EPW India IPO

EPW India IPO is an NSE SME issue from a fast-growing electronics and refurbished devices player, showing sharp scale-up and high return ratios but also carrying leverage, working-capital and SME listing risks. ​

EPW India IPO – Snapshot

• Company: EPW India Limited
• Sector: Electronics / devices – inferred from peer set (GNG Electronics, New Jaisa Tech, Cerebra Integrated)​
• Issue Type: SME IPO (book-built, 100% fresh issue)
• Exchange: NSE SME​

IPO Timeline

• IPO Open: 22 December 2025
• IPO Close: 24 December 2025
• Basis of Allotment: 26 December 2025
• Refunds / Demat Credit: 29 December 2025
• Listing Date: 30 December 2025

Issue Structure & Price

• Total Issue Size: 32,79,600 shares; approx ₹31.8–32 crore
• Face Value: ₹5 per share
• Price Band: ₹95–₹97 per share​
• Market Lot (exchange level): 1,200 shares;
  • Retail must apply for 2 lots (2,400 shares) ≈ ₹2,32,800 at upper band
  • S‑HNI: 3–8 lots (3,600–9,600 shares) ≈ ₹3,49,200–₹9,31,200​

Promoters & Holding

• Promoters: Yousuf Uddin, Mohd. Fasi Uddin, Mohd. Zaki Uddin​
• Promoter Holding Pre-IPO: 100% (82,00,000 shares) ​
• Promoter Holding Post-IPO: 71.43% (1,14,79,600 shares)

Business & Financial Highlights

EPW India operates in the electronics/devices ecosystem (refurbished / trading / services indicated by peers), with rapid growth in the last two years.​

Financials (₹ crore):

EPW India Ltd.'s revenue increased by 188% and profit after tax (PAT) rose by 485% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	42.49	26.55	8.10	6.25
Total Income	44.04	53.34	18.55	6.66
Profit After Tax	4.02	4.33	0.74	0.06
EBITDA	6.37	6.21	1.03	0.11
NET Worth	9.23	5.28	0.95	0.21
Reserves and Surplus	5.13	5.18	0.85	0.11
Total Borrowing	16.96	12.25	0.23	0.58
Amount in ₹ Crore

Peers: GNG Electronics Ltd, New Jaisa Technologies Ltd, Cerebra Integrated Technologies Ltd.​

Objective Of the IPO

• Working capital requirements: ₹15.85 crore
• Repayment of banking facilities: ₹8.50 crore
• General corporate purposes & issue expenses (balance)​

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IPO Reservation

EPW India IPO offers total 32,79,600 shares. Out of which 15,55,200 (47.42%) allocated to QIB, 6,22,800 (18.99%) allocated to QIB (Ex- Anchor), 4,68,000 (14.27%) allocated to NII  10,92,000 (33.30%) allocated to RII and 9,32,400 (28.43%) allocated to Anchor investors.

IPO Lot Size

Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof. 

Key Strengths

• Very rapid income growth from ₹6.66cr (FY23) to ₹53.34cr (FY25)
• PAT expansion from near-breakeven to ₹4.33cr in FY25
• High ROE and RoNW, indicating efficient use of equity
• Double-digit EBITDA margin and >8% PAT margin at FY25 scale
• IPO funds targeted at working capital and debt reduction
• Strong anchor/QIB participation adds credibility
• Promoters retain 71.43% stake post-issue

Key Risks

• High leverage (debt–equity 2.32) despite planned repayment
• Very short profitability track record at current scale
• Working-capital intensive model with potential receivable risk
• Electronics / device business exposed to price/tech obsolescence
• SME listing on NSE with relatively high ticket size and lower liquidity
• Rich price-to-book multiple (~15x pre-IPO)

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs – EPW India IPO

Q1. What are EPW India IPO dates and listing schedule?

• IPO opens on 22 December 2025 and closes on 24 December 2025.
• Basis of allotment: 26 December 2025; refunds & Demat credit: 29 December 2025.
• Listing date: 30 December 2025 on NSE SME.

Q2. What is the EPW India IPO price band and lot size?

• Price band: ₹95–₹97 per share.
• Exchange lot size: 1,200 shares.
• Retail must apply for 2 lots (2,400 shares), minimum ~₹2,32,800 at upper band.

Q3. What is the total issue size and structure?

• Total issue: 32,79,600 shares aggregating up to ~₹32 crore (100% fresh issue).​
• Post-issue equity: 1,14,79,600 shares.​

Q4. How is the issue reserved across investor categories?

• Market Maker: 5.01% (1,64,400 shares).
• Anchor: 28.43% (9,32,400 shares; ₹9.04 crore).
• QIB (ex-anchor): 18.99% (6,22,800 shares).
• NII: 14.27% (4,68,000 shares).
• Retail: 33.30% (10,92,000 shares).​

Q5. How will the IPO proceeds be used?

• Working capital requirement: ₹15.85 crore.
• Repayment of banking facilities: ₹8.50 crore.
• General corporate purposes and issue expenses (balance).​

Q6. Is EPW India attractively valued vs peers?

• At ₹97, post-IPO P/E is ~13.8x vs peer GNG Electronics at ~39x P/E and lower RoNW; however, EPW carries higher leverage and shorter track record, so valuation reflects both growth and risk.