income for the financial year 2024-25 stood at ₹173.80 crores, whereas in financial year 2023-24 the same stood at ₹94.90 crores, representing an increase of 83.14%.

During the financial year 2024-25, the revenue from operations of the company increased to ₹172.19 crores as against ₹94.43 crores in the financial year 2023-24, representing an increase of 82.36%. The main reason for the increase in revenue from operations was the increase in the sale of their products, which mainly comprises the sale of E-2Ws that increased from ₹91.74 crores in FY 2023-24 to ₹166.21 crores in FY 2024-25, representing an increase of 81.18%.

During the financial year 2024-25, the other income of the company increased to ₹1.61 crores as against ₹0.47 crores in the financial year 2023-24, representing an increase of 239.52%. The increase in other income was mainly due to an increase in net foreign exchange gain.

The company reported restated Profit After Tax (PAT) for the financial year 2024-25 of ₹16.01 crores in comparison to ₹6.31 crores in the financial year 2023-24, showing an increase of 153.75%.

Company Market Position

As of March 31, 2025, the company’s customer base encompassed more than 20 states and union territories across India. They intend to strategically expand their market reach by penetrating both existing and new regions within the country.

Their total revenue and net profit, as restated in the financial statements, have shown a positive CAGR over the last three financial years. Their total revenue has increased from ₹51.25 crores for the financial year ended March 31, 2023, to ₹172.19 crores for the financial year ended on March 31, 2025, at a CAGR of 83.30%.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹173.796 crores, ₹16.008 crores, and ₹21.020 crores, respectively.

How to check the allotment status of Zelio E-Mobility IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Zelio E-Mobility IPO, visit the official website of Maashitla Securities Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Zelio E-Mobility ' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Zelio E-Mobility IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Zelio E-Mobility IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Zelio E-Mobility IPO bid and allotment details will be displayed.

How to apply for Zelio E-Mobility IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.