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Ampere's parent Greaves Electric files DRHP for Rs 1,000 Cr IPO

EntrackrEntrackr · 6m ago
Ampere's parent Greaves Electric files DRHP for Rs 1,000 Cr IPO
Medial

Greaves Electric, the parent of EV maker Ampere, has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 18.94 crore equity shares, according to the DRHP. Greaves Cotton Limited (the prompter shareholder) will divest 8.5% of its holding in the offer for sale (OFS) while Abdul Latif Jameel Green Mobility will offload 39.54% of its share from Ampere. The price band and minimum lot size will be decided in consultation with the book-running lead managers shortly through the book-building process. Motilal Oswal, IIFL Capital, and JM Financial will be Ampere's lead book-running managers. According to the DRHP, before the offer for sale (OFS), Greaves Cotton Limited (promoter) held 62.48% of the stake while Abdul Latif Jameel Green Mobility Solutions DMCC commands 34.44% in Ampere. For the quarter ending in September 2024, Ampere reported Rs 302 crore in revenue from operations with a loss of Rs 107 crore. In the previous fiscal year (FY24), Ampere experienced a 46% decline in revenue in FY24, with scooter sales plummeting by nearly 60%. Moreover, the company's losses widened more than 10X to Rs 215 crore, driven by the significant decline in scale. In August, Ola Electric, an EV manufacturer, filed its IPO and raised Rs 6,145 crore through a fresh issue. The company offered shares in a price band of Rs 72-76, which are now trading at Rs 94 (as of 11:30 AM), giving it a market capitalization of Rs 41,488 crore ($4.93 billion). Meanwhile, another EV maker, Ather, has filed its DRHP for a fresh issue of Rs 3,100 crore and is expected to launch its IPO soon.

EV parts maker Vecmocon raises $10 million in round led by Ecosystem Integrity Fund

Economic TimesEconomic Times · 8m ago
EV parts maker Vecmocon raises $10 million in round led by Ecosystem Integrity Fund
Medial

Vecmocon, an electric vehicle (EV) components maker, has raised $10 million in funding. The round was led by Ecosystem Integrity Fund (EIF) and saw participation from existing investor Blume Ventures, as well as British International Investment (BII). Vecmocon plans to use the funds to expand its presence in various market segments, including electric two-wheelers, three-wheelers, light commercial vehicles, and buses. The company aims to develop advanced computing solutions for electric mobility and specializes in safety-critical components such as battery management systems and EV chargers. Vecmocon also plans to expand internationally and explore opportunities in Southeast Asia and African markets.

Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue

EntrackrEntrackr · 2m ago
Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue
Medial

Ather Energy files RHP to raise Rs 2,626 Cr via fresh issue Electric two-wheeler maker Ather Energy has filed its Red Herring Prospectus (RHP) with market regulator SEBI for its proposed Initial Public Offering (IPO). The offer comprises a fresh issue of equity shares worth Rs 2,626 crore and an Offer for Sale (OFS) of up to 1.1 crore equity shares by existing shareholders, including the company’s founders and early investors. Promoters Tarun Mehta and Swapnil Jain will each offload up to 9.8 lakh shares. Other selling shareholders in the OFS include Tiger Global, Caladium Investment (GIC), National Investment and Infrastructure Fund II, and seed investors such as IITM Incubation Cell and IITMS Rural Technology. The company has appointed Axis Capital, HSBC, JM Financial, and Nomura as the Book Running Lead Managers. The issue is being launched under Regulation 6(2) of SEBI's ICDR regulations, as Ather does not meet the profitability norms required for a mainboard listing under Regulation 6(1). Founded in 2013, Ather sells high-performance electric scooters, including the popular 450X. The IPO represents a pivotal moment for India’s electric vehicle (EV) sector and could bolster investor confidence in clean mobility ventures. The issue opens on April 28, 2025, and closes on April 30, 2025, with the anchor book opening on April 25. Shares will be listed on both BSE and NSE, with NSE serving as the designated stock exchange. According to the RHP, Hero MotoCorp is the largest shareholder in Ather Energy, holding 38.19% of the company. It is followed by Caladium Investment (GIC) with a 15.43% stake. The National Investment and Infrastructure Fund (NIIF) and Tiger Global hold 14.22% and 6.56%, respectively. Ather’s co-founders, Mehta and Jain, each hold 6.81%. Despite being Ather’s debut on public markets, the company has flagged the inherent risks associated with new listings in its RHP. Proceeds from the fresh issue will be used for business expansion, product development, and debt reduction. Meanwhile, Ola Electric, the first EV startup to go public, has witnessed a sharp decline, losing nearly 66% of its market capitalization from its peak valuation. In the first nine months of FY25, the company sold 1,08,000 vehicles, generating revenue of Rs 1,578.9 crore. However, it posted a loss of Rs 579.6 crore during the same period. For the full fiscal year ending March 2024, the company reported revenue of Rs 1,753 crore with a loss of Rs 1062 crore.

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