Bikewo Green Tech Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Bikewo Green Tech Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹62
Per ShareLot Size
2000 Shares
Minimum Investment
₹1,24,000
Issue Size
₹24.09 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
47.48%
QIB Quota
5.04%
NII Quota
47.48%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Bikewo Green Tech Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
89%
Promoter Holding (Post-Issue)
62.48%
Issue Type
Book Building - SME
ISIN
INE0SQH01013
About the Company
Bikewo Green Tech Limited is an electric two wheeler retailer in India. The Company commenced its business operations in 2016 and its revenue from operations has been steady since then. The Company since its incorporation had been engaged in the business of buying and selling of used four wheelers from authorised dealers of reputed automobile brands ("New Car Dealers"). In the year 2022, with the advent of electrical vehicles in India, in order to capitalise the opportunities and potential offered by the industry segment, it diversified its business operations by venturing into marketing and selling of electric vehicles and sold franchise of its brand to ten dealers during the first quarter of FY 2022, for opening and operating its stores in Andhra Pradesh and Telangana. Its electric vehicle business focuses on capturing the opportunity arising out of electrification of mobility in India by creating a multi-brand channel for EV two wheelers by offering franchise under its brand in the Tier-I, Tier-II and Tier-III cities. its business model focuses on creating a dealership chain across Tier-II and Tier-III cities for setting up retail spaces which ensures high visibility and easy accessibility to customers.
Industry Overview
India has been witnessing tremendous EV sales growth during the last 3-4 years. Torch bearer of EV revolution in India, the Electric 2-wheeler industry accounted for 55% of the total EV sales in FY2022 alone. The overall E2W sales in India during the first half (H1) of FY2023 was about 4.56 lakh units which is more than twice the sales in H1 of FY2022. E2W segment specifically is considered to be driving this growth now, accounting for 55% of the total EV sales in FY2022, against a share of 32% in FY2021. The sales of HS E2W is now more than the sales of electric three-wheeler (E3W) passenger segment, a trend which has witnessed reversal since FY2022. Over the last four fiscal years (FYs) i.e., FY2019 to FY2022, India recorded total sales of ~10 lakh units of E2W3. This includes the sales of LS and HS E2Ws, selling about 6.5 lakh and 3.5 lakh units respectively. The overall E2W segment grew at a compound annual growth rate (CAGR) of 71% over this four-year period. At the segment-level, while the LS segment grew at a CAGR of 45%, the sales in the HS segment surged by more than 2x the rate of LS (115% CAGR). This trend can also be witnessed from the sales of HS-E2W during H1 FY2023 wherein HS-E2W already accounted for more than 65% of the total E2W sales.
Company History
Bikewo Green Tech Limited was incorporated on December 9, 2016 as `Right Choice Automobiles Private Limited', a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation issued by the Deputy Registrar of Companies, Registrar of Companies Central Registration Centre. Subsequently, pursuant to a resolution passed by our Shareholders in their Extraordinary General Meeting held on February 2, 2017, in order to reflect the main business in the name of the Company, the name of the Company was changed to `Right Automobiles Private Limited' and a fresh certificate of incorporation dated February 14, 2017 was issued by the Registrar of Companies, Telangana at Hyderabad. Subsequently, pursuant to a resolution passed by its Shareholders in their Extraordinary General Meeting held on March 14, 2022 and in order to align the name of our Company with our core business activities, the name of the Company was changed to `Bikewo Green Tech Private Limited' and a fresh certificate of incorporation dated March 25, 2022 was issued by the Registrar of Companies, Telangana at Hyderabad. Further, the Company was converted into a public limited company pursuant to a resolution passed by its Shareholders in an Extraordinary General Meeting held on December 4, 2023 and consequently the name of the Company was changed to `Bikewo Green Tech Limited' and a fresh certificate of incorporation dated December 14, 2023 was issued by the Registrar of Companies, Telangana at Hyderabad.
Products & Services
- The Company is an electric two wheeler retailer in India.
Growth Strategy
- Continue to increase sales at its existing dealerships.
- Expand reach across select geographies and deepen the footprint in our existing markets.
- Expansion of its network and diversification of its products offered.
- Strengthen its marketing network.
- Improving operational efficiencies.
- Leveraging its Market skills and Relationships.
- Value proposition for consumers.
- Penetration into domestic markets.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of upto 38,86,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of the company at an issue price of Rs. 62 per equity share (including a share premium of Rs. 52 per equity share) for cash, aggregating up to Rs. 24.09 crores ("Public Issue") out of which 1,96,000 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 62 per equity share for cash, aggregating Rs. 1.22 crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. issue of 36,90,000 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 62 per equity share for cash, aggregating up to Rs. 22.87 crores is hereinafter referred to as the "Net Issue". The public issue and net issue will constitute 37.52 % and 28.29 % respectively of the post-issue paid-up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Leading EV dealership for major OEMs with a strong focus on high growth segments.
- Its existing Network and Storage Capabilities.
- Dealership network and presence across various states.
- Growing presence in after-sales segment leading predictable growth in revenues and superior margins.
- Diverse market presence.
- As part of its growth strategy, the company intend to expand the company's business operations to geographical areas in which the company has limited operation history. Its cannot assure you that the company expansion plans will be profitable or that such expansion will not adversely affect its business, results of operations and financial condition.
- The company significantly relies on trading and dealerships of multi-brand Electric Vehicles, and any interruption in the said business segment may adversely affect its business and results of operations.
- The company depends on its dealers for a significant portion of the company revenue, and any decrease in revenues or sales from any one of its key intermediaries may adversely affect its business and results of operations.
- The company propose to use a part of the Net Proceeds of the Issue towards funding capital expenditure proposed to be incurred towards setting up of eleven dealership stores in various states in India. The company is yet to purchase real estate or enter into long-term leasehold arrangements or enter into rental agreements at locations suitable for new stores for its expansion in relation to setting up and operation of its proposed new stores. In case the company is unable to open the stores in a timely manner as mentioned in the chapter "Objects of the Issue", its may fall short of the revenue targets of the Company and this would have an adverse effect on its business, financial condition, results of operations and growth prospects.
- The company plan to expand into new geographies and may be exposed to significant liability and could lose some or all of its investment in such regions, as a result of which the company's business, financial condition and results of operations could be adversely affected.