SEBI clears Greaves Electric Mobility IPO, MEIR Commodities withdraws draft papers

Greaves Electric Mobility IPO

Greaves Electric Mobility, the subsidiary of listed entity Greaves Cotton, has received approval from the SEBI last week to float its IPO, however, MEIR Commodities has decided to withdraw its draft papers.

The SEBI has issued observations letter on the draft papers of Greaves Electric Mobility on May 8. As per the capital markets regulator, the issuance of observation letter means the company can launch its IPO within the next one year.

The Bengaluru-based electric two-wheeler and three-wheeler maker had filed draft red herring prospectus with the SEBI to raise funds via IPO on December 23, 2024. The said IPO will comprise of fresh issuance of equity shares worth Rs 1,000 crore and an offer-for-sale of 18.9 crore equity shares by existing shareholders.

Promoter Greaves Cotton will be offloading up to 5.1 crore equity shares, and investor Abdul Latif Jameel Green Mobility Solutions DMCC 13.8 crore shares via offer-for-sale.

Greaves Electric Mobility may consider raising funds up to Rs 200 crore in pre-IPO round.

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Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial will handle the Greaves Electric Mobility IPO.

However, MEIR Commodities, which had filed IPO papers on February 27 this year, has withdrawn its draft document on May 2. The agriculture commodities trader was planning to raise funds via public issue of 52.94 lakh shares.