Corrected: Indian EV maker Greaves Electric Mobility files IPO papers

Greaves Cotton

23/12/2024 15:47

(Corrects company name in headline to Greaves Electric Mobility
from Greaves Electricity)
       Dec 23 (Reuters) - Indian electric-vehicle maker Greaves
Electric Mobility plans to raise 10 billion rupees ($117.5
million) through an initial public offering, according to the
draft papers it filed on Monday.
    Greaves Electric is known for its 'Ampere' brand of
e-scooters and also manufactures three-wheelers under a
different brand.
    The company's top shareholder – publicly listed Greaves
Cotton  GRVL.NS  – and investment group Abdul Latif Jameel Green
Mobility Solutions will sell around 189.4 million shares through
the IPO.
    Greaves Electric joins larger rival Ather Energy  ATHR.NS 
in hopping onto India's primary issue bandwagon, with proceeds
more than doubling year-on-year to $17.5 billion by mid-December
this year, according to data compiled by LSEG.
    Ola Electric Mobility's  OLAE.NS  IPO, the first by a
pure-play Indian EV maker, saw investors bid for 4.3 times the
shares on offer. 
    Greaves Electric plans to invest the IPO proceeds into
product research and development and build battery assembly
capabilities, with a smaller portion earmarked to boost
manufacturing capacity.
    Prior to the issue, Greaves Cotton owned a 62.5% stake in
Greaves Electric, with Abdul Latif Jameel Green Mobility
Solutions owning the rest.

($1 = 85.0960 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))