The initial public offering (IPO) of EPW India Limited, a player in the refurbished IT hardware market, commenced its subscription period today, December 22, 2025. The issue, which will close on December 24, has garnered a subscription of just over 10% on its opening day, as per data from Chittorgarh.
EPW India IPO Subscription Status and Grey Market Sentiment
On the first day of bidding, investor interest has been measured. The portion reserved for retail individual investors (RIIs) saw a subscription of 0.10 times, while the non-institutional investors (NIIs) segment was subscribed 0.21 times. The qualified institutional buyers (QIBs) portion is yet to see significant action.
Reflecting this cautious initial response, the Grey Market Premium (GMP) for EPW India shares is currently reported at ₹0, according to market observers like Investorgain. This indicates a neutral to muted sentiment, suggesting the shares are expected to list around their issue price. The estimated listing price is therefore likely to be at the IPO price of ₹97 per share.
Key Details of the EPW India Public Offer
The NSE SME IPO is a book-built issue aiming to raise ₹31.81 crore. The offer consists entirely of a fresh issuance of 32.8 lakh equity shares.
The company has set a price band of ₹95 to ₹97 per share. At the upper end of the band, the company commands a pre-IPO valuation of approximately ₹111 crore. Ahead of the public opening, EPW India successfully mobilized ₹9.04 crore from anchor investors.
The allotment structure reserves nearly 47% for qualified institutional buyers, 14% for non-institutional investors, and about 33% for retail investors. The minimum bid lot for retail investors is 2,400 shares, requiring an investment of roughly ₹2.33 lakh (at the ₹97 price). For non-institutional investors, the minimum application size is 3,600 shares, involving about ₹3.49 lakh.
Business Profile, Financials, and Use of Proceeds
EPW India operates in the refurbished IT hardware segment, dealing in products like laptops, desktops, Chromebooks, and peripherals. It serves both business-to-business (B2B) and direct-to-consumer channels. The company boasts an in-house refurbishment unit spanning 4,500 square feet, with a typical turnaround time of 15 to 20 days for refurbishing products before resale.
On the financial front, the company exhibited strong growth in the fiscal year 2025. It reported a remarkable 188% jump in revenue and saw its profit after tax surge nearly fivefold compared to the previous fiscal year.
The net proceeds from the IPO are earmarked for key purposes:
- Meeting working capital requirements.
- Repayment of certain borrowings.
- General corporate purposes.
The shares of EPW India are slated for listing on December 30, 2025. With the grey market signaling a flat debut, market attention will now focus on the subscription momentum over the next two days and the company's ability to sustain its impressive growth trajectory post-listing.
