Ampere Electric Scooters To Go Public, Applies For IPO

Indian EV players are jumping on the IPO bandwagon, as after Ola Electric and Ather Energy, Ampere’s parent company –  Greaves Electric Mobility – has filed for a public offering. Greaves plans to raise ₹10 billion through this initial public offering, and the funds will go into product research and development, building battery assembly facilities, and expanding its production capacity. 

Ampere’s top shareholders include Greaves Cotton and the investment group Abdul Latif Jameel Green Mobility Solutions. While the former is already a publicly listed company, Greaves Cotton owns 62.5 per cent of Greaves Electric Mobility, while the investment group owns the rest. Both are slated to sell 189.4 million shares through this IPO, as per the draft papers filed on Monday. 

Currently, Ampere has five scooters in its product portfolio – Nexus, Primus, Magnus, Zeal, and Reo. The Nexus is the brand’s most premium offering yet wherein it is powered by a 3 kWh battery paired to a 4 kW electric motor and can do 93 kmph of top speed with 100 km of certified range on a single charge. The Reo is its most affordable offering yet and is powered by a 1.3 kWh battery that is good for a 70 km range at a single charge and can reach a top speed of 25 kmph. The Nexus starts from ₹1.14 lakh, while the Reo caters to a younger demographic and is priced affordably at ₹60,000.