About Greaves Electric Mobility IPO
Greaves Electric Mobility IPO Details
The Greaves Electric Mobility IPO is a 100% book-build public issue, comprising a fresh issue worth up to ₹1,000 crore and an offer for sale (OFS) of 18.93 crore equity shares, with a face value of ₹1 per share. The company filed its DRHP with SEBI on December 23, 2024.
The price band and the official dates for subscription opening and closing, or listing, will be announced by the company later, but the shares are expected to be listed on the BSE and the NSE platforms. The book-running lead manager to this issue is Motilal Oswal Investment Advisors Ltd. and IIFL Capital Services Ltd., while the registrar to the issue is Link Intime India Ltd.
Greaves Electric Mobility IPO Date & Timeline
Greaves Electric Mobility Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on December 23, 2024. However, the specific Greaves Electric Mobility IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Greaves Electric Mobility IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Greaves Electric Mobility IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per share |
| Issue Price Band | - |
| Lot Size | - |
| IPO Type | Fresh Capital & OFS |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 1,000 Cr) |
| Offer for Sale | 18,93,98,200 shares of ₹1 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 96,18,43,550 shares |
| Share Holding Post Issue | - |
Greaves Electric Mobility IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Greaves Electric Mobility IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Greaves Electric Mobility Ltd. was incorporated on June 2, 2008, as 'Ampere Vehicles Private Limited' and then became one of the first in India to focus on the EV market. It was acquired by Greaves Cotton Ltd. in 2018. In 2021, its name was changed to Greaves Electric Mobility Pvt. Ltd. and in late 2024, it was converted to a public limited company to begin its preparation for a public listing.
The company's headquarters is based in Bangalore and its registered office is in Vellore, Tamil Nadu, India. It deals in cost-effective and environmentally friendly transportation solutions under the labels of Ampere (two-wheeled vehicles) and ELE (three-wheelers). GEML operates 3 manufacturing facilities across India and has recently started operating in Nepal.
Operations & Product Range
The main operations of Greaves Electric Mobility Ltd. are related to the manufacturing of electric vehicles as per the evolving requirements of the transportation industry in India. The main types of products that the company manufactures include electric two-wheelers and electric three-wheelers and provides such products in both personal and industrial segments of the electric vehicle market for people moving away from combustion-engine vehicles.
Facilities & Capacity
Greaves Electric Mobility Ltd. operates a significant manufacturing infrastructure to support its production targets. A key operational hub is located at the Ranipet Industrial Park in Tamil Nadu, which serves as a major manufacturing facility. This strategic location enables the company to manage its supply chain and assembly operations effectively. The company constantly works on increasing its production capabilities owing to the rising demand for electric vehicles throughout the nation.
Brands & Market Presence
Greaves Electric Mobility Ltd.'s primary brand for its E-2W offerings is "Ampere." Its L5 E-3Ws are sold under the "Greaves ELTRA" brand, while its L3 E-3Ws carry the "Ele" brand. The company has a strong pan-India presence with 309 E-2W dealers and 188 3W dealers across 27 states and union territories as of September 30, 2024. It also leverages the network of its sister entity, Greaves Retail, which has over 21,000 mechanics.
Revenue Streams & Business Model
The primary business model of Greaves Electric Mobility Ltd. revolves around the manufacturing and sale of electric vehicles and related components. The primary source of revenue for this company is the sale of electric two-wheelers and three-wheelers to retail customers and commercial fleet operators, also through the sale of spare parts, accessories and after-sales services. The business model relies on an effective distribution system, as well as keeping the cost of manufacture low so as to be able to provide competitive prices in the Indian mobility segment.
Management & Shareholding
The promoter of Greaves Electric Mobility Ltd. is Greaves Cotton Ltd. The investor selling shareholder is Abdul Latif Jameel Green Mobility Solutions DMCC. Before the IPO, the promoters held above 90% of the ownership in the company, which included Greaves Cotton Ltd. holding 62.48% and the selling shareholder holding 36.44%, but after the IPO, the promoters will face a dilution in their ownership holdings as the promoters are selling their held stakes.
