EPW India shares list at 14% premium over IPO price on NSE SME platform

EPW India Ltd made a decent debut on NSE SME platform on Tuesday, December 30, listing at a premium of 14.4% to the issue price of Rs 97 per share.

EPW India IPO was a Rs 31.8 crore fresh issue, priced at Rs 97 per share, and aimed at funding working capital needs, repayment of borrowings and general corporate purposes. At the upper end of the price band, the issue values the company at a pre-IPO market cap of about Rs 111 crore.

Subscription data from the primary market broadly mirrors this tempered optimism. The IPO was subscribed 1.32 times overall, with retail investors bidding 1.31 times, non-institutional investors 1.53 times, and qualified institutional buyers subscribing 1.17 times of their non-anchor quota. While the issue did manage to scrape through fully subscribed, the lack of aggressive oversubscription has capped expectations in the grey market.


EPW India operates in the refurbished IT hardware space, supplying laptops, desktops, Chromebooks and peripherals through both B2B and direct-to-consumer channels. The company runs an in-house refurbishment facility and positions itself as a cost-effective, sustainable alternative in a highly competitive and fragmented market. In FY25, about 54% of revenue came from B2C sales, with the rest from enterprise customers.

Financially, the company has reported sharp growth off a low base. Revenue rose 188% year-on-year in FY25, while profit after tax jumped 485%.

The performance post listing will likely to hinge on execution, working capital discipline and the company's ability to sustain growth without stretching its balance sheet.

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