In 2025, India’s IPO market continues to attract investor interest, particularly in sectors aligned with sustainability and green technology. Among the new-age companies, Zelio E-Mobility Limited stands out in the electric vehicle segment, with a focus on eco-friendly 2-wheelers and 3-wheelers. The company is set to open its IPO on September 30, 2025, giving investors an opportunity to invest in a fast-growing EV player.
About Zelio E-Mobility Ltd.
Incorporated in 2021, Zelio E-Mobility Limited manufactures, assembles, and supplies electric vehicles (EVs) under the brands “Zelio” (E-2Ws) and “Tanga” (3Ws). The company aims to provide eco-friendly mobility solutions with lower emissions, reduced noise, and energy sustainability.
The company operates from a 24,458.01 sq. meter facility in Ladwa, Haryana, with an annual production capacity of 72,000 electric two-wheelers and three-wheelers. Zelio uses advanced machinery for manufacturing and assembly, and supports a wide dealer network covering major parts of India.
Product Portfolio:
- Electric 2-wheelers: EEVA, EEVAZX, GRACY
- Electric 3-wheelers: Legender, Mystery, XMen
Employees: As of February 28, 2025, the company has approximately 176 employees, excluding the board of directors.
Competitive Strengths:
- Extensive dealer network across India
- Quality assurance and standardised production
- Revenue from a geographically dispersed customer base
- Proven financial track record
- Experienced promoters and senior management
Zelio E-Mobility IPO Details
The Zelio E-Mobility IPO is a book-building issue of ₹78.34 crore, comprising a fresh issue of 0.46 crore shares (₹62.83 Cr) and an offer for sale of 0.11 crore shares (₹15.50 Cr). The IPO will be listed on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 3, 2025 |
| Tentative Allotment | Oct 6, 2025 |
| Initiation of Refunds | Oct 7, 2025 |
| Credit of Shares to Demat | Oct 7, 2025 |
| Tentative Listing Date | Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹129 – ₹136 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 57,60,000 shares (₹78.34 Cr) |
| Fresh Issue (Ex Market Maker) |
43,26,000 shares (aggregating up to ₹58.83 Cr) |
| Offer for Sale | 11,40,000 shares (₹15.50 Cr) |
| Reserved for Market Maker | 2,94,000 shares (₹4.00 Cr) |
| Net Offered to Public | 54,66,000 shares (₹74.34 Cr) |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 1,65,30,000 shares |
| Shareholding Post-Issue | 2,11,50,000 shares |
Investor Category Reservation:
- QIB: Not more than 50% of net issue
- Retail: Not less than 35% of net issue
- NII: Not less than 15% of net issue
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,72,000 |
| Retail (Max) | 2 | 2,000 | ₹2,72,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,08,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,52,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,88,000 |
Promoter Holding:
Promoters are Niraj Arya, Kunal Arya, Deepak Arya, and Sayuri Arya.
- Pre-IPO: 100%
- Post-IPO: 75.77%
Book Running Lead Manager: Hem Securities Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Zelio E-Mobility Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 53.89 | 29.08 | 15.47 | 8.57 |
| Total Income | 76.04 | 94.90 | 51.62 | 13.03 |
| Profit After Tax | 7.05 | 6.31 | 3.06 | 1.27 |
| Net Worth | 17.71 | 10.67 | 4.36 | 1.30 |
| Reserves & Surplus | 17.68 | 10.64 | 4.33 | 1.27 |
| Total Borrowing | 21.97 | 14.11 | 9.59 | 3.73 |
Key Performance Indicators (KPI):
| KPI | Values |
| Market Capitalisation | ₹287.64 Cr |
| ROE | 83.99% |
| ROCE | 34.84% |
| Debt/Equity | 1.32 |
| RoNW | 59.15% |
| PAT Margin | 6.68% |
| Price to Book Value | 21.09 |
| EPS Pre-IPO | ₹3.82 |
| EPS Post-IPO | ₹6.66 |
| P/E Pre-IPO | 35.63x |
| P/E Post-IPO | 20.41x |
Objects of the Issue
| S.No | Object | Expected Amount (₹ Million) |
| 1 | Repayment/pre-payment of borrowings | 245 |
| 2 | Funding capital expenditure for a new manufacturing unit | 238.9 |
| 3 | Working capital requirements | — |
| 4 | General corporate purposes | — |
Zelio E-Mobility IPO: Peer Comparison
Zelio E-Mobility IPO can be compared with peers like Delta Autocorp Ltd and Tunwal E-Motors Ltd. Reviewing these companies helps investors gauge Zelio E-Mobility’s position in the electric vehicle sector and make informed decisions.
Conclusion
Zelio E-Mobility Ltd. provides a compelling opportunity to invest in the growing Indian electric vehicle sector, backed by a robust production facility, diversified EV portfolio, and strong financial performance. However, investors should consider risks including market competition, regulatory changes in EV incentives, and demand fluctuations.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