Board & Key Management
The board members of Greaves Electric Mobility Ltd. are experienced professionals with years of experience in their field. The key management includes CEO and Executive Director Kunnakavil Vijaya Kumar and the Non-Executive Directors are Rakesh Bhartia and Mohammad Arshi Abrar Khan, while the Independent Directors of the company are Raja Venkataraman, Sandhya Vasudevan and Arvind Kumar Singhal. For the financial management and execution, the company has a CFO, Chandrasekar Thyagarajan and CS Vijayamahantesh Khannur.
Greaves Electric Mobility IPO Financial Information
Latest Revenue
312.75
₹ Crore
Profit After Tax
-106.15
₹ Crore
Net Worth
386.79
₹ Crore
Total Borrowing
47.60
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2024 | 758.86 | 312.75 | -106.15 | 386.79 | 363.22 | 47.60 | |||
| 31 Mar 2024 | 718.27 | 641.31 | -691.57 | 412.07 | 392.54 | 46.76 | |||
| 31 Mar 2023 | 1,370.24 | 1,156.45 | -19.91 | 1,084.81 | 1,065.45 | 3.39 | |||
| Amount in ₹ Crore | |||||||||
Greaves Electric Mobility Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | - |
| RoNW | -165.16% |
| PAT Margin | 107.84% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | (1.93) | - |
| P/E (x) | - | - |
Greaves Electric Mobility IPO Objectives
The company will use the Greaves Electric Mobility IPO proceeds for strategic purposes:
- • Investing in new product launches and R&D, including enhancing capabilities at its technology center in Bengaluru.
- • Setting up an in-house assembly line for battery packs at the Ranipet facility to reduce supply chain dependency.
- • Capital investment to expand production facilities in its subsidiary companies, BAPL (L3 E-3Ws) and MLR (L5 3Ws).
- • Increasing digitization and deployment of IT infrastructure
- • General corporate purposes
Greaves Electric Mobility IPO Review
Greaves Electric Mobility Ltd. has marked its positioning in a high-growth, government-backed industry. The Indian EV market is expanding rapidly and Greaves, as an early entrant, is well-placed to capitalize on this trend with its comprehensive product portfolio.
For FY24, the company mentioned revenues from operations of ₹611.81 crore and a net worth of ₹412.70 crore. The EBIDTA for the same fiscal year mentioned in the DRHP filing amounted to ₹205.61 crore.
Key strengths include the diversification of product offerings, strong brand recognition and association with the Greaves group. The risks mentioned in the DRHP include strong competition, volatile market shares, dependence on the government for subsidies and losses made by subsidiaries such as MLR Auto, which faces difficulties repaying its debts.
Overall, the issue represents an opportunity to invest in a legacy-backed player in the sunrise EV sector, but investors must carefully consider the company's path to profitability and the risks highlighted in the DRHP.
Conclusion
The Greaves Electric Mobility IPO provides an opportunity for investors to invest in a company that has a remarkable spot in the EV market, being one of India’s top players in its target market. The company is leveraging its first-mover advantage and deep engineering roots to build a comprehensive electric mobility business. This issue aims to upgrade the company’s infrastructure, equipment and IT sector, also to expand its own subsidiary and day-to-day operations.
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Competitive Strengths
Greaves is among the few players in India that provide a comprehensive range of E-2W and 3W vehicles for passengers, cargo and commercial purposes
Years of experience in engineering and design due to its technology center and more than 16 years of experience in the EV industry
Its strong dealer network of 497 dealerships, supported by over 21,000 mechanics
Being part of a 165-year-old group with a strong "Made in India" legacy
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 08/05/2025 | - |
| 2 | Filed with SEBI/Exchange | 26/12/2024 | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | — | — | |
| Individual investors (Retail) (Max) | — | — | |
| S-HNI (Min) | — | — | |
| S-HNI (Max) | — | — | |
| B-HNI (Min) | — | — |