On Monday, Greaves Electric, the parent company of EV manufacturer Ampere, submitted its Draft Red Herring Prospectus (DRHP) for an IPO to the Security Exchange Board of India (SEBI).

According to the DRHP, the company has suggested raising money through an offer for sale (OFS) of up to 18.94 crore equity shares and a new issue of equity shares totaling up to Rs 1,000 crore (about USD 119 million). Abdul Latif Jameel Green Mobility will sell 39.54% of its share from Ampere, while Greaves Cotton Limited, the prompter stakeholder, will sell 8.5% of its stake in the offer for sale (OFS).

In the near future, the book-running lead managers will be consulted during the book-building process to determine the price range and minimum lot size. The primary book-running managers for Ampere will be Motilal Oswal, IIFL Capital, and JM Financial.

The DRHP states that Abdul Latif Jameel Green Mobility Solutions DMCC commands 34.44% of Ampere, while Greaves Cotton Limited, the promoter, had 62.48% of the share prior to the offer for sale (OFS). Ampere reported operating income of Rs 302 crore for the quarter that ended in September 2024, but it also claimed a loss of Rs 107 crore during that same period.

Ampere saw a 46% drop in revenue during the preceding fiscal year (FY24), while scooter sales fell by almost 60% during the same period. Furthermore, the substantial drop in scale caused the company's losses to increase by more than ten times, to Rs 215 crore.

When EV manufacturer Ola Electric filed for its first public offering (IPO) in August, it raised Rs 6,145 crore. As of 11:30 AM, the company's shares, which were issued in the price range of Rs 72–76, are currently trading at ₹94, giving it a market valuation of Rs 41,488 crore ($4.93 billion). Ather, another EV manufacturer, has submitted its DRHP for a new issue of Rs 3,100 crore and is anticipated to conduct its Initial Public Offering (IPO) shortly.