Tunwal E-Motors to Launch IPO, Eyes Rs 115.64 Crores

Tunwal E-Motors Limited, a key player in the electric vehicle sector, plans an IPO on July 15, 2024, aiming to raise Rs 115.64 crores. The proceeds will fund working capital, R&D, and other corporate needs. Shares will be listed on the NSE Emerge platform.

Tunwal E-Motors Limited, an influential entity in the electric vehicle manufacturing sector, has unveiled plans to go public with an Initial Public Offering (IPO) scheduled for July 15, 2024. The IPO aims to raise Rs 115.64 crores, with shares set to be listed on the NSE Emerge platform.

The allocation of equity shares is as follows: 93,10,000 shares for Non-Institutional Investors (NII), 93,10,000 shares for Retail Individual Investors (RII), and 9,80,000 shares for the Market Maker. The issue size comprises up to 1,96,00,000 equity shares valued at Rs 2 each.

Proceeds from the IPO will be directed towards fulfilling working capital requirements, research and development, inorganic expansion, and general corporate purposes. Subscriptions will be open from July 15 to July 18, 2024. Horizon Management Private Limited will act as the Lead Manager, while Skyline Financial Services Private Limited serves as the Registrar to the Issue.

Jhumarmal Pannaram Tunwal, Chairman & Managing Director, expressed enthusiasm about this landmark event, citing it as a testament to the company's confidence in the growth potential of the EV sector and commitment to sustainable urban mobility. Tunwal highlighted the company's achievements and foresaw substantial opportunities as global demand for eco-friendly transportation rises.