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SEBI Approval: Greaves Electric Mobility (GEML) has received approval from the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO).
Draft Prospectus Submission: The company submitted its Draft Red Herring Prospectus (DRHP) in December 2024.
IPO Structure: The IPO will consist of a fresh issue of shares worth ₹1,000 crore and an Offer for Sale (OFS) of up to 18.94 crore shares by existing shareholders.
Shareholding Details: Currently, Greaves Cotton holds a 62.5% stake in GEML, while Abdul Latif Jameel Green Mobility Solutions DMCC holds the remaining shares.
Use of Proceeds:
₹375.27 crore allocated for research and development at the Bengaluru tech centre.
₹82.9 crore to enhance in-house battery assembly capabilities.
₹58.15 crore for expanding manufacturing capacities in Ranipet, Greater Noida, and Toopran.
₹73.67 crore planned for the complete acquisition of MLR Auto.
Product Portfolio: GEML offers electric vehicles under three brands: Ampere (two-wheelers), Ele (e-rickshaws), and Greaves 3W (three-wheelers).
Financial Performance:
In FY2024, the company’s revenue from operations declined by 45.5% to ₹611.8 crore.
Electric two-wheeler sales dropped to 47,820 units from 109,000 units in FY2023.
Electric three-wheeler sales increased to 13,470 units from 6,870 units in the previous year.
Market Position: Post-IPO, Greaves Electric Mobility will become the third electric vehicle-only manufacturer in India to go public, following Ola Electric and Ather Energy.
Source: https://www.ndtv.com/auto/greaves-electric-gets-sebi-greenlight-to-float-ipo-8410671
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