Greaves Cotton stock has delivered robust returns, climbing over 38 percent in the last year, outperforming benchmark market indices. Today’s jump in the stock price and volumes shows investor interest in the EV unit IPO.
The IPO of Greaves Cotton unit Greaves Electric Mobility will comprise a fresh issue of equity shares and an offer for sale by existing shareholders.
Greaves Cotton shares surged by 3 percent to Rs 192.5 on the NSE on Monday, December 2, after the company announced value unlocking in its electric vehicle unit with the IPO of Greaves Electric Mobility Limited (GEML). The move has sparked significant investor interest, with a substantial jump in both trading volumes and stock price.
The company’s market capitalisation now stands at approximately Rs 4,500 crore. Greaves Cotton stock has delivered robust returns, climbing over 38 percent in the last year, outperforming benchmark market indices.
High trading volumes signal strong investor interest
Trading activity in Greaves Cotton stock saw a significant surge today. By 12 noon, the combined trading volumes on the BSE and NSE stood at 74 lakh shares, sharply higher than the 1-week average of 16 lakh shares and the 1-month average of 23 lakh shares. The electric mobility theme has caught investor attention of late, with markets keenly eyeing the next moves even from major players such as Bajaj Auto, Hero Moto, and others.
Greaves Electric Mobility IPO details
The IPO of GEML, approved by the board on December 1, will comprise a fresh issue of equity shares and an offer for sale by existing shareholders. The offering is subject to market conditions, shareholder approval, and regulatory clearances. The company plans to finalise the IPO size, pricing, and other details in consultation with its appointed book-running lead managers.
Greaves Electric Mobility recently received approval under the Union Government’s Electric Mobility Promotion Scheme (EMPS) 2024.
Greaves Cotton is a diversified engineering company, and has operations across engineering, electric mobility, retail, finance, and technology space. The approval of GEML’s IPO aligns with the company’s broader strategy to capitalise on the growing demand for electric vehicles and related infrastructure.
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