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 – 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 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 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.
