KKR-backed electric bus maker PMI Electro Mobility files confidential IPO papers
The electric commercial vehicle maker, founded in 2017, operates a 3,300-bus fleet spanning 34 cities across India
KKR-backed electric bus manufacturer PMI Electro Mobility Solutions has confidentially submitted draft papers for an initial public offering in Mumbai, according to a newspaper advertisement on Friday. Established in 2017, the company manufactures electric commercial vehicles, