Zelio E-Mobility IPO is a book-built issue aiming to raise ₹78.34 crore. The issue is structured as a combination of a fresh issue and an offer for sale. The fresh issue comprises 0.46 crore shares aggregating to ₹62.83 crore, while the offer for sale includes 0.11 crore shares amounting to ₹15.50 crore.
The IPO opens for subscription on September 30, 2025, and closes on October 3, 2025. The allotment is expected to be finalised on October 6, 2025, and the shares are scheduled to list on BSE SME on October 8, 2025.
The price band for the IPO is fixed between ₹129.00 and ₹136.00 per share. The minimum application lot size is 1,000 shares. For retail individual investors, the minimum investment at the upper price band is ₹2,72,000 for 2,000 shares.
High net worth individual (HNI) investors must apply for a minimum of three lots, totaling 3,000 shares, amounting to ₹4,08,000. Hem Securities Limited acts as the book running lead manager, while Maashitla Securities Private Limited serves as the registrar of the issue. Detailed information is available in the Zelio E-Mobility IPO DRHP.
Zelio E-Mobility IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to use part of the proceeds for repayment or prepayment of existing borrowings, fully or partially.
- Funds will also be used for financing capital expenditure for establishing a new manufacturing unit.
- Part of the proceeds will be used for meeting the company’s working capital requirements for smooth operations.
- The remaining funds will be used for general corporate purposes to support day-to-day business needs and flexibility.
About Zelio E-Mobility Limited
Zelio E-Mobility Limited is a company engaged in the manufacturing, assembling, and supply of electric vehicles, offering a range of electric two-wheelers (E-2Ws) and three-wheelers (3Ws) under the brands "Zelio" and "Tanga," respectively.
The company focuses exclusively on electric mobility, providing environmentally friendly transportation solutions that reduce emissions, lower noise, and promote energy sustainability. Zelio launched its first range of electric scooters in FY 2021-22 and operates through a network of exclusive and non-exclusive dealers across urban, semi-urban, and rural areas.
The company’s corporate office and manufacturing facility are located in Ladwa, Hisar, Haryana, covering an area of 24,458.01 square meters. Zelio has an installed capacity to produce 72,000 units annually, supported by advanced machinery such as a 32-meter conveyor line, welding machines, impact wrenches, and drilling tools.
The company assembles vehicles using parts sourced from external suppliers based on in-house designs and holds certifications from ISO 45001:2018, ISO 9001:2015, ISO 14001:2015, as well as registrations with the Bureau of Indian Standards and SAE International, including a World Manufacturer Identifier (WMI) code confirmed in the USA.
Zelio’s products are distributed through a network of 280 dealers spanning more than 20 states and union territories in India. The E-2Ws portfolio includes models such as EEVA, EEVAZX, Gracy, Legender, Mystery, and XMen, while the E-3Ws portfolio includes Tanga and Tanga e-Loader. The company is led by promoters Niraj Arya, Kunal Arya, and Deepak Arya, whose combined experience in the electric vehicle and battery solutions industry ranges from five to eighteen years.
Financially, Zelio E-Mobility has demonstrated strong growth, with revenue increasing from ₹1,289.32 lakh in FY 2022 to ₹9,442.50 lakh in FY 2024, reflecting a CAGR of 170.65%, driven by product expansion, dealer network growth, and operational efficiency.
Industry Outlook
- India aims for 80 million EVs on roads by 2030, with 30% private cars, 70% commercial vehicles, 40% buses, and 80% two- and three-wheelers, creating strong demand for electric two-wheelers and three-wheelers, directly benefiting Zelio E-Mobility Limited’s sales potential.
- The Indian EV market is expected to grow from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, at a CAGR of 66.52%, offering Zelio a rapidly expanding market to scale operations and increase revenue.
- The EV battery market in India is projected to rise from US$ 16.77 billion in 2023 to US$ 27.70 billion by 2028, supporting Zelio’s growth in electric vehicle production with easier access to batteries and cost efficiency.
- Public EV infrastructure is expanding, with 12,146 charging stations as of February 2024 and a target of 1.32 million stations by 2030, improving adoption rates and enhancing Zelio’s market reach for E-2Ws and E-3Ws.
