Zelio E-Mobility Shares Soar on Market Debut
Zelio E-Mobility, a manufacturer of electric two- and three-wheelers, saw its shares increase by nearly 20% in debut trade, closing at Rs 162.60. The company's IPO, with a price band of Rs 128-136, was oversubscribed 1.50 times. Funds will support new manufacturing and R&D expansions.
- Country:
- India
In a robust market debut, shares of Zelio E-Mobility surged nearly 20% above their issue price, closing at Rs 162.60. The stock began trading at Rs 154.90, a 13.8% premium over the initial Rs 136 issue on the BSE's SME platform.
The electric vehicle manufacturer experienced a strong response, with 21.87 lakh shares exchanging hands on the launch day and an end-of-day market valuation pegged at Rs 343.90 crore.
Zelio's IPO was subscribed 1.50 times and aims to channel fresh funds towards debt repayment, setting up a new production facility, boosting working capital, and general corporate needs. The company, founded in Haryana in 2021, markets its vehicles under the 'Zelio' and 'Tanga' brands.
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