The Zelio E-Mobility IPO is one of the most anticipated SME IPOs in the EV (Electric Vehicle) segment, to be listed on NSE Emerge. Incorporated in 2016 and headquartered in Manesar, Haryana, Zelio is engaged in the design, manufacture, and marketing of low-speed and high-speed electric scooters.
With strong demand for EVs driven by rising fuel costs, government incentives, and consumer preference for green mobility, Zelio’s IPO is drawing significant investor interest.
This article provides a comprehensive look at the Zelio E-Mobility IPO details, price band, dates, allotment, financials, industry outlook, risks, and FAQs.
Zelio E-Mobility IPO – Event Schedule
| Event | Date |
|---|---|
| IPO Open Date | September 30, 2025 |
| IPO Close Date | October 4, 2025 |
| Allotment Finalization | October 6, 2025 (Tentative) |
| Refunds / Unblocking of Funds | October 7, 2025 (Tentative) |
| Credit of Shares to Demat | October 7, 2025 (Tentative) |
| Listing Date | October 9, 2025 (Tentative) |
| UPI Mandate Cut-off | 5 PM, October 4, 2025 |
Zelio E-Mobility IPO – Structure and Key Details
- Company: Zelio E-Mobility Limited
- Industry: Electric Vehicles (EV – 2-Wheelers)
- Issue Type: Book Built SME IPO
- Fresh Issue: 40,00,000 equity shares of face value ₹10 each, aggregating up to ₹60 Crores
- Offer for Sale (OFS): Nil
- Post-Issue Holding: The IPO will constitute 26.67% of post-issue equity capital
- Book Running Lead Manager (BRLM): Pantomath Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
- Listing At: NSE Emerge
Company Overview
Founded in 2016, Zelio E-Mobility is a growing EV player focused on designing, manufacturing, and selling e-scooters for the Indian market.
Operations:
- Product Range: Low-speed and high-speed electric scooters under multiple models
- Manufacturing Facility: Located in Manesar, Haryana, with scalable capacity
- R&D: In-house design and innovation focusing on affordability, battery efficiency, and durability
- Target Market: Tier-II and Tier-III cities along with urban areas for daily commuting
Promoters:
Dhruv Sharma and Ashutosh Sharma .
Also read: The Muthoot Model and the Earnings Impact of the Gold Rally
Zelio E-Mobility IPO – Financial Performance
From the restated consolidated financials (₹ in Crores) :
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | ₹51.45 Cr | ₹68.92 Cr | ₹98.76 Cr |
| EBITDA | ₹5.74 Cr | ₹8.16 Cr | ₹12.41 Cr |
| Net Profit (PAT) | ₹2.84 Cr | ₹4.56 Cr | ₹7.88 Cr |
| PAT Margin | 5.5% | 6.6% | 8.0% |
| ROE | 22.4% | 25.1% | 27.8% |
| ROCE | 20.3% | 23.4% | 26.2% |
Highlights:
Revenue nearly doubled from FY23 to FY25.
PAT almost tripled in 3 years, with margins improving.
Strong return ratios, with ROE nearing 28% in FY25.
Objects of the Issue
The IPO proceeds of ₹60 Crores will be used for :
Setting up a new manufacturing facility in Haryana.
Working capital requirements.
General corporate purposes.
Industry Outlook
The Indian EV industry is witnessing exponential growth:
- Market Size: EV 2-wheeler market expected to grow at a CAGR of 49% till 2030
- Drivers: Rising petrol/diesel costs, government subsidies (FAME-II), and state EV policies
- Penetration: EV 2-wheeler sales crossed 1 million units in FY24, expected to dominate the segment by FY30
- Consumer Preference: Increasing demand for affordable, eco-friendly daily commuting solutions
Zelio, with its affordable scooter range and expansion plans, is poised to benefit from India’s EV revolution.
Key Risks
- SME Listing: Lower liquidity compared to mainboard IPOs
- Competition: Faces competition from Ola Electric, Ather, TVS iQube, Hero Electric, and smaller EV startups
- Policy Dependence: Heavily reliant on government EV incentives and subsidies
- Battery Technology: Dependence on imported lithium-ion cells exposes forex and supply risks
- Scale: Mid-sized compared to established auto OEMs
Zelio E-Mobility IPO Allotment and Application
Registrar: Bigshare Services Pvt. Ltd.
Investors can check allotment status on Bigshare’s IPO portal using PAN, DP/Client ID, or Application Number.
Retail investors must apply through UPI/ASBA before 5 PM, October 4, 2025.
Investor Takeaways
Strengths:
Strong revenue and profit growth.
Expanding capacity with IPO proceeds.
Positioned in India’s fast-growing EV 2-wheeler segment.
No OFS – all proceeds benefit the company.
Risks:
SME IPO – limited liquidity.
Competition from larger EV players.
Reliance on subsidies and imported batteries.
Conclusion
The Zelio E-Mobility IPO offers investors a chance to participate in India’s electric two-wheeler revolution. With strong financials, scalable operations, and a growing EV market, Zelio is well-positioned for growth.
However, risks such as policy dependence, competition, and SME listing volatility should be considered before investing. For investors bullish on India’s EV adoption story, the Zelio IPO is worth serious consideration.
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