Greaves Electric Mobility (GEML) has received the green signal from the Securities and Exchange Board of India (SEBI) to issue an IPO. Greaves will become the third EV-only manufacturer to issue an IPO after Ola Electric and Ather Energy. Simple Energy too plans to roll out an IPO in 2027. The company submitted its draft Red Herring Prospectus (DHRP) in December 2024 and SEBI issued the observation letter on May 8, 2025. The company plans to raise Rs. 1,000 crore through fresh issue of shares.
Also Read: Simple Energy Plans Rs. 3,0000 Crore IPO In 2027
Its promoters (Greaves Cotton) and current investors Abdul Lateef Jameel Green Mobility Solutions DMCC look to sell up to 18.94 crore shares through offer for sale (OFS). At present, Greaves Cotton holds 62.5 per cent stake in Greaves Electric and the rest is held by Abdul Lateef Jameel Green Mobility Solutions. Greaves Electric is a subsidiary of Greaves Cotton and it has three fully electric brands on sale in India - Ampere for two-wheelers, Ele for e-rickshaws and Greaves 3W for three-wheelers.
Also Read: Ather Energy Rolls Out IPO
Post IPO, Greaves Electric plans to use the amount for various purposes. The company will allocate Rs. 375.27 crore for R&D at its Bengaluru tech centre. Another Rs. 82.9 crore will be used to strengthen in-house battery assembly. GEML will also allocate Rs. 58.15 crore towards increasing manufacturing capacity at its plants in Ranipet, Greater Noida and Toopran. The company plans to acquire MLR Auto fully and plans to invest Rs. 73.67 crore towards the same.
In FY2024, Greaves Electric Mobility experienced a substantial decline in its revenue from operations, which fell to Rs. 611.8 crore-a 45.5 per cent drop compared to the previous year. This downturn was largely driven by a sharp reduction in electric two-wheeler sales volume. Electric two-wheelers, which previously made up about 67 per cent of the company's total revenue, saw their sales plummet to 47,820 units, less than half of the 109,000 units sold in FY23. Conversely, the company witnessed growth in its electric three-wheeler segment, with volumes increasing to 13,470 units from 6,870 units the prior year.