In December 2025, the SME IPO segment continues to witness steady activity, supported by investor interest in niche businesses offering value-driven and sustainable solutions. Companies operating in refurbished electronics and circular economy models are gaining attention due to rising demand for affordable IT hardware and increasing focus on sustainability.
Against this backdrop, EPW India Ltd. is set to open its IPO on December 22, 2025. Here is a detailed insight into EPW India Ltd., its IPO, and key financial details.
About EPW India Ltd.
EPW India Ltd. is an IT electronics refurbishing company engaged in procuring, refurbishing, and reselling laptops, desktops, Chromebooks, monitors, and accessories. The company serves both B2B and direct-to-consumer (B2C) markets by offering refurbished IT products at affordable prices.
The company operates a 4,500 sq. ft. in-house refurbishment facility supported by a team of 32 technicians. Each product undergoes a 15–20 day refurbishment cycle, including testing, repair, cleaning, and software installation, before being sold to end customers.
In FY 2025, 54.29% of revenue was generated from the B2C segment, while 45.20% came from B2B sales.
EPW India IPO Details
EPW India IPO is a bookbuilding issue of ₹31.81 crore, comprising entirely a fresh issue of 0.33 crore shares. The company plans to use the proceeds to support business growth and operational requirements.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Mon, Dec 22, 2025 |
| IPO Close Date | Wed, Dec 24, 2025 |
| Allotment Date (Tentative) | Fri, Dec 26, 2025 |
| Initiation of Refunds | Mon, Dec 29, 2025 |
| Credit of Shares to Demat | Mon, Dec 29, 2025 |
| Listing Date (Tentative) | Tue, Dec 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Dec 24, 2025 |
Key IPO Details
| IPO Date | Mon, Dec 22, 2025 to Wed, Dec 24, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹95 to ₹97 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 32,79,600 shares (aggregating up to ₹31.81 Cr) |
| Reserved for Market Maker | 1,64,400 shares (aggregating up to ₹1.59 Cr) |
| Net Offered to Public | 31,15,200 shares (aggregating up to ₹30.22 Cr) |
| Share Holding Pre Issue | 82,00,000 shares |
| Share Holding Post Issue | 1,14,79,600 shares |
Lead Manager: GetFive Advisors Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
EPW India IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
EPW India IPO Lot Size
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,32,800 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,32,800 |
| S-HNI (Min) | 3 | 3,600 | ₹3,49,200 |
| S-HNI (Max) | 8 | 9,600 | ₹9,31,200 |
| B-HNI (Min) | 9 | 10,800 | ₹10,47,600 |
EPW India Ltd. Financials
The EPW India IPO has a pre-issue market capitalisation of ₹111.35 crore. As of March 31, 2025, the company reported strong growth in revenues and profitability.
Key Company Financials (₹ Crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 36.76 | 27.20 | 8.10 | 6.25 |
| Total Income | 21.99 | 53.34 | 18.55 | 6.66 |
| Profit After Tax | 1.94 | 4.33 | 0.74 | 0.06 |
| EBITDA | 3.04 | 6.21 | 1.03 | 0.11 |
| Net Worth | 7.14 | 5.28 | 0.95 | 0.21 |
| Reserves and Surplus | 7.05 | 5.18 | 0.85 | 0.11 |
| Total Borrowing | 18.15 | 12.25 | 0.23 | 0.58 |
Key Performance Indicators (KPI)
| KPI | Value |
| ROE | 139.17% |
| ROCE | 35.03% |
| Debt/Equity | 2.32 |
| RoNW | 82.06% |
| PAT Margin | 8.13% |
| EBITDA Margin | 11.64% |
| Price to Book Value | 15.06 |
Pre IPO vs Post IPO
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 5.28 | 6.75 |
| P/E (x) | 18.36 | 14.37 |
| Promoter Holding | 100% | 71.43% |
Promoters: Yousuf Uddin, Mohd. Fasi Uddin, and Mohd. Zaki Uddin
EPW India Ltd.: Industry Outlook
- Rising demand for affordable IT hardware across SMEs, education institutions, and households is supporting growth in refurbished electronics.
- Increased focus on sustainability and reuse of electronic products is encouraging the adoption of refurbished IT devices.
- Expansion of online B2C channels is improving market access for refurbished electronics providers.
EPW India IPO: Peer Comparison
EPW India IPO can be compared with peers such as Electronics Bazaar India Ltd, Instakart Services Pvt. Ltd., and Reboot Systems India Pvt. Ltd. Reviewing these companies helps investors assess EPW India’s positioning within the refurbished electronics and IT asset lifecycle management space, and supports a more informed evaluation of its business model and growth potential.
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Conclusion
EPW India Ltd. offers an SME IPO opportunity backed by a refurbished electronics business model and strong growth in revenues and profitability. The company benefits from structured refurbishment processes and diversified sales channels. However, investors should consider risks such as high leverage and competitive pressures before making an investment decision.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
