Indian electric vehicle (EV) companies are racing to tap into the booming market, with Ampere Electric, the EV arm of Greaves Electric Mobility, joining the IPO bandwagon. Following Ola Electric and Ather Energy, Ampere parent company has filed for an initial public offering (IPO) to raise ₹10 billion. The proceeds will be used to enhance product research and development, establish battery assembly facilities, and expand production capacity.
IPO Highlights
Ampere Electric’s IPO will see its top shareholders, Greaves Cotton and Abdul Latif Jameel Green Mobility Solutions, divest 189.4 million shares. According to the draft papers submitted on Monday, Greaves Cotton, which already holds a 62.5% stake in Greaves Electric Mobility, and Abdul Latif Jameel Green Mobility Solutions, owning the remaining shares, are set to capitalize on the rising interest in the Indian EV market.
The ₹10 billion IPO aims to strengthen Ampere position in the highly competitive EV sector and fuel its growth ambitions.
Ampere’s Product Line-Up
Ampere Electric offers a range of electric scooters catering to diverse customer needs:
- Nexus: Ampere’s flagship model, powered by a 3 kWh battery paired with a 4 kW electric motor, offers a top speed of 93 kmph and a certified range of 100 km on a single charge. The Nexus is priced at ₹1.14 lakh, making it an attractive option for premium buyers.
- Reo: Designed for a younger demographic, the Reo is Ampere most affordable offering, priced at ₹60,000. It features a 1.3 kWh battery that delivers a 70 km range per charge and a top speed of 25 kmph.
- Other Models: The portfolio also includes the Primus, Magnus, and Zeal, which cater to mid-range and value-conscious customers.
Strategic Focus of the IPO
Ampere Electric plans to utilize the IPO proceeds to:
- Enhance R&D: Focus on developing next-generation EV technology and advanced battery systems.
- Battery Assembly Facilities: Establish state-of-the-art facilities to ensure better integration and cost efficiency in battery production.
- Production Capacity Expansion: Scale up manufacturing to meet the growing demand for electric scooters in India.
Ampere Growing Market Presence
With the increasing adoption of EVs in India, Ampere Electric has emerged as a key player in the two-wheeler segment. Its diverse product offerings target urban commuters, environmentally conscious buyers, and young riders, ensuring broad market appeal.
Ampere Electric’s upcoming IPO signals its intent to solidify its leadership in India’s rapidly expanding EV market. With a well-rounded product portfolio and strategic plans to invest in R&D and infrastructure, the company is poised for accelerated growth. Investors are eagerly awaiting the launch, viewing it as an opportunity to ride the wave of India’s EV revolution.
