Electric two wheeler-maker BGauss is exploring an initial public offering of approximately Rs 1000 crore comprising a fresh issue and an offer for sale, multiple sources familiar with the plans told NDTV Profit.
Founded in 2020 by Hemant Mahendrakumar Kabra, the EV company is backed by Bharat Value Fund, an Alternative Investment Fund managed by The Wealth Company, which is a part of the Pantomath Group.
BGauss has engaged bankers and lawyers for the potential listing and is working towards filing a draft red herring prospectus (DRHP) in the next few months, according to one source.
ICICI Securities and Pantomath Financial have been engaged for the potential listing, according to another source.
The company has recently raised Rs 110 crore in Series D funding led by founder Kabra and Bharat Value Fund.
The plans for listing come as the two wheeler electric vehicle market grows increasingly more competitive with new-age players such as Ather Energy and Ola Electric, and established companies including TVS Motor, Hero MotoCorp, and Bajaj Auto already holding significant market share.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.