EPW India IPO

About EPW India IPO

The offer consists of a fresh issue component. The fresh issue will include 32,79,600 shares (aggregating up to ₹31.81crores). Hence, the total number of shares and aggregate amount is 32,79,600 shares (aggregating up to ₹31.81crores).

EPW India price band is set at ₹95 to ₹97 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,32,800.00 (2,400 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,600 shares), amounting to ₹3,49,200.

The EPW India IPO opens on Monday, Dec 22, 2025 and closes on Wednesday, Dec 24, 2025. The allotment of shares will take place on Friday, Dec 26, 2025. The credit of shares to the demat account will take place on Monday, Dec 29, 2025. The initiation of refunds will take place on Monday, Dec 29, 2025. The listing of shares will take place on Tue, Dec 30, 2025.

EPW India provides a wide variety of refurbished laptops to suit the needs of different customers — including students, working professionals, businesses, schools, and those looking for budget-friendly options. They offer laptops, desktops, Chromebooks and other peripherals from various well-known brands, with different features and price ranges, from basic models to high-performance machines. This helps them serve a broad market and keep their customers satisfied by offering the right laptops for their specific needs, whether it’s for studying, office work, gaming, or everyday use.

Objectives of EPW India IPO

• To meet the working capital requirement.
• Repayment of banking facilities availed by the company.
• General corporate purposes.

Industry Outlook

The refurbished electronics market size worldwide was valued at US$ 4,829 crores in 2023 and is expected to expand at a CAGR of 10% to reach US$ 9,410 crores by 2030. North America has been a significant player and the largest market for refurbished electronics, primarily because of its well-developed e-commerce infrastructure, tech-savvy population and consumer awareness of sustainability. Europe is the second largest market for refurbished electronics, and it has gained traction due to stringent regulations promoting sustainable practices and consumer protection. Asia-Pacific is the third largest market, and it is growing significantly in the refurbished electronics market, driven by a large population, increasing urbanisation, and rising smartphone ownership. Countries like India, South Korea and China have posted a rise in demand for refurbished smartphones and other electronic devices, serving the budget-conscious consumers.

EPW India Company Information

EPW India is an IT electronics refurbishing company providing refurbished electronics by using two different supply chain methods (Direct to consumer and Business to Business) at significant prices as compared to new products. Their business model encompasses end-to-end reverse supply chain for IT assets. It involves procuring used IT assets (laptops, desktops, Chromebooks and peripherals), refurbishing them to as close to new condition, and selling them directly to end-use customers – businesses or retail. Currently, the company sells IT products like laptops, desktops, Chromebooks, monitors, and accessories (keyboards, mouse, etc.) through its own shops and website.

EPW India’s vision is to create a future where technology and sustainability go hand in hand. The company aims to lead the transition to an eco-friendly tech industry by supporting the circular economy through refurbishing, recycling, and reusing electronic products. The mission is to reduce electronic waste and promote sustainability by offering refurbished products. The company also strives to make technology affordable and accessible to all, working towards digital inclusion so that everyone can have access to a computer or laptop and stay connected in today’s digital age.

Strengths of EPW India

• Wide range of products.
• Experienced team of individuals.
• Reliable warranty service.
• Multiple sales channels.
• Experienced promoter and management expertise.

Risks of EPW India

• Dependence on IT supplies, exposure to price volatility, and the absence of long-term supply contracts.
• Inability to effectively manage inventory levels and fluctuations in prices of key components used in the refurbishment process.
• Any disruption in the supply chain for the procurement of used laptops, components and other materials necessary for the refurbishment process.
• Any disruption due to workforce-related issues such as strikes, attrition, or rising wage pressures.
• Any loss of business from one or more of their top three states (Telangana, Andhra Pradesh, and Gujarat) that contribute to their major revenue.

*The company acquired its subsidiary on October 26, 2024; therefore, the financial statements have been consolidated only from that date onward.

Notes:

• All the financial figures are taken on standalone basis.

• The details of the issuer company are taken as on September 30, 2025 from Restated Financial Statements.

• The current market price of the Newjaisa Technologies Limited, Cerebra Integrated Technologies Limited and GNG Electronics Limited is taken as on 08.12.2025

• PE Ratio of GNG Electronics Limited is derived from BSE as on December 15, 2025. PE of Newjaisa Technologies Limited and Cerebra Integration Technologies Limited is not mentioned on the website of the NSE.

• Financial figures and ratios such as face value, EPS, RONW, NAV and Total Income is taken from Audited financials of the respective companies as on September 30, 2025.

• GNG Electronics Limited operates in a similar business segment, focusing on the refurbishing of used IT assets and their sale both domestically and internationally. Although the peer company operates on a larger scale compared to the issuer, both are engaged in the same line of business.

• Newjaisa Technologies Limited differs from EPW India. While Newjaisa operates exclusively through an online sales platform, EPW India conducts sales through its own physical stores, i.e., via an offline channel. Newjaisa Technologies has been included as a peer company solely due to the lack of other comparable peers and its presence in the same business segment.

• Cerebra Integrated Technologies Limited operates across multiple business segments, including refurbishing, Producer Responsibility Organisation, recycling, and enterprise solutions. In contrast, the issuer company is exclusively engaged in the refurbishing of used IT assets. Due to the absence of directly comparable peer companies, Cerebra Integrated Technologies Limited has been included as a basis for comparison.

Anchor Investor Bidding Date: 19-Dec-.2025

*EPW India, in consultation with the BRLM, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/ Issue Period shall be one Working Day prior to the Bid/ Issue Opening Date

Registrar: Bigshare Services Private Limited Book Running Lead Managers: Getfive Advisors Private Limited

EPW India Business Model

The company earns its revenue through the following: Procuring used IT assets (laptops, desktops, Chromebooks and peripherals), refurbishing them to as close to new condition, and selling them directly to end-use customers – businesses or retail. Currently, the company sells IT products like laptops, desktops, Chromebooks, monitors, and accessories (keyboards, mice, etc.) through its own shops and website.

EPW India Growth Trajectory

The company's Total Income was ₹53.336 crores in FY25, compared to ₹18.551 crores in FY24, and ₹6.664 crores in FY23.

Profit After Tax was ₹4.333 crores in FY25, compared to ₹0.741 crores in FY24, and ₹0.064 crores in FY23.

Their EBITDA was ₹6.208 crores in FY25, compared to ₹1.026 crores in FY24, and ₹0.111 crores in FY23.

EPW India Market Position

The company initially operated 1 store in 2021, added 1 more store in 2023, and, as of 2025, has added 10 properties, which include shops, retail stores, and warehouses. In the current financial year, the company further added 1 office leading to total property count at 14. Additionally, the company markets its products through its official website, ensuring a wider reach across both retail and B2B segments.

As of 31 March 2025, the company’s Total Income, Profit After Tax, EBITDA were ₹53.336 crores, ₹4.333 crores, and ₹6.208 crores, respectively.

How to apply for EPW India IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.