SEBI has granted approval for the Initial Public Offer (IPO) of Greaves Electric Mobility Ltd on May 8, 2025. The company will move forward with the IPO launch, subject to prevailing market conditions and receipt of other necessary approvals. The SEBI approval remains valid for 12 months.
The Greaves Electric Mobility Ltd IPO will be a Book Building issue, comprising a fresh issue worth ₹1,000 crore and an offer for sale (OFS) of up to 18.94 crore equity shares.
The company plans to list its shares on both the NSE and BSE. Motilal Oswal Investment Advisors Ltd will act as the book running lead manager, while MUFG Intime India Pvt. Ltd will serve as the registrar for the issue. Details such as the IPO dates, price band, and lot size are yet to be announced. Refer to Greaves Electric Mobility IPO DRHP for complete details.
Greaves Electric Mobility IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- Investment in product and technology development, along with strengthening capabilities at the Company’s Technology Centre in Bengaluru, Karnataka.
- Setting up and expanding in-house battery assembly capabilities.
- Funding the expansion of manufacturing capacity at Bestway Agencies Private Limited (BAPL), the Company’s wholly owned material subsidiary.
- Supporting the expansion of manufacturing capacity at MLR Auto Limited (MLR), one of the Company’s material subsidiaries.
- Increasing the Company’s shareholding in MLR through strategic acquisitions.
- Enhancing digitisation and strengthening the information technology infrastructure across the Company.
- Supporting inorganic growth through unidentified acquisitions, as well as meeting general corporate purposes.
About Greaves Electric Mobility Limited
Greaves Electric Mobility is among the early movers in India’s electric vehicle (EV) space and has been a frontrunner in driving EV adoption in the country, as noted in the CRISIL Report.
The company offers a comprehensive range of electric vehicles across the electric two-wheeler (E-2W) and three-wheeler (3W) segments, serving both B2C and B2B customers for personal and commercial use. According to the CRISIL Report, Greaves Electric Mobility has been designing and manufacturing electric vehicles for over 16 years and has built a strong presence in the E-2W segment.
The company draws on the deep engineering expertise of the Greaves Group, which has a legacy of over 165 years and a strong “Made in India” heritage. Its current portfolio addresses a wide and diverse customer base. In the E-2W category, offerings span high-speed e-scooters with top speeds above 65 kmph, city-speed e-scooters with top speeds between 25 kmph and 65 kmph, and low-speed e-scooters with top speeds below 25 kmph, catering to both B2C and B2B use cases.
In the 3W segment, the company covers the full spectrum of mobility solutions, including electric three-wheelers (L5 E-3W), internal combustion engine three-wheelers running on diesel or CNG (L5 ICE-3W), and e-rickshaws (L3 E-3W), with models designed for both cargo and passenger applications.
Greaves Electric Mobility benefits significantly from being part of Greaves Cotton Limited, its holding company, which is a diversified Indian conglomerate and a key manufacturer of fuel-agnostic powertrains for diesel, CNG, petrol, and electric applications across automotive and non-automotive segments.
As of September 30, 2024, Greaves Electric Mobility operated three manufacturing facilities located at Ranipet in Tamil Nadu for E-2Ws, Greater Noida in Uttar Pradesh for L3 E-3Ws, and Toopran in Telangana for L5 E-3Ws and ICE-3Ws, all of which have sufficient capacity for future expansion. Despite the evolving nature of India’s EV ecosystem, the company has built robust service capabilities and supports multiple generations of electric vehicles, some of which have been in the market for over a decade.
It maintains a strong pan-India sales, spares, and service network with 309 E-2W dealers and 188 3W dealers across 27 states and union territories. Additional reach is achieved through synergies with Greaves Retail, which operates 210 Greaves Care outlets, a network of over 10,000 retailers, and more than 21,000 mechanics nationwide. The company also sells E-2W products through select e-commerce platforms.
Since April 1, 2019, Greaves Electric Mobility has sold over 270,000 electric two-wheelers and more than 40,000 three-wheelers, building a large and loyal customer base that supports repeat purchases, reference sales, and word-of-mouth referrals. Alongside retail sales, the company has established B2B partnerships, including arrangements with reputed Indian food chains to supply large, multi-city delivery fleets.
Industry Outlook
- Battery costs are expected to decline sharply over the long term, with NREL projecting reductions of up to 47% by 2030 and as much as 67% by 2050, improving EV affordability and margins.
- Strong policy support through schemes such as FAME I & II, EMPS, and PM E-DRIVE continues to accelerate EV adoption in India, particularly in the electric two-wheeler (E-2W) segment.
- The E-2W industry is projected to grow at a robust CAGR of 40–45%, driven by favourable macro and microeconomic factors, rising rural demand, premiumization, OEM-led R&D, and technological advancements, while ICE 2W growth remains modest at 1–3% CAGR.
