EV maker Greaves Electric Mobility submitted its draft red herring prospectus (DRHP) with SEBI on Monday (Dec 23), kicking off its IPO preparations

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Greaves Electric sells electric scooters under the brand "Ampere". It also makes three-wheelers under several labels

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In 2019, it completed the acquisition of Ampere Vehicles by purchasing the whole stock of founder Hemalatha Annamalai in a secondary transaction

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IPO will include a new issue of shares worth INR 1,000 crore and an offer for sale (OFS) component of up to 18.93 crore shares

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As part of the OFS, proprietor Greaves Cotton would sell 5.1 crore shares, while Abdul Latif Jameel Green Mobility Solutions will sell 13.83 crore shares

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The stock will be listed both on the BSE and NSE. Greave Electric Mobility's IPO will be worth roughly INR 1,000 crore

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Company intends to invest INR 375.27 crore in product & technology development, as well as to improve the technical capabilities at its Bengaluru technology centre

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Greaves Electric Mobility is also apparently considering a pre-IPO placement of up to INR 200 crore

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Company recorded INR 691.57 Cr loss in FY24 vs INR 20 Cr in FY23. Revenue from operations fell to INR 611.81 crore from INR 1,121.57 crore in FY23

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In 2022, the Ministry of Heavy Industries convicted the EV manufacturer of violating localization standards under the disputed FAME-II plan

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