Electric-vehicle manufacturer Greaves Electric Mobility has announced plans to raise Rs 10 billion through an initial public offering (IPO), as stated in its draft papers filed.

The company, recognised for its 'Ampere' brand of electric scooters, also produces three-wheelers under a separate brand. Greaves Electric’s major shareholders, Greaves Cotton—a publicly listed entity—and investment firm Abdul Latif Jameel Green Mobility Solutions, will collectively sell approximately 189.4 million shares through the IPO.

This move positions Greaves Electric alongside larger competitor Ather Energy in capitalising on India's primary market, which has seen proceeds more than double to $17.5 billion year-on-year by mid-December, according to data from LSEG.

Ola Electric Mobility's IPO, marking the first by an exclusive Indian EV maker, garnered strong investor interest, with bids for 4.3 times the shares available. Following this trend, Greaves Electric intends to utilise the IPO proceeds to advance product research and development, establish battery assembly facilities, and enhance manufacturing capacity on a smaller scale.

Before the IPO, Greaves Cotton held a 62.5% stake in Greaves Electric, while Abdul Latif Jameel Green Mobility Solutions owned the remaining shares.