New Delhi, October 8, 2025: The shares of Zelio E-Mobility, an electric vehicle manufacturer, listed at ₹154.90 on Wednesday, a 13.9% premium over the issue price of ₹136, marking a successful debut on the BSE SME platform. The stock quickly surged to the upper circuit of ₹162.60 within hours of trading.
In addition to marking an important milestone for Zelio, this positive listing marks a sea change for India’s clean-tech and electric vehicle (EV) manufacturing startups, many of which are getting ready to go public.
An encouraging path for other companies in the electric mobility, battery, and energy storage ecosystem to follow is provided by the premium debut in a volatile small-cap environment, which reflects a renewed investor confidence in India’s green manufacturing sector.
Zelio’s success comes after Supertech EV’s June IPO, when it listed at a 12% premium. This supports the idea that early-stage clean-tech businesses with tangible products, revenue visibility, and domestic supply chains are attractive to public market investors. The performance of the stock is in line with the growing interest of institutional and retail investors in SME listings pertaining to the energy transition.
With robust participation from all investor categories—Qualified Institutional Buyers (1.61x), Non-Institutional Investors (1.76x), and Retail Investors (1.32x), the ₹78.34 crore IPO was subscribed for 1.5 times overall. Before the listing, anchor investors contributed ₹22.3 crore, which gave the issue even more legitimacy.
The listing is a moment of trust and responsibility, said Kunal Arya, Managing Director of Zelio E-Mobility, at the bell-ringing ceremony in Gurugram.
“This IPO is a sign of trust as well as a financial milestone. The money raised will support our continued innovation in electric vehicle technology, dealer network expansion, research and development, and manufacturing capacity expansion. We pledge to respect the highest standards of corporate governance, transparency, and shareholder trust as Zelio E-Mobility joins the capital market today.”
Zelio E-Mobility was established in 2021 and produces and assembles electric two- and three-wheelers under the Tanga and Zelio brands. With an annual capacity of 72,000 units, its facility in Hisar, Haryana, is backed by a network of more than 337 dealers in more than 20 states. With a new issue of ₹58.84 crore and an offer for sale of ₹15.5 crore, the company raised ₹78.34 crore.
Hem Finlease Pvt. Ltd. was the stock’s market maker, Maashitla Securities Pvt. Ltd. was the registrar, and Hem Securities Ltd. was the book running lead manager.
The successful launch, according to market analysts, supports the idea that there will be a stream of IPOs in the EV, battery, and charging infrastructure industries in FY26. According to a senior investment banker keeping an eye on the industry, “a clean-tech listing that starts off well and sustains investor interest demonstrates a maturing SME market.” “It shows that the capital markets in India are ready to finance the country’s next stage of green industrialisation.”
Additionally, Zelio’s launch coincides with politicians encouraging localisation of the supply chain and domestic EV manufacturing through the Production Linked Incentive (PLI) programme. According to experts, the perfect conditions for clean-tech companies to raise public capital are created by the convergence of favourable regulations, profitability, and investor readiness.
Zelio’s market debut indicates that clean mobility in India is not only on the road but is now on the trading floor, which is significant given the country’s rapidly increasing EV penetration.
