New Delhi, July 2(HS): Shares of Supertech EV, which manufactures electric two-wheelers and e-rickshaws, debuted poorly on the stock market today, disappointing IPO investors. Issued at ₹92, the shares opened at ₹73.60 on the BSE’s SME platform, a 20 percent decline. Selling pressure soon drove the stock down to the lower circuit level of ₹69.92, causing a 24 percent loss for IPO investors on the first day.

The company’s IPO, valued at ₹29.90 crore, was open for subscription from June 25 to 27 and saw an overall subscription of 4.40 times, with qualified institutional buyers subscribing 1.01 times, non-institutional investors 2.09 times, and retail investors 7.06 times. A total of 3,249,600 shares with a face value of ₹10 were issued, with proceeds earmarked for debt repayment, working capital, and general corporate purposes.

Financially, Supertech EV showed improvement; the net profit increased from ₹6 lakh in 2021-22 to ₹6.19 crore in 2023-24, while revenue is projected to rise from ₹2.38 crore in 2022-23 to ₹75.19 crore by 2024-25.

Hindusthan Samachar / Jun Sarkar