Greaves Electric Mobility, the EV arm of Greaves Cotton, has filed a draft red herring prospectus (DRHP) with SEBI to raise Rs 1,000 crore through an IPO, according to media reports. The offering includes a fresh issue of shares and the sale of up to 189.4 million shares by Greaves Cotton and investor Abdul Latif Jameel Green Mobility Solutions DMCC.
The Bengaluru-based company, known for its Ampere electric two-wheelers and Ele-branded three-wheelers, plans to allocate Rs 375.3 crore for R&D, battery assembly capabilities, and enhancing its Bengaluru technology center. It also eyes a pre-IPO placement of Rs 200 crore, which could reduce the fresh issue size.
According to media reports, currently, Greaves Cotton holds a 62.5 per cent stake, with Abdul Latif Jameel Green Mobility owning the remainder. With three manufacturing units and a network of 497 dealers, the company aims to compete with Ola Electric, Ather Energy, and TVS Motor.
Motilal Oswal, IIFL Capital, and JM Financial are the IPO's lead managers.
