Zelio E-Mobility, a fast-growing manufacturer of electric two-wheelers and three-wheelers, has announced its Rs 78 crore SME initial public offering (IPO). The subscription window will open on 30th September and close on 3rd October, giving investors a chance to participate in the company’s expansion journey.
The offering comes at a time when India’s electric vehicle market is growing rapidly, with demand for sustainable mobility solutions pushing manufacturers to increase production capacity and expand their presence nationwide.
Financial Performance
In the financial year 2025, Zelio reported Rs 172 crore in revenue, an EBITDA of Rs 21 crore, and a net profit of Rs 16 crore. The company’s net worth stood at Rs 26.67 crore, while both its return on equity and return on capital employed were at a striking 59.96 percent.
Between FY23 and FY25, Zelio delivered a revenue CAGR of 83 percent and a net profit CAGR of 128 percent, reflecting one of the strongest growth trajectories in the SME space.
IPO Structure Detailed
The IPO includes a mix of Fresh Issue and Offer for Sale, comprising 57,60,000 equity shares of Rs 10 each. Of this, 46,20,000 shares make up the Fresh Issue to raise new capital, while 11,40,000 shares will be offered for sale by existing stakeholders.
Anchor investor allocation has been scheduled for 29th September. The company has fixed the price band between Rs 129 and Rs 136 per share, with a lot size of 2,000 shares. This translates to a minimum investment of Rs 2.58 lakh to Rs 2.72 lakh per lot.
Leaders Share Vision
Kunal Arya, Managing Director of Zelio E-Mobility, expressed confidence in the timing of the IPO. “We are doubling our growth every year, but the market is growing even faster. With demand outpacing our capacity, this IPO comes at the right time to accelerate expansion and innovation. The proceeds will help us build world-class facilities, launch new models, strengthen after-sales support, and meet rising customer expectations,” he said.
Hem Securities Ltd. has been appointed as the Book Running Lead Manager, while Maashitla Securities Pvt Ltd will serve as the Registrar for the issue.
Purpose of Fundraising
The funds raised through the IPO will primarily be allocated towards repayment and prepayment of borrowings, capital expenditure for a new manufacturing unit, working capital needs, and other corporate purposes. This structured deployment ensures financial stability while fueling long-term expansion.
Promoters of the company include Niraj Arya, Kunal Arya, and Deepak Arya, who have driven the brand’s growth since inception.
Company Growth Journey
Founded in 2021 and headquartered in Haryana, Zelio E-Mobility has built a strong retail presence through a network of over 300 dealers nationwide. Its range of e-scooters is positioned as both durable and eco-friendly, supported by a growing emphasis on reliable customer service.
By combining product innovation with affordability, the company aims to make electric mobility accessible to more Indian households, further strengthening its position in the EV segment.
What is SME IPO
An SME IPO (Small and Medium Enterprises Initial Public Offering) allows smaller companies to raise funds from public investors while listing on stock exchanges under a dedicated SME platform. Such IPOs are regulated by SEBI and typically require lower compliance compared to mainboard IPOs, making them attractive for fast-growing young businesses like Zelio E-Mobility.
For investors, SME IPOs present an opportunity to enter early into companies with high growth potential, though they also carry higher risks due to limited market size and liquidity.
With India’s electric vehicle market expanding at a rapid pace, Zelio E-Mobility is positioned to benefit from strong demand in both two-wheeler and three-wheeler categories. By leveraging IPO proceeds for capacity expansion, innovation, and financial stability, the company aims to strengthen its leadership in the EV space.
