Eppeltone Engineers Limited operating in the electronic energy solutions space is all set to enter the public markets with its Initial Public Offering (IPO), aggregating ₹43.96 crores through a completely fresh issue of 34.34 lakh equity shares. The subscription period is scheduled from June 17 to June 19, 2025, with the company aiming for its NSE SME platform listing on Tuesday, June 24, 2025.
The IPO offers shares with a face value of ₹10 each, priced in a band of ₹125 to ₹128 per share, and a lot size of 1,000 shares. Retail investors can participate with a minimum investment of ₹1,25,000 (1 lot), while High Net-worth Individuals (HNIs) can enter with at least ₹2,56,000 (2 lots). Share allotment is expected by June 20, 2025. As this industrial solutions provider takes its next big step, it opens a new window of opportunity for investors looking to tap into India's evolving industrial landscape.
Eppeltone Engineers Limited IPO is a fundraise worth ₹43.96 crores comprising purely of a fresh issue with 34.34 lakh shares reserved for the market maker Prabhat Financial Services Limited. Qualified Institutional Buyers are being offered not more than 50% of the net issue, retail investors are being offered not less than 35% of the net issue and Non-Institutional Investors (NIIs) / High Net-worth Individuals (HNIs) are being offered not less than 15% of the net issue. The IPO will be available for subscription from June 17, 2025, to June 19, 2025, providing an opportunity for investors looking to gain a stake in the electronics manufacturing segment.
| Eppeltone Engineers IPO date | June 17, 2025 - June 19, 2025 |
| Price band | ₹125 to ₹128 per share |
| Face value | ₹10 per share |
| Lot size | 1,000 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 34,34,000 shares amounting to ₹43.96 crores |
| Total issue size | 34,34,000 shares amounting to ₹43.96 crores |
| Listing at | NSE SME |
| Market maker portion | 1,72,000 shares - Prabhat Financial Services Limited |
| Shareholding post-issue | 1,29,59,312 shares |
| Shareholding pre-issue | 95,25,312 shares |
The Eppeltone Engineers Limited IPO opens for subscription on June 17, 2025, and closes on June 19, 2025, with allotment scheduled for June 20, 2025.
| IPO open date | June 17, 2025 (Tuesday) |
| IPO close date | June 19, 2025 (Thursday) |
| Basis of allotment | June 20, 2025 (Friday) |
| Initiation of refunds | June 23, 2025 (Monday) |
| Credit of shares to Demat account | June 23, 2025 (Monday) |
| Listing date on NSE SME | June 24, 2025 (Tuesday) |
| Cut-off time for UPI mandate confirmation | 5 PM on June 19, 2025 (Thursday) |
Established in 1977, Eppeltone Engineers Limited has grown into a leading manufacturer of electronic energy meters, including smart meters, as well as a broad array of power conditioning devices such as UPS systems, chargers, AVRs, MCBs, and transducers. Initially focused on producing Switch Mode Power Supplies (SMPS) for computers and other electronics, the company has since diversified its offerings to cater to industrial and consumer segments with a strong emphasis on energy management solutions. Eppeltone is a certified organization engaged in the design and supply of static watt hour meters, smart meters, water meters, UPS systems, LED luminaires, battery management systems, regulated emergency chargers, and a range of railway and power-related products such as BPL kits, auto tensioning devices, and modular cantilever systems.
Operating primarily in the B2B space, Eppeltone provides its products and services largely to government entities, while also serving private sector clients across multiple industries. Their solutions cater to a wide spectrum of customers, including utility providers, commercial users, industries, and households. The company’s main manufacturing unit is a 36,000 sq. ft. facility in Greater Noida, Uttar Pradesh, supported by additional units in Noida and Okhla, New Delhi, which focus on specialized production, R&D, and quality assurance. As of March 31, 2024, the company employed 59 permanent staff members.
Eppeltone Engineers Limited plans to utilize the net proceeds from its IPO to meet its working capital requirements, invest in capital expenditure for the installation of additional machinery at its manufacturing facility, cover general corporate purposes, and address expenses related to the issue.
The Eppeltone Engineers Limited IPO has caught the eyes of investors as the company reportedly saw an annual rise of 57% in its revenue and 38% yearly increase in the Profit After Tax (PAT), during the financial year ended March 31, 2024.
