The IPO is priced in a band of Rs 95 to Rs 97 per share, valuing the company at a pre-IPO market cap of about Rs 111 crore. Shares are scheduled to list on December 30.
In the grey market, the stock is currently commanding a GMP of zero, suggesting investors are not pricing in any immediate listing gains. A zero GMP typically points to a debut around the issue price, reflecting cautious sentiment amid a subdued SME IPO environment and tighter post-listing performance expectations this year.
Retail investors need to apply for a minimum of 2,400 shares, translating into an investment of Rs 2.33 lakh at the upper end of the price band. For non-institutional investors, the minimum application size is 3,600 shares, amounting to Rs 3.49 lakh.
The issue structure allocates about 47% to qualified institutional buyers, 14% to non-institutional investors and around 33% to retail investors. The company has already raised Rs 9.04 crore from anchor investors ahead of the issue.
EPW India operates in the refurbished IT electronics space, selling laptops, desktops, Chromebooks and peripherals through both B2B and direct-to-consumer channels. The company runs a 4,500 sq ft in-house refurbishment facility and follows a 15–20 day refurbishment cycle before products are resold. In FY25, around 54% of revenue came from the B2C segment, with the balance from B2B customers.
Financially, the company reported sharp growth in FY25, with revenue rising 188% and profit after tax increasing nearly five-fold year-on-year.The proceeds from the IPO will be used primarily to fund working capital requirements, repay certain borrowings and for general corporate purposes. With the grey market pointing to a flat debut, investor focus is likely to remain on subscription trends over the next two days and the company’s ability to sustain recent growth after listing.
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