Greaves Electric Mobility IPO Cleared by SEBI | Ampere’s Growth Set to Accelerate

Greaves Electric Mobility IPO Approved: A Major Leap for India’s EV Ecosystem

In a significant move for India’s EV landscape, Greaves Electric Mobility Ltd., a subsidiary of Greaves Cotton, has received the much-anticipated SEBI approval for its ₹1,000 crore Initial Public Offering (IPO). The clearance, granted on May 8, 2025, paves the way for the company to go public within the next 12 months. This makes Greaves the third electric two-wheeler company—after Ola Electric and Ather Energy—to seek listing on Indian stock exchanges.

The IPO comprises:

• A fresh equity issue of ₹1,000 crore, and

• An Offer for Sale (OFS) of 18.9 crore shares by existing investors.

Promoters Greaves Cotton will offload 5.1 crore shares, while investor Abdul Latif Jameel Green Mobility Solutions DMCC will divest 13.8 crore shares.

Strategic Use of IPO Funds: Batteries, R&D, and Production Scaling

Greaves Electric Mobility plans to deploy IPO proceeds strategically to expand and strengthen its EV ecosystem:

• ₹375.2 crore for product and technology development at the Bengaluru Tech Centre.

• ₹82.9 crore to build in-house battery assembly lines at the Ranipet plant—reducing dependency on imports and suppliers.

• ₹38.2 crore to increase capacity at MLR Auto, and another ₹19.8 crore for Bestway Agencies, its material subsidiary.

• ₹74 crore is earmarked to increase ownership in MLR Auto, allowing full control over its fast-growing three-wheeler business.

The company also plans to allocate funds for digitization, IT infrastructure, strategic acquisitions, and general corporate purposes.

Ampere's Unique Edge: Affordable Non-RTO EVs Like REO Boost Market Penetration

While Ampere's high-speed models like Magnus EX and Primus have gained significant traction, a key differentiator remains its portfolio of non-RTO electric scooters like the Reo series.

These vehicles don’t require registration or a driving license—making them ideal for:

• Students

• First-time riders

• Women in Tier 2/3 cities

• Small-town delivery agents

Importantly, sales of these non-RTO scooters are not captured in VAHAN data, making their market impact underreported but highly significant.

Ampere Reo, with its affordable pricing, rugged design, and reliability, has built a loyal customer base in semi-urban and rural markets—a space underserved by legacy OEMs. In a segment largely ignored by big auto players, Ampere is quietly dominating.

Manufacturing Prowess: Three Plants Powering a National Network; Greaves Electric operates three production facilities:

• Ranipet, Tamil Nadu – High-speed electric two-wheelers

• Greater Noida, Uttar Pradesh – Electric three-wheelers

• Toopran, Telangana – Electric and ICE three-wheelers

Greaves plans to more than double production capacity at the Greater Noida and Toopran plants by FY27 to meet rising demand.

Financial Snapshot: A Foundation for the Future

• FY24 revenue stood at ₹611.8 crore.

• H1 FY25 revenue reached ₹302.2 crore.

• Despite a temporary dip in E2W volumes (from 1.09 lakh to 47,820 units YoY), the three-wheeler segment doubled, signaling robust demand.

The company took a one-time hit of ₹680.6 crore in losses, largely due to a ₹477.3 crore settlement related to the FAME-II subsidy adjustment. However, this clean-up sets the stage for a stronger financial narrative post-IPO.

Strategic Positioning: Ampere Among India’s Fastest-Growing EV Brands

With over 400+ electric 2W dealerships and 188 3W dealerships in 27 states, Greaves Electric has built a pan-India presence. Its portfolio includes:

• Ampere: High-speed, city-speed, and non-RTO e-scooters

• Ele: Electric and ICE three-wheelers

• Eltra: Cargo-focused solutions for last-mile logistics

Unlike most rivals focused only on premium urban buyers, Greaves’ multi-segment approach allows it to serve both B2B and B2C markets effectively—personal commuters, fleet operators, and cargo businesses alike.

What the IPO Means for India’s EV Future

Greaves Electric's IPO is not just a financial milestone—it’s a signal of India’s maturing EV industry. As investor confidence grows, companies like Greaves are poised to:

• Democratize EV adoption in Tier 2/3 cities

• Expand production of affordable, non-RTO EVs

• Accelerate localization and battery independence

• Compete globally with Indian-made innovations

Final Thoughts: Greaves Electric Charges Ahead

Greaves Electric’s IPO comes at a time when the Indian EV sector is at an inflection point. With a vision rooted in accessibility, innovation, and inclusive mobility, the company is building not just vehicles, but a national EV ecosystem that spans cities, towns, and villages alike.

Ampere’s unique strength in non-RTO vehicles, affordable pricing, and deep distribution networks sets it apart from newer startups and legacy ICE manufacturers entering the EV race.

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