Zelio E-Mobility Receives SEBI Approval for ₹78 Crore SME IPO on BSE

Zelio E-Mobility Ltd. has secured approval from the Securities and Exchange Board of India (SEBI) for its Small and Medium Enterprises (SME) initial public offering, aimed at raising ₹78 crore through a listing on the Bombay Stock Exchange.

The electric vehicle manufacturer, which received Draft Red Herring Prospectus (DRHP) approval, expects to launch the IPO by the end of September 2025. Hem Securities Ltd. will serve as the Book Running Lead Manager for the public issue.

Company Profile and Market Presence

Established in 2021, Zelio E-Mobility has developed a significant presence in India's electric vehicle sector. The company operates with an installed annual production capacity of 72,000 units, manufacturing electric scooters and three-wheelers.

The manufacturer has built an extensive distribution network spanning over 280 dealers across more than 20 states and union territories, positioning itself as a notable player in the expanding electric mobility market.

Financial Performance

Zelio E-Mobility has demonstrated substantial financial growth since its inception. For the fiscal year 2025 (provisional figures), the company reported revenue of ₹172.19 crore, representing significant expansion from its earlier years.

The company achieved an EBITDA of ₹21.02 crore, translating to a margin of 12.20%. Profit after tax reached ₹16 crore, yielding a margin of 9.29%. The firm's net worth stood at ₹26.67 crore as of FY25.

Return metrics showed strong performance, with both Return on Equity (ROE) and Return on Capital Employed (ROCE) approaching 60%.

Between fiscal years 2023 and 2025, Zelio E-Mobility recorded a compound annual growth rate (CAGR) of 83.29% in revenue. The company's profit after tax expanded at an even higher CAGR of 128.76% during the same period.

IPO Details

The upcoming IPO represents the next phase of growth for the electric vehicle manufacturer. The company plans to utilize the proceeds to support expansion initiatives, though specific allocation details will be disclosed closer to the issue date.

Investor participation guidelines and the final pricing structure are expected to be announced as the launch date approaches.

The SME IPO segment has gained traction among emerging companies seeking capital market access while maintaining compliance with regulatory frameworks designed for smaller enterprises.