Greaves Electric Mobility, a leading player in India’s electric vehicle (EV) sector and the force behind brands like Ampere, Eltra, and Ele, has received the much-awaited approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO)

Greaves Electric Mobility Gets SEBI Green Light for IPO

Greaves Electric Mobility, a leading player in India’s electric vehicle (EV) sector and the force behind brands like Ampere, Eltra, and Ele, has received the much-awaited approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The regulatory nod, granted on May 8, paves the way for the company to tap into public markets and accelerate its ambitious growth plans.

IPO Structure: Fresh Issue and Offer for Sale

The proposed IPO will feature a combination of a fresh issue of equity shares and an Offer for Sale (OFS) by existing shareholders. The fresh issue aims to raise ₹1,000 crore, while the OFS will see a total of 18.9 crore equity shares up for grabs. Of these, the promoter selling shareholder will offload 5.1 crore shares, and Abdul Latif Jameel Green Mobility Solutions DMCC, an investor, will sell 13.8 crore shares.

Greaves Electric Mobility had initially filed its draft red herring prospectus with SEBI in December 2024.

Strategic Allocation of Proceeds

₹375.2 crore for product and technology development at the Bengaluru Technology Centre.
₹82.9 crore to develop in-house battery assembly capabilities.
₹19.8 crore to expand the capacity of its material subsidiary, Bestway Agencies.
₹38.2 crore for increasing the manufacturing capacity of MLR Auto.
₹73.6 crore allocated for acquiring a greater stake in MLR Auto.
₹27.8 crore for digitization and IT infrastructure upgrades.

Additional funds will support inorganic growth through acquisitions and general corporate purposes.

Diverse Product Portfolio and Manufacturing Footprint

Greaves Electric Mobility operates across both electric two-wheeler (E-2W) and three-wheeler (3W) segments, catering to a broad customer base in both B2C and B2B markets. Its E-2W lineup includes high-speed, city-speed, and low-speed e-scooters, while its 3W offerings span electric and internal combustion engine models for both cargo and passenger transport.

The company boasts three manufacturing facilities located in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh), and Toopran (Telangana).

Financial Performance

For the fiscal year 2024, Greaves Electric Mobility reported a revenue from operations of ₹611.8 crore. In the first half of the current fiscal (ending September 30, 2024), the company posted revenues of ₹302.2 crore, underscoring its strong market presence.

Lead Managers and Next Steps

Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial have been appointed as the book running lead managers for the IPO.

With SEBI’s approval now in hand, Greaves Electric Mobility is poised to make a significant mark on India’s public markets, further accelerating the nation’s shift towards sustainable mobility solutions.

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