EPW India IPO Overview
Hyderabad-based refurbished IT electronics company raising ₹31.81 cr (100% fresh issue, no OFS). Price: ₹95-97. Lot: 2,400 shares (₹2,32,800 min investment).
Funds for working capital (₹14.28 cr), debt repayment (₹8.50 cr), general corporate purposes.
Lead: Getfive Advisors. Registrar: Bigshare Services.
Founded April 2021 (incorporated 2021 in Hyderabad). Operating since 2008 (Instagram claims “Since 2008”). Refurbished IT electronics company specializing in procurement, refurbishment, and distribution of used laptops, desktops, Chromebooks, monitors, and accessories.
Products: Refurbished laptops (Dell, HP, Lenovo, Apple MacBook), desktops, Chromebooks, monitors, mini PCs, accessories. Serves B2B (educational institutions, corporates, government) and D2C (individual consumers via e-commerce). 1-year warranty on refurbished products. Pan-India delivery from Hyderabad base.
Business Model: Procure used IT assets → Refurbish (repair, upgrade, test) → Distribute via B2B and D2C channels. Asset-light model focusing on working capital-intensive operations.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (NSE SME) |
| IPO Open Date | 22 December 2025 (Monday) |
| IPO Close Date | 24 December 2025 (Wednesday) |
| Anchor Investor Bidding | Data not disclosed |
| Allotment Date | 26 December 2025 (Friday) – Expected |
| Credit to Demat | 29 December 2025 (Monday) – Expected |
| Refund Initiation | 29 December 2025 (Monday) – Expected |
| Listing Date | 30 December 2025 (Tuesday) – Tentative |
| Price Band | ₹95 – ₹97 per share |
| Face Value | ₹5 per share |
| Lot Size | 2,400 shares (minimum lot) |
| Min Investment (Retail) | ₹2,32,800 (2,400 shares at upper band ₹97) |
| sNII Investment | Data not specified |
| bNII Investment | Data not specified |
| Issue Size | ₹31.81 crore total |
| Fresh Issue | ₹31.81 crore (100%) – 32,80,000 shares |
| Offer for Sale (OFS) | NIL – No OFS component |
| Total Shares Offered | 32,80,000 equity shares |
| Listing | NSE SME |
| Post-Issue Market Cap | ~₹111 crore (at upper price band ₹97) |
Issue Break-up
| Category | Allocation |
| QIB (Qualified Institutional Buyers) | 50% |
| NII (Non-Institutional Investors) | 15% |
| Retail Individual Investors | 35% |
Selling Shareholders (OFS ₹0 crore)
No OFS Component – 100% Fresh Issue
Note: This is a 100% fresh issue IPO with no Offer for Sale. All proceeds go directly to the company for business purposes. Promoters are not exiting. Pre-IPO equity: 82,00,000 shares; Post-IPO equity: 1,14,80,000 shares (40% dilution).
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹31.81 crore) will be used for:
- Working Capital Requirements – ₹14.28 crore (44.9%)
- Day-to-day operational expenses
- Inventory management (procurement of used IT assets)
- Funding refurbishment operations
- Managing payment cycles with suppliers and customers
- Repayment/Prepayment of Borrowings – ₹8.50 crore (26.7%)
- Full or partial repayment of existing borrowings
- Reduction of interest burden on P&L
- Improving financial flexibility and debt-equity ratio
- Note: Borrowings surged to ₹12.18 cr (FY25) from ₹0.23 cr (FY24)
- General Corporate Purposes – ₹9.03 crore (28.4%)
- Strategic initiatives
- Business development and expansion
- Technology upgrades
- Unallocated expenses and contingencies
Strategic Focus:
- Dominant allocation (45%) to working capital indicates focus on scaling procurement and refurbishment operations
- Debt repayment (27%) addressing aggressive borrowing surge from ₹0.23 cr (FY24) to ₹12.18 cr (FY25)
- Refurbished electronics business is working capital intensive (procure → refurbish → sell cycle)
- General corporate purposes (28%) lacks specific clarity on utilization
OFS Proceeds:
- NIL – No promoter exit
Note: 100% fresh issue with 45% working capital + 27% debt repayment + 28% general purposes. Minimal focus on capex/expansion infrastructure. Debt repayment critical given 10x borrowing surge in FY25.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Getfive Advisors Private Limited
Registrar:
- Bigshare Services Private Limited
- Address: S6-2, 6th Floor, Pinnacle Business Park, Mahakali Caves Road, next to Ahura Centre, Andheri East, Mumbai – 400093
- Phone: +91-22-6263 8200
- Website: www.bigshareonline.com / https://ipo.bigshareonline.com/IPO_Status.html
Market Maker:
- To be appointed
Promoters & Management
Key Promoters (3 Promoters – Uddin Family):
Individual Promoters:
- Mr. Yousuf Uddin – Promoter & Director
- Key founder and promoter
- Oversees business operations and strategy
- Mr. Mohd Fasi Uddin – Promoter & Director
- Co-founder and promoter
