EPW India's IPO opens today: Check price band, subscription details
What's the story
EPW India's initial public offering (IPO) will open for subscription on Monday. The NSE SME-bound issue has a total size of ₹31.81 crore and consists entirely of a fresh issue of 32.8 lakh shares. The shares are priced in a band of ₹95 to ₹97 each, giving the company an estimated pre-IPO market cap of around ₹111 crore.
Market response
Stock is trading at a GMP of 0
Currently, the stock is trading at a gray market premium (GMP) of zero. This indicates that investors are not expecting any immediate listing gains. A zero GMP usually suggests a debut near the issue price, signaling cautious sentiment amid a weak SME IPO market and stricter post-listing performance expectations this year.
Investor details
Investment requirements and allocation
Retail investors can apply for a minimum of 2,400 shares, which would cost ₹2.33 lakh at the upper end of the price band. Non-institutional investors have to apply for at least 3,600 shares, amounting to ₹3.49 lakh. The issue structure allocates around 47% to qualified institutional buyers (QIBs), 14% to non-institutional investors and about 33% to retail investors.
Company profile
EPW India's business model and financial growth
EPW India operates in the refurbished IT electronics sector, selling laptops, desktops, Chromebooks and peripherals through B2B and direct-to-consumer channels. The company has a 4,500 sq ft in-house refurbishment facility and a 15-20 day refurbishment cycle before products are resold. In FY25, some 54% of its revenue came from the B2C segment while the rest came from B2B customers.
Financial growth
Financial performance and IPO proceeds
EPW India witnessed massive growth in FY25, with its revenue jumping 188% and profit after tax nearly five-fold year-on-year (YoY). The proceeds from the IPO will mainly be used to meet working capital requirements, repay certain borrowings and for general corporate purposes. With a flat debut indicated by the gray market, investor focus is likely to remain on subscription trends over the next two days and the company's ability to sustain recent growth after listing.