As of July 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 41%, Return on Capital Employed (ROCE) at 43% and a Debt-to-Equity ratio of 0.79. The Return on Net-Worth (RoNW) stands at 40.79%, and the PAT Margin was 10.75%. The Price to Book Value was 2.62. The company’s market capitalisation is ₹165.88 crores.
| Period Ended | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Revenue | 125.74 | 80.04 | 72.99 |
| Assets | 123.80 | 69,82,550 | 43.73 |
| Net Worth | 40.00 | 20.40 | 11.49 |
| Profit After Tax | 11.23 | 8.16 | 1.09 |
| Reserves & Surplus | 30.48 | 16.16 | 7.50 |
| Total Borrowing | 30.54 | 16.31 | 12.68 |
Amount in ₹ crores
The pre-IPO EPS is at ₹11.79 while the post-IPO EPS will be ₹8.67. Similarly, the pre-IPO Price to Earnings ratio is 10.86 and will become 14.77 post-IPO.
Eppeltone Engineers Limited operates a well-equipped 38,000 sq. ft. manufacturing facility in Greater Noida, featuring advanced infrastructure such as SMT lines, PCB lines, automatic moulding machines, and fully automated testing systems. The company also has operational bases in Noida and Okhla, New Delhi, and an NABL-accredited in-house R&D lab. These facilities support a wide product portfolio, including energy metering systems, power conditioning devices, and customised electrical solutions. Eppeltone holds ISO 9001, ISO 14001, and ISO 27001 certifications, showcasing its commitment to quality, environmental, and information security standards.
The company enjoys long-standing business relationships with over 30 state electricity distribution companies (DISCOMs), central PSUs, and private turnkey contractors. Strong supplier ties ensure timely and quality raw material procurement, while in-house product testing capabilities help reduce development costs and timelines. Eppeltone operates predominantly in the B2B segment, with government entities making up the bulk of its clientele. It has demonstrated consistent profit growth, with PAT rising from ₹0.24 crore in FY22 to ₹8.43 crore in FY24—an encouraging sign of operational efficiency and market acceptance.
A major concern for Eppeltone Engineers is its overdependence on a small group of clients, with the top 10 customers contributing more than 88% to 96% of total revenue from FY22 to September 2024. The company has also consistently reported negative cash flows from operations and investments, which raises liquidity concerns. Its trade receivables have grown sharply to ₹34.58 crore as of September 30, 2024, increasing the risk of delayed payments. Additionally, any disruption in raw material supply or pricing—given their high share in overall costs—can impact margins significantly.
Further, Eppeltone derives a significant portion of its revenue from government tenders, which poses a risk if it fails to win future contracts. The company is involved in pending criminal proceedings, and any negative outcomes could harm its reputation and prospects. Contingent liabilities have also risen to ₹19.91 crore, adding financial strain if they materialize. Foreign exchange fluctuations and compliance with FEMA regulations pose another layer of risk due to the company’s import-dependent procurement. Lastly, its outstanding debt of ₹20.88 crore underscores the importance of sound financial management to sustain growth.
Investing early in Eppeltone Engineers Limited offers a potential opportunity to be part of the company’s growth journey within the electronics manufacturing sector. However, prospective investors should take a holistic view evaluating the company’s operational performance, financial health, industry outlook, and strategic direction before making any decisions. It’s advisable to align this opportunity with one’s own financial goals and risk tolerance, and to consult the offer document or seek professional guidance to make an informed investment choice in this IPO.
What is the Eppeltone Engineers Limited IPO?
The Eppeltone Engineers Limited IPO is an NSE SME offering consisting of 34.34 lakh equity shares with a face value of ₹10, aiming to raise ₹43.96 crore. The price band has been set between ₹ 125 to ₹128 per share, with a minimum order quantity of 1,000 shares. This IPO will be open for subscription from June 17, 2025, to June 19, 2025. Expert Global Consultants Private Limited is the book-running lead manager, Skyline Financial Services Private Limited is the registrar while Prabhat Financial Services Limited is the market maker.
When will the Eppeltone Engineers IPO open?
The Eppeltone Engineers Limited IPO will open for subscription on June 17, 2025, and will close on June 19, 2025.
When is the Eppeltone Engineers IPO listing date?
The tentative listing date for the Eppeltone Engineers Limited IPO is Tuesday, Jun 24, 2025.
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