<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">As sustainability becomes the trend, EPW India stands at the crossroads of e-waste and aspiration, giving discarded machines a second life.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Let&rsquo;s explore this upcoming IPO further:<div dir="ltr" style="margin-left:-0.25pt;" align="left"><table style="border: none; border-collapse: collapse; width: 100%;"><thead><tr style="height:0pt;"><th style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#112db3;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#ffffff;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Parameter</th><th style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#112db3;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#ffffff;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Details</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Type</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">100% Fresh Issue</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Size</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Rs 31.81 Cr</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Price Band / Issue Price</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">₹95- ₹97 per share</th></tr><tr style="height:0pt;"><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Lot Size</th><th style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word; text-align: left;" scope="col"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">1,200 shares&nbsp;</th></tr></thead><tbody><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Total Issue</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">32,79,600 shares</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Market Maker</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">1,64,400 shares</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Net Issue</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">31,15,200 shares</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Investor Allocation</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Retail + NII&nbsp;+ QIB</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Listing Platform</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">NSE SME</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Opens</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">December 22, 2025</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Issue Closes</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">December 24, 2025</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Listing Date (Tentative)</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">December 30, 2025</td></tr></tbody></table></div><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">EPW India<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Share Price will be finalised post-allotment, while grey market cues through the EPW India IPO GMP will likely reflect market sentiment closer to listing.Powered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Refurbishment is the business of restoring pre-owned or used electronic devices to new working condition and selling them at discounted prices. The newly refurbished laptops and desktops are often&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">priced 40%-60% lower<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;than the new units, providing&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">affordability and alignment with the goal of sustainable development.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">The Indian refurbished electronic industry,&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">valued at $5 billion in FY21<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">, is expected to grow at a&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">CAGR of 17% till FY26.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Apart from that, the refurbished electronic industry has its own set of challenges and growth drivers listed below:&nbsp;<div dir="ltr" style="margin-left:0pt;" align="left"><table style="border: none; border-collapse: collapse; width: 100%;"><tbody><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#112db3;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#ffffff;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Growth Drivers</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#112db3;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#ffffff;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Challenges</td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Cost Effectiveness &amp; Affordability</td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Dominance of the informal sector </td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Digital Inclusion &amp; Remote Learning&nbsp; </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Quality control &amp; building consumer trust </td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Corporate and Institutional Updates </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Limited repair and shortened product lifestyles </td></tr><tr style="height:0pt;"><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Environmental Awareness &amp; Sustainability&nbsp; </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Supply chain &amp; spare parts availability</td></tr></tbody></table></div>Powered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">The company will be using the proceeds for:<ul style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family: initial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Funding the working capital requirements of the company.</li><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family: initial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Repayment/prepayment, in full or part, of all or certain outstanding borrowings</li><li dir="ltr" style="list-style-type:disc;font-size:11pt;font-family: initial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">General Corporate Purposes</li></ul><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Overall, the issue aims to strengthen EPW&rsquo;s day-to-day operations while improving its financial flexibility. The combination of expansion and deleveraging positions the company for more sustainable future growth. <div dir="ltr" style="margin-left:0pt;" align="left"><table style="border: none; border-collapse: collapse; width: 100%;"><tbody><tr style="height:25pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#112db3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:13pt;font-family:Calibri,sans-serif;color:#ffffff;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Strengths</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#112db3;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:13pt;font-family:Calibri,sans-serif;color:#ffffff;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Risks</td></tr><tr style="height:21.5pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Affordability edge,&nbsp;targeting the under-budget IT market</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Geographic concentration of revenue</td></tr><tr style="height:13.75pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Circular economic play aligned with policy tailwind</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">No long-term procurement contracts<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">leading to Supply Chain Fragility</td></tr><tr style="height:24.9pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Store-wise scalability &amp; b2b diversification</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">High customer acquisition cost</td></tr><tr style="height:24.3pt;"><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Ideal for rising sustainability awareness</td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Regulatory E-waste exposure</td></tr></tbody></table></div> <span style="font-size:13pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Final Words<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">At Alpha Venture X Fund, we assess opportunities through our&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">LMVT framework &mdash; Leadership, Moat, Valuation, and Tailwinds<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;&mdash; enabling us to identify scalable businesses with durable fundamentals.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Leadership:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;Founder-led with strong industrial experience and equity retention, ensuring aligned execution and focus on scaling the refurbishment business.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Moat:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;Focus on branding as &ldquo;smart value tech&rdquo;, standardised 15&ndash;20 day turnaround and batch, unlike peers. However, it operates in highly competitive industry where margins are distributed among multiple players.&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Tailwinds:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;Rise in e-waste pool along with affordability-driven demand and regulatory/ESG support.<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Valuation:<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">&nbsp;The valuation is in the fair range in terms of PE at 13.9x; the EV/EBITDA ratio is also better than the industry at 21x.&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Bottom Line:&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">EPW is growing fast with attractive fundamentals and valuation, along with a double-digit industrial growth. However, apart from the relatively slower topline growth for FY25 and unsustainably high margins &amp; return ratios, the company has also not yet disclosed the number from the recycling business, making EPW a risky bet.&nbsp;<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">This is a selective, not automatic, buy<span style="font-size:11pt;font-family:Calibri,sans-serif;color:#22262b;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">.Powered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

As sustainability becomes the trend, EPW India stands at the crossroads of e-waste and aspiration, giving discarded machines a second life.

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<span style="font-size:13pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">The Industry Backdrop: India&rsquo;s Refurbished Electronic IndustryPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:13pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Company Origin StoryPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:13pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">What About the Subsidiary?Powered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

<span style="font-size:13pt;font-family:Calibri,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">IPO ObjectivesPowered by <a href="https://www.froala.com/wysiwyg-editor?pb=1" title="Froala Editor">Froala Editor</a>

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	Rs 31.81 Cr
Price Band / Issue Price	₹95- ₹97 per share
Lot Size	1,200 shares
Total Issue	32,79,600 shares
Market Maker	1,64,400 shares
Net Issue	31,15,200 shares
Investor Allocation	Retail + NII + QIB
Listing Platform	NSE SME
Issue Opens	December 22, 2025
Issue Closes	December 24, 2025
Listing Date (Tentative)	December 30, 2025

EPW India IPO Analysis: Rising Industry, Yet A Risky Bet