EV maker Greaves Electric Mobility gets Sebi nod for IPO
Greaves Electric Mobility, an EV manufacturer known for its Ampere, Eltra and Ele brands, has received Sebi's go-ahead to float an initial public offering (IPO), an update with the capital markets regulator showed.
The proposed IPO is a combination of a fresh issue of equity shares worth ₹1,000 crore and an Offer for Sale (OFS) of 18.9 crore shares by the selling shareholders, according to the draft red herring prospectus (DRHP).
Under the OFS, the promoter selling shareholder will divest 5.1 crore equity shares and Abdul Latif Jameel Green Mobility Solutions DMCC, the investor selling shareholder will offload 13.8 crore shares.
The company, which filed its draft papers with Sebi in December 2024, obtained its observations letter on May 8, the update showed. In Sebi's parlance, obtaining its observations means its go-ahead to launch the public issue.
As per the draft prospectus, Greaves Electric Mobility intends to use the proceeds from the fresh issue for various initiatives, including ₹375.2 crore for product and technology development at the Bengaluru Technology Centre, ₹82.9 crore for developing in-house battery assembly capabilities, and ₹19.8 crore for expanding the manufacturing capacity of wholly owned Material Subsidiary - Bestway Agencies.
Additionally, ₹38.2 crore will be used for expansion of the manufacturing capacity of MLR Auto (a material subsidiary); ₹73.6 crore to increase the company's stake in MLR through acquisitions and ₹27.8 crore for increasing digitization and deployment of information technology infrastructure. Funds will also be used to support inorganic growth through acquisitions and general corporate purposes.
Greaves Electric Mobility offers a complete suite of vehicles across electric two-wheeler (E-2W) and three-wheeler (3W) segments, catering to both B2C and B2B customers for personal and commercial purposes.
Its vehicle portfolio caters to a diverse customer base, with offerings spanning E-2W across all three segments - High Speed e-Scooters, City Speed e-Scooters and Low Speed e-Scooters, with models for B2C and B2B use cases, and 3Ws which includes products across the entire spectrum of 3W mobility, which includes electric three-wheelers, internal combustion engine three-wheelers (diesel or CNG) and e-rickshaws, with models for cargo and passenger use cases.
As of September 2024, Greaves Electric Mobility operated three manufacturing facilities in strategic locations in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh) and Toopran (Telangana).
On the financial front, the company's revenue from operations for fiscal 2024 was ₹611.8 crore and ₹302.2 crore for the six months ended September 30, 2024.
Motilal Oswal Investment Advisors,
IIFL Capital Services
, and
JM Financial
are the book running lead managers to the issue.
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