Mumbai (Maharashtra) [India], July 11: Tunwal E-Motors Limited, aprominence player in the electric vehicle (EV) manufacturing sector, has announced its plan to go public with an Initial Public Offering (IPO) on July 15, 2024. The company aims to raise ₹ 115.64 crores with this IPO, and shares will be listed on the NSE Emerge platform. The issue size is Up To 1,96,00,000 equity shares at face value of ₹ 2 each.
Equity Share Allocation
● Non-Institutional Investors (NII) – 93,10,000 Equity Shares
● Retail Individual Investors (RII) – 93,10,000 Equity Shares
● Market Maker – 9,80,000 Equity Shares
The net proceeds from the IPO will be utilized to meet working capital requirements, research and development, pursuing inorganic growth, and general corporate purposes. The issue will open for subscription from July 15, 2024, and closes on July 18, 2024.
The Lead Manager to the Issue is Horizon Management Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
Mr Jhumarmal Pannaram Tunwal, Chairman & Managing Director of Tunwal E-Motors, Limited expressed, “We are delighted to embark on this significant milestone in our journey towards reshaping the electric vehicle industry. This IPO represents more than just a financial opportunity; it signifies our strong belief in the growth potential of the EV sector and our resilient commitment to driving sustainable urban mobility solutions.
We are immensely proud of our achievements since our inception, having introduced over 23 models, including 7 variants of electric scooters. We see immense opportunities ahead as the demand for eco-friendly transportation solutions continues to rise globally. We are confident that our innovative approach, coupled with strategic investments, will not only solidify our market position but also contribute significantly to advancing the EV industry.”
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