Zelio hits the road to IPO: EV maker going public on September 30; details

Zelio E-Mobility IPO: Electric two- and three-wheeler manufacturer, Zelio E-Mobility has announced the launch of its Initial Public Offering (IPO) on September 30, 2025. The company aims to raise ₹78 crore through this SME IPO. The public subscription period will be open from September 30 to October 3, 2025. Additionally, bidding for anchor investors is scheduled to take place on the same day as the opening, September 30, 2025.

IPO structure, price band

The IPO will consist of a combination of a fresh issue and an offer for sale (OFS), totaling 57,60,000 equity shares with a face value of ₹10 each. Of these, 46,20,000 equity shares are part of the fresh issue, intended to raise new capital for the company, while the remaining 11,40,000 equity shares are being offered by the promoters under the OFS route. The promoter group, which includes Niraj Arya, Kunal Arya, and Deepak Arya, will participate in the offer for sale.

 

 

The price band for the IPO is fixed at ₹129 to ₹136 per share, with a lot size of 2,000 shares. This means that the minimum investment required per lot will range from ₹2,58,000 to ₹2,72,000, depending on the final issue price.  Zelio E-Mobility shares are tentatively scheduled to list on the BSE SME platform on Wednesday, October 8, 2025.

Lead manager, registrar details

Hem Securities is acting as the book running lead manager (BRLM) for the IPO, while Maashitla Securities has been appointed as the registrar for the public issue.

Allocation of IPO proceeds

The company has clarified that it will not receive any proceeds from the offer for sale portion. The promoter selling shareholders will be entitled to their respective portions of the proceeds after deducting their share of offer-related expenses and applicable taxes. Except for listing fees, all other IPO-related costs will be shared between the company and the promoters, in proportion to their respective proceeds from the Fresh Issue and the Offer for Sale.

 

The net proceeds from the Fresh Issue will be used for multiple purposes. These include repayment and/or prepayment, in full or part, of existing borrowings, funding capital expenditure towards the establishment of a new manufacturing unit, meeting working capital requirements, and addressing general corporate expenses.

About Zelio E-Mobility

Zelio E-Mobility is engaged in the manufacturing, assembling, and supply of electric vehicles, with a focus on electric two-wheelers (E-2Ws) and electric three-wheelers (3Ws). The company markets its E-2Ws under the brand name “Zelio”, while its 3Ws are branded as “Tanga”. The company is dedicated to sustainable transportation solutions, offering vehicles that contribute to lower emissions, reduced noise pollution, and better energy efficiency.

 

Zelio began commercial operations with the launch of its first electric scooters in FY 2021–22. The company operates through a wide network of exclusive and non-exclusive dealers, serving customers across urban, semi-urban, and rural areas of India.

Financial snapshot

In FY25, Zelio E-Mobility reported a revenue of ₹172 crore, with earnings before interest, taxes, depreciation, and amortisation (Ebitda) standing at ₹21 crore and profit after tax (PAT) at ₹16 crore. The company's net worth was stood at ₹26.67 crore, with return on equity (ROE) and return on capital employed (ROCE) of 59.96 per cent.