Tunwal E-Motors stock made a stellar debut on NSE SME today. Tunwal E-Motors share price opened at ₹64 today, up 8.5% from the issue price of ₹59.
IPO Subscription
On Monday, July 15, the Tunwal E-Motors IPO subscription period opened, which closed on Thursday, July 18. The IPO had a face value of ₹2 per share and was priced at ₹59. Investors got a chance to bid in a minimum of 2000 shares and multiples thereof. The IPO subscription status on the last day was 12.31 times.
Progress of the company
Tunwal E-Motors is one of the emerging companies in the EV 2-wheeler sector. The company has expanded its presence to 19 states, over 225 dealers and over 23 models (including seven two-wheeler versions) promoted across the country. The company has achieved a CAGR of 346% in its revenue. Earlier, its promoter, Jhoomarmal Pannaram Tunwal, manufactured and exported electric vehicles under the name Tunwal Electronics.
Financials
In FY 2024, the company has generated sales of ₹10,460.07 lakh, EBITDA of ₹1,783.15 lakh and PAT of ₹1,181.17 lakh.
If the government makes some positive announcement regarding EV in the budget today, then its effect can be seen in this stock as well.