- Associated with operations management
- Mr. Mohd Zaki Uddin – Promoter & Director
- Co-founder and promoter
- Supporting business development
Promoter Holding:
- Pre-IPO: Not fully disclosed (100% of 82,00,000 shares)
- Post-IPO: Approximately 71.4% (82,00,000 of 1,14,80,000 shares)
Company History:
- Incorporated: April 15, 2021 (CIN: U72900TG2021PTC150671)
- Operations Claim: “Since 2008” as per Instagram (possible unincorporated operations or rebranding)
- Legacy: 4 years as incorporated company (2021-2025); potentially 17 years if “Since 2008” claim is accurate
- Evolution: Started with refurbished IT electronics; expanded to B2B (schools, corporates, government) and D2C (e-commerce) channels
- Workforce: Data not disclosed
- Milestone: Explosive revenue growth from ₹6.66 cr (FY23) to ₹51.88 cr (FY25) in 2 years
Company Contact:
- Registered Office: Shop No. 131 & 132, Ground Floor, C-Block, Chenoy Trade Center, Parklane, Secunderabad, Hyderabad, Telangana – 500003, India
- Website: www.epwindia.com
COMPANY OVERVIEW
Establishment & Background:
- Incorporated: April 2021; Operations: Since 2008 (per company claim) or 2021 (per incorporation)
- Industry: Refurbished IT Electronics – Circular Economy
- Headquarters: Hyderabad, Telangana
- Positioning: Refurbished IT electronics company serving B2B and D2C segments with pan-India delivery
Business Model:
Product Portfolio – Refurbished IT Electronics:
- Refurbished Laptops
- Brands: Dell, HP, Lenovo, Apple MacBook
- Configurations: i3, i5, i7 processors; various generations (5th, 7th, 10th, 11th Gen)
- Segments: Budget, mid-range, premium (MacBooks)
- Refurbished Desktops
- Tower PCs and All-in-One (AIO) desktops
- Brands: Dell, HP, Lenovo
- For home, office, educational use
- Refurbished Chromebooks
- Google Chrome OS devices
- Popular in education sector (schools, colleges)
- Refurbished Monitors
- LCD/LED monitors in various sizes
- Brands: Dell, HP, LG, Samsung
- Refurbished Mini PCs
- Compact form factor desktops
- Space-saving solutions for offices
- Accessories
- Keyboards, mice, chargers, batteries, RAM, storage
Refurbishment Process:
- Procurement: Source used IT assets from corporates, institutions, individuals
- Refurbishment: Repair, upgrade (RAM/SSD), clean, test for functionality and performance
- Quality Assurance: Testing for hardware/software performance
- Warranty: 1-year warranty on refurbished products (differentiator)
- Distribution: Sell via B2B and D2C channels
Customer Segments:
B2B (Business-to-Business):
- Educational Institutions: Schools, colleges, universities (bulk laptop/desktop orders for computer labs)
- Corporates: SMEs requiring budget IT infrastructure
- Government Departments: Budget-conscious procurement of IT equipment
D2C (Direct-to-Consumer):
- Individual consumers seeking affordable laptops/desktops
- Students, freelancers, home users
- E-commerce sales via own website (epwindia.com) and possibly third-party platforms
Revenue Model:
- Sales of refurbished IT electronics to B2B and D2C customers
- Pricing advantage: 40-60% cheaper than new products
- Volume-driven business model
- Working capital intensive: Procure → Refurbish (invest in upgrades) → Sell
Value Proposition:
- Affordability: 40-60% cheaper than new laptops/desktops
- Quality Assurance: Rigorous testing and refurbishment process
- Warranty: 1-year warranty providing trust and after-sales support
- Sustainability: Circular economy model reducing e-waste
- Pan-India Delivery: Logistics infrastructure for nationwide reach
- B2B Focus: Bulk orders from schools, corporates, government ensuring volume sales
Market Position:
- Young company (incorporated 2021, operations claim since 2008)
- Operating in growing refurbished IT electronics market in India
- Competing with organized and unorganized players
- Instagram: 8,525 followers (modest social media presence)
Operations
Service Delivery:
- Base: Hyderabad, Telangana
- Distribution: Pan-India delivery via logistics partners
- Channels: B2B (direct sales to institutions/corporates), D2C (e-commerce via epwindia.com)
Growth Trajectory:
- Revenue Growth (FY23-FY25): 679% over 2 years (₹6.66 cr to ₹51.88 cr)
- FY23-FY24: 178% growth (₹6.66 cr to ₹18.55 cr)
- FY24-FY25: 180% growth (₹18.55 cr to ₹51.88 cr)
- PAT Growth (FY23-FY25): 6,783% over 2 years (₹0.06 cr to ₹4.13 cr)
- FY23-FY24: 1,133% growth (₹0.06 cr to ₹0.74 cr)
- FY24-FY25: 458% growth (₹0.74 cr to ₹4.13 cr)
- Margin Expansion: PAT margin improved from 0.90% (FY23) to 3.99% (FY24) to 7.96% (FY25)
- Debt Surge: Borrowings jumped from ₹0.23 cr (FY24) to ₹12.18 cr (FY25) – 53x increase!
