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Introduction Greaves Electric Mobility, the electric vehicle division of Greaves Cotton Ltd. and the manufacturer of Ampere electric scooters, has taken a significant step towards growth by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company aims to raise Rs 1,000 crore through an initial public offering (IPO).
IPO Details Fresh Issue and Offer for Sale The IPO includes a fresh issue of shares to raise Rs 1,000 crore, along with an offer for sale (OFS) by existing shareholders. Promoter Greaves Cotton will reduce its stake by 8.5%, while Abdul Latif Jameel Green Mobility Solutions DMCC plans to divest 39.54% of its holding.
Currently, Greaves Cotton holds 62.5% of the company, while Abdul Latif Jameel owns 34.4%. The final price band and lot size will be determined through a book-building process led by Motilal Oswal, IIFL Capital, and JM Financial.
Financial Performance Revenue Trends In the quarter ending September 2024, Greaves Electric reported revenue of Rs 302.2 crore, accompanied by a net loss of Rs 107 crore.
For the fiscal year 2024, the company’s revenue declined by 45.5% to Rs 611.82 crore, primarily due to a 60% drop in electric scooter sales. Losses surged to Rs 215 crore, over ten times the previous fiscal year’s figure.
Sales Volume
Two-Wheelers: Sales dropped from 1.09 lakh units in FY23 to 47,820 units in FY24.
Three-Wheelers: Sales doubled from 6,870 units in FY23 to 13,470 units in FY24.
Manufacturing and Expansion Plans Facilities and Operations Greaves Electric Mobility operates three manufacturing facilities across India:
Ranipet, Tamil Nadu: Focused on Ampere electric two-wheelers.
Greater Noida, Uttar Pradesh: Produces electric three-wheelers.
Toopran, Telangana: Handles both electric and internal combustion engine (ICE) three-wheelers.
Future Plans Proceeds from the IPO will be used for:
Product research and development.
In-house battery assembly capabilities.
Expanding manufacturing capacity.
The company currently has a robust presence across 27 states with 309 electric two-wheeler dealers and 188 three-wheeler dealers.
Competitive Landscape Greaves Electric Mobility faces stiff competition from major players like Ola Electric, Ather Energy, TVS Motor, Bajaj Auto, and Hero MotoCorp.
Diverse Product Portfolio Founded in 2008, Greaves Electric offers an extensive range of vehicles, including:
Electric Two-Wheelers: High-speed, city-speed, and low-speed e-scooters.
Three-Wheelers: Electric, diesel, and CNG models for both cargo and passenger use.
The IPO marks a pivotal moment for Greaves Electric Mobility as it seeks to strengthen its market position and fund strategic initiatives. With a diverse product range and ambitious expansion plans, the company is poised to navigate the competitive electric mobility landscape.
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