Greaves Electric Mobility: Charging Ahead with IPO Plans

Greaves Electric Mobility Ltd is filing for an IPO to raise funds, including a fresh equity issue of Rs 1,000 crore and an Offer for Sale of 18.9 crore shares. Proceeds will be used for strategic initiatives such as technology development, battery assembly, and expansion of manufacturing capacities.

Electric vehicle manufacturer, Greaves Electric Mobility Ltd, has submitted its draft papers to capital markets regulator, Sebi, in a bid to launch an initial public offering (IPO). The IPO will comprise a fresh issuance of equity shares valued at Rs 1,000 crore and an Offer for Sale (OFS) of 18.9 crore shares by existing shareholders, according to draft papers filed on Monday.

The Offer for Sale will include a divestment of 5.1 crore shares by promoter Greaves Cotton, along with a sell-off of 13.8 crore shares by investor Abdul Latif Jameel Green Mobility Solutions DMCC. Known for its 'Ampere' brand of electric scooters, Greaves Electric also markets electric three-wheelers under a separate brand name.

The prospective funds are earmarked for various strategic projects, including Rs 375.2 crore for product and technology advancements at the Bengaluru Technology Centre, Rs 82.9 crore for battery assembly capabilities, and further investment in enhancing digitisation and IT infrastructure. Notably, Greaves Electric operates across key Indian locations and reported a robust revenue increase for fiscal 2024.

(With inputs from agencies.)