- Hypergrowth trajectory indicating rapid scaling but with aggressive debt leverage
Company Strengths
- Explosive Financial Performance – 180% Revenue, 458% PAT Growth (FY24-25):
- Revenue nearly tripled from ₹18.55 cr (FY24) to ₹51.88 cr (FY25) – 180% YoY growth
- PAT surged 458% from ₹0.74 cr to ₹4.13 cr (FY24-25)
- PAT margin doubled from 3.99% to 7.96% demonstrating operational leverage
- Circular Economy Positioning – Sustainability & ESG Aligned:
- Refurbished IT electronics reducing e-waste aligns with circular economy principles
- Growing consumer awareness about sustainability driving demand
- Government’s focus on e-waste management and circular economy providing tailwind
- Asset-Light Business Model – Scalability Without Heavy Capex:
- No manufacturing; focus on procurement, refurbishment, distribution
- Minimal fixed asset requirement (no factories, heavy machinery)
- Scalable through working capital rather than capex
- Affordability Proposition – 40-60% Cheaper Than New Products:
- Price advantage of 40-60% over new laptops/desktops
- Appeals to budget-conscious B2B (schools, government) and D2C (students, freelancers) segments
- Expanding addressable market in cost-sensitive India
- Dual Channel Strategy – B2B and D2C Diversification:
- B2B (educational institutions, corporates, government) ensuring bulk volume sales
- D2C (individual consumers via e-commerce) capturing retail margin
- Multi-channel approach reducing dependency on single revenue stream
- 1-Year Warranty – Differentiation & Trust Building:
- 1-year warranty on refurbished products addressing quality concerns
- After-sales support building customer trust
- Competitive advantage over unorganized players lacking warranty
Key Risks & Challenges
- Sustainability Concerns – 180% Revenue Surge, 53x Debt Increase in FY25:
- Borrowings exploded from ₹0.23 cr (FY24) to ₹12.18 cr (FY25) – 53x increase!
- Such aggressive debt-fueled growth raises questions about financial sustainability
- IPO allocates 27% (₹8.50 cr) for debt repayment but only partially addresses ₹12.18 cr debt
- Intense Competition – Organized & Unorganized Players:
- Organized players: Compify, Zoofeur, GreenDust, Cashify, Overcart, 2GUD (Flipkart), Refurbished products on Amazon/Flipkart
- Large e-commerce players (Amazon Renewed, Flipkart Refurbished) with superior resources, logistics, trust
- Thousands of small unorganized players in local markets offering refurbished laptops
- Very Short Track Record – Incorporated 2021, Only 4 Years Old:
- Incorporated April 2021 – extremely young company (4 years)
- “Since 2008” claim on Instagram contradicts 2021 incorporation (unverified legacy)
- Limited operational history to assess long-term sustainability
- No crisis-tested resilience
- Working Capital Intensive – 45% IPO for Working Capital, Inventory Risks:
- 45% of IPO proceeds (₹14.28 cr) allocated to working capital
- Refurbished electronics business requires upfront procurement investment before refurbishment and sale
- Inventory obsolescence risk (technology advances rapidly, old laptops lose value)
- Cash flow pressures if sales slow down
- Quality & Warranty Liability – Refurbished Products Have Higher Failure Rates:
- Refurbished products inherently have higher defect/failure rates than new
- 1-year warranty creates liability if products fail (repair/replacement costs)
- Quality control critical – inconsistent refurbishment can damage reputation
- Warranty expenses could erode thin margins (8% PAT margin FY25)
- Limited Disclosure & Transparency – Minimal Public Information:
- Very limited financial data publicly available (only basic revenue/PAT)
- No detailed breakup of B2B vs. D2C revenue contribution
- Promoter background, company history unclear (2008 vs. 2021 contradiction)
- IPO documents may lack comprehensive disclosures typical of SME offerings
Disclaimer
This information is based on publicly available sources. Investors should conduct their own research and consult financial advisors before investing.
The company reported explosive growth (FY25: 180% revenue growth to ₹51.88 cr, 458% PAT growth to ₹4.13 cr, 7.96% PAT margin) as refurbished IT electronics company (laptops, desktops, Chromebooks, monitors) serving B2B (schools, corporates, government) and D2C segments with 1-year warranty and pan-India delivery, but faces significant risks including sustainability concerns with 180% revenue surge and 53x debt explosion (₹0.23 cr FY24 to ₹12.18 cr FY25), intense competition from Compify, Zoofeur, GreenDust, Amazon Renewed, Flipkart Refurbished and unorganized players, very short 4-year track record (incorporated 2021, “Since 2008” claim unverified), working capital intensity (45% IPO proceeds for working capital indicating cash pressures), quality/warranty liability with refurbished products having higher failure rates, and limited disclosure/transparency with minimal public information. SME listing on NSE.
