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Indian EV maker Greaves Electric Movement submits IPO papers

Indian electricvehicle maker Greaves Electric Mobility prepares to raise 10 billion rupees ($ 117.5. million) through a going public, according to the. draft papers it filed on Monday.

Greaves Electric is known for its 'Ampere' brand of. e-scooters and also makes three-wheelers under a. different brand.

The company's leading investor-- publicly noted Greaves. Cotton-- and investment group Abdul Latif Jameel Green. Mobility Solutions will sell around 189.4 million shares through. the IPO.

Greaves Electric joins larger rival Ather Energy. in hopping onto India's primary problem bandwagon, with profits. more than doubling year-on-year to $17.5 billion by mid-December. this year, according to data compiled by LSEG.

Ola Electric Mobility's IPO, the first by a. pure-play Indian EV maker, saw investors bid for 4.3 times the. shares available.

Greaves Electric plans to invest the IPO proceeds into. product research study and development and construct battery assembly. capabilities, with a smaller part allocated to increase. producing capability.

Prior to the concern, Greaves Cotton owned a 62.5% stake in. Greaves Electric, with Abdul Latif Jameel Green Movement. Solutions owning the rest.

(source: Reuters)