How To Apply for the Zelio E-Mobility IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Zelio E-Mobility IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Zelio E-Mobility IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Zelio E-Mobility Limited
Registered office: Shop No. 542, 1st Floor, Auto Market, Hisar – 125001, Haryana, India
Phone: : +91 – 9254993057/ 9254071396
E-mail: cs@zelioebikes.com
Zelio E-Mobility IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50% of the Net Offer |
|
Retail Shares |
Not less than 35% of the Net Offer |
|
NII Shares |
Not less than 15% of the Net Offer |
Zelio E-Mobility IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
2,000 |
₹2,72,000 |
|
Individual investors (Retail) (Max) |
2 |
2,000 |
₹2,72,000 |
|
S-HNI (Min) |
3 |
3,000 |
₹4,08,000 |
|
S-HNI (Max) |
7 |
7,000 |
₹9,52,000 |
|
B-HNI (Min) |
8 |
8,000 |
₹10,88,000 |
Zelio E-Mobility IPO Promoter Holding
The promoters of the company include Niraj Arya, Kunal Arya, Deepak Arya and Sayuri Arya.
|
Share Holding Pre-Issue |
100.00% |
|
Share Holding Post Issue  |
75.77% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Zelio E-Mobility IPO
|
KPI |
Value |
|
RoE (%) |
83.99 |
|
Debt/Equity  |
1.32 |
|
RoCE (%) |
34.84 |
|
PAT Margin (%) |
6.68 |
|
RoNW (%) |
59.15 |
Zelio E-Mobility IPO Prospectus
Zelio E-Mobility IPO Registrar and Lead Managers
Zelio E-Mobility IPO Lead Managers
- Hem Securities Limited
Registrar for Zelio E-Mobility IPO
Maashitla Securities Private Limited
- Contact Number: +91-11-45121795-96
- Email Address: ipo@maashitla.com
- Zelio E-Mobility IPO Registrar: https://maashitla.com/allotment-status/public-issues
Financial Performance of Zelio E-Mobility Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 9,442.50 | 5,125.07 |
| Profit/loss After Tax (in ₹ lakh) | 630.88 | 305.53 |
| Earnings per Share | 3.82 | 1.85 |
| Net Worth (in ₹ lakh) | 1,066.55 | 435.67 |
| Return on Equity (%) | 83.99 | 108.00 |
| Return on Net Worth (RoCE) (%) | 34.84 | 29.61 |
| EBITDA (in ₹ lakh) | 875.53 | 401.91 |
Know before investing
Strengths
8Strong dealer network of 280 dealers across 20+ Indian states.
Uttar Pradesh contributes 23.93% with 67 dealers, Haryana 14.64% with 41.
Certified with ISO 9001, 14001, and 45001 for quality assurance.
Dedicated 17-member quality assurance team ensuring strict product checks.
Revenue grew from ₹1,289.32 lakh in FY22 to ₹9,442.50 lakh in FY24
EBITDA margin improved from 7.84% in FY23 to 12.34% by Sep 2024.
Experienced promoters with 18, 12, and 5 years in EV industry.
Expanding Hisar manufacturing unit on 24,458 sq. m leased land.
Risks
8Incorporated in July 2021, limited operating history poses growth uncertainty.
Raw material cost formed 79.73% of revenue in Sep 2024 period.
Haryana alone contributed 30.27% revenue in Sep 2024, indicating regional dependence.
Imports from China formed 73.72% of purchases in Sep 2024 period.
Business depends on timely regulatory approvals, licenses, and renewals for continuity.
India’s EV sector is attracting several established players and new entrants, which increases pricing pressure.
Dependence on a single Hisar unit exposes risks of shutdowns or disruptions.
Only 8 registered trademarks and 1 design leave IP protection vulnerable.
Zelio E-Mobility Limited Peer Comparison
| Competitor | Face Value | Sector P/E | Market Cap | Dividend Yield |
|---|---|---|---|---|
| Zelio E-Mobility Limited | 3.82 | 3.82 | - | 59.15 |
| Delta Corp Limited | 7.21 | 7.21 | 9.60 | 13.51 |
| Tunwal E-motors Limited | 2.85 | 2.85 | 10.25 | 57.53 |
