The draft red herring prospectus (DRHP) for an initial public offering (IPO) was submitted to the Security Exchange Board of India (SEBI) on Monday by Greaves Electric, the parent company of EV manufacturer Ampere.

According to the DRHP, the company has proposed to raise money through an offer for sale (OFS) of up to 18.94 crore equity shares and a new issue of equity shares totaling up to 1,000 crore (roughly $119 million).

While Abdul Latif Jameel Green Mobility will sell 39.54% of its share from Ampere, Greaves Cotton Limited, the prompter shareholder, will sell 8.5% of its holding in the offer for sale (OFS).

Soon after the book-building process, the price range and minimum lot size will be determined in discussion with the book-running lead managers. As lead book-running managers for Ampere, Motilal Oswal, IIFL Capital, and JM Financial will be involved.

The promoter Greaves Cotton Limited held 62.48% of the shares prior to the offer for sale (OFS), while Abdul Latif Jameel Green Mobility Solutions DMCC is in control of 34.44% of Ampere, according to the DRHP.

Ampere reported 302 crores in operating revenue and a 107 crore loss for the quarter that ended in September 2024.

Ampere's sales of scooters fell by almost 60% in the previous fiscal year (FY24), which saw a 46% decline in revenue. Furthermore, the substantial decline in scale caused the company's losses to widen by more than 10X to 215 crores.