Zelio E-Mobility, a rapidly growing electric two- and three-wheeler manufacturer that has been doubling its growth year-over-year, made a strong stock market debut on Wednesday as its shares listed at INR 154.90 on the BSE, a 13.9% premium over its issue price of INR 136 per share. Following the debut, the stock touched the upper circuit of 5% at INR 162.60, underscoring strong investor enthusiasm.
Investors who applied for the minimum lot of 1,000 shares made an initial paper profit of INR 18,900 on each lot worth INR 1,36,000. The company had sold its shares in the price band of INR 128–135, raising a total of INR 78.34 crore through the IPO between September 30 and October 3, 2025. This included a fresh issue of INR 58.84 crore and an Offer-for-Sale (OFS) of up to 11.4 lakh equity shares worth INR 15.50 crore.
The IPO witnessed robust demand, with an overall subscription of 1.5 times. The Qualified Institutional Buyers (QIBs) segment was subscribed 1.61 times, the Non-Institutional Investors (NIIs) quota was booked 1.76 times, and the Retail Investor segment saw a subscription of 1.32 times. Earlier, anchor investors contributed around INR 22.3 crore to the issue, reflecting strong market confidence in the company’s business model.
On the Bell Ring ceremony hosted in Gurugram, Kunal Arya, Managing Director, Zelio E-Mobility affirmed, “This IPO is not just a financial milestone — it is a symbol of trust. Through this public issue, we received an overwhelming response from investors who share our dream of a cleaner, greener India. The funds raised will help us expand our manufacturing capacity, strengthen R&D, grow our dealer network, and continue innovating in electric vehicle technology. As Zelio E-Mobility steps into the capital market today, we commit ourselves to uphold the highest standards of corporate governance, transparency, and shareholder trust. As we take this next step forward, we renew our promise — to lead with innovation, work with integrity, and build with purpose.”
Incorporated in 2021, Zelio E-Mobility manufactures, assembles, and supplies electric vehicles under the brands ‘Zelio’ for two-wheelers and ‘Tanga’ for three-wheelers. The company focuses on producing eco-friendly electric vehicles with lower emissions, reduced noise, and enhanced energy efficiency, supported by a wide dealer network across India.
Hem Securities acted as the Book Running Lead Manager, while Maashitla Securities served as the Registrar of the Issue. Being an SME IPO, Zelio E-Mobility has been listed exclusively on the BSE, with Hem Finlease as its market maker.