Electric vehicle makers, Greaves Electric Mobility Ltd (GEML), has filed for an IPO with the Securities and Exchange Board of India (SEBI).

The IPO includes a fresh issue of equity shares worth 1,000 crore rupees (US$117 million) and an Offer for Sale (OFS) of 18.9 crore shares by existing shareholders.

GEML may raise 200 crore rupees (US$23.48 million) through a pre-IPO placement, potentially decreasing the size of the fresh issuance.

The IPO proceeds will fund product development, battery assembly, manufacturing expansion, and IT upgrades.

GEML manufactures electric scooters under the ‘Ampere’ brand and produces three-wheelers, with three manufacturing facilities Tamil Nadu, Uttar Pradesh, and Telangana.