NEW DELHI

Indian electric vehicle manufacturer Greaves Electric Mobility has submitted draft papers for an initial public offering (IPO) aimed at raising ₹10 billion (£117.5 million), the company announced on Monday. The move marks another significant development in India's growing electric vehicle sector.

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The company, best known for manufacturing Ampere-branded electric scooters and its range of electric three-wheelers, plans to utilise the IPO proceeds for several strategic initiatives. These include investments in product research and development, establishing battery assembly capabilities, and expanding their current manufacturing capacity.

As part of the IPO structure, the company's major shareholders will participate in a significant share sale. Greaves Cotton, the publicly listed parent company currently holding a 62.5% stake, and Abdul Latif Jameel Green Mobility Solutions, which owns the remaining portion, will collectively offer approximately 189.4 million shares through the public offering.

The timing of Greaves Electric's IPO announcement coincides with a robust period in India's primary market, where IPO proceeds have more than doubled year-on-year, reaching £17.5 billion by mid-December. This surge in market activity has been particularly notable in the electric vehicle sector, as demonstrated by the recent successful IPO of Ola Electric Mobility, which achieved an oversubscription rate of 4.3 times.

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The company joins its larger competitor, Ather Energy, in seeking to capitalise on the growing investor interest in India's electric vehicle market. This trend reflects the broader transformation of India's automotive sector, which is increasingly shifting towards electric mobility solutions in response to environmental concerns and government initiatives promoting sustainable transportation.

Greaves Electric's IPO filing comes at a time when the Indian electric vehicle market is experiencing significant growth, driven by increasing consumer awareness, government incentives, and the rising cost of conventional fuel. The company's decision to strengthen its research and development capabilities and expand its manufacturing infrastructure through the IPO proceeds suggests a strategic focus on capturing a larger share of this expanding market.

The company's established presence in both the two-wheeler and three-wheeler segments of the electric vehicle market positions it uniquely in India's evolving mobility landscape. The Ampere brand, in particular, has gained recognition in the electric scooter segment, which has seen rapid growth in recent years.