Greaves Electric Mobility Limited (GEML), known for its Ampere, Eltra, and Ele electric vehicles, has filed a draft red herring prospectus (DRHP) with SEBI to raise funds through an IPO. The IPO includes a fresh issue of equity shares worth up to Rs. 1000 crores and an offer for sale of about 18. 9 crore shares by selling shareholders. Greaves Cotton Ltd. will sell 5. 1 crore shares, and Abdul Latif Jameel Green Mobility Solutions DMCC will sell 13. 8 crore shares.
GEML plans to use the fresh issue funds for technology development, battery assembly, and expanding manufacturing capacities at its subsidiaries. The company offers electric two-wheelers and three-wheelers for both personal and commercial markets. As of September 30, 2024, GEML had three manufacturing facilities and reported revenue of Rs. 611. 8 crores for Fiscal 2024. Motilal Oswal, IIFL, and JM Financial are the lead managers for the IPO.
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