How To Apply for the Greaves Electric Mobility IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Greaves Electric Mobility IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Greaves Electric Mobility IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Greaves Electric Mobility Limited
Registered office: Plot No. 72, Ranipet Industrial Park, Ranipet, Vellore, 632 403, Tamil Nadu, India.
Phone: +91 80 6572 0000
Email Id: cs.geml@greaveselect ricmobility.com
Greaves Electric Mobility IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not Less than 15% of the Net Offer |
Greaves Electric Mobility IPO Promoter Holding
The promoters of the company include Greaves Cotton Limited.
| Share Holding Pre-Issue | 62.26% |
| Share Holding Post Issue | - |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Greaves Electric Mobility IPO
| KPI | Value (FY 2024) |
| Equity share capital (₹ million) | 187.63 |
| PAT Margin (%) | -107.84 |
| Operating EBITDA Margin (%) | -33.61 |
Greaves Electric Mobility IPO Registrar and Lead Managers
Greaves Electric Mobility IPO Lead Managers
- Motilal Oswal Investment Advisors Ltd
- IIFL Capital Services Ltd
- JM Financial Ltd
Registrar for Greaves Electric Mobility IPO
MUFG Intime India Pvt Ltd
- +91-22-4918 6270
- greaveselectric.ipo@linkintime.co.in
Financial Performance of Greaves Electric Mobility Limited
| Particulars | Six-month period ended Sept 30, 2024 | FY ended Mar 31, 2024 | FY ended Mar 31, 2023 | FY ended Mar 31, 2022 |
| Net worth (₹ million) | 3,867.85 | 4,120.74 | 10,848.14 | (430.09) |
| Revenue from operations (₹ million) | 3,022.31 | 6,118.17 | 11,215.68 | 5,206.07 |
| Restated loss (₹ million) | (1,061.54) | (6,915.70) | (199.14) | (453.79) |
| Total borrowings (₹ million) | 476.02 | 467.56 | 33.85 | 2,325.55 |
Peer Comparison
| Company | Revenue from operations (₹ million) | EPS – Basic (₹) | RoNW (%) |
| Greaves Electric Mobility Limited | 6,118.17 | (7.11) | (165.16) |
| Ola Electric Mobility Limited | 50,098.31 | (4.35) | (78.46) |
| Ather Energy Limited | 17,538.00 | (47.32) | (194.12) |
| TVS Motor Company Limited | 391,447.40 | 35.50 | 24.86 |
| Hero MotoCorp Limited | 377,886.20 | 187.36 | 21.16 |
| Bajaj Auto Limited | 448,704.30 | 272.70 | 26.61 |
| Mahindra & Mahindra Limited | 1,382,793.00 | 101.14 | 17.02 |
| Atul Auto Limited | 5,272.90 | 3.39 | 2.14 |
Strengths and Opportunities of Greaves Electric Mobility Limited
- Greaves Electric Mobility has a robust and diversified product portfolio across all E-2W and 3W segments, catering to B2C and B2B use cases and reducing dependence on any single segment.
- Being the only company in India offering a complete suite of E-2W and 3W products, as per the CRISIL Report, provides a strong competitive advantage and wider market reach.
- The Ampere brand addresses multiple customer segments, from value-conscious buyers to aspirational users, supporting mass adoption of electric mobility.
- Strong presence in commercial mobility through L3 and L5 electric three-wheelers positions the company well to benefit from growing last-mile and cargo demand.
- A well-distributed pan-India dealer network with low revenue concentration mitigates geographic and counterparty risks.
- Synergies with Greaves Retail’s extensive sales and service ecosystem enhance after-sales support, customer reach, and brand trust nationwide.
- Increasing digital sales through the company website and e-commerce partnerships improves accessibility and supports scalable growth.
- A strong in-house R&D and engineering team enables continuous product innovation, cost optimisation, and long-term competitiveness in the evolving EV market.
Risks and Threats of Greaves Electric Mobility Limited
- Intense competition and rapid changes in the automotive and EV market may limit the company’s ability to sustain or grow its market position.
- Failure to attract and retain customers could materially impact revenues, cash flows, and overall financial performance.
- Inability to keep pace with technological advancements and shifting customer preferences may weaken product relevance and competitiveness.
- Quality or performance issues in vehicles could lead to recalls, corrective actions, and reputational damage.
- Continued losses and uncertainty around achieving sustained profitability pose a risk to long-term financial stability.
- Errors in demand forecasting may result in excess inventory or shortages, leading to higher costs and production inefficiencies.
- Dependence on a limited number of E-2W models for a significant share of revenue increases concentration risk.
- Exposure to rising input costs, supply chain disruptions, and geographic concentration of sales could adversely affect operations and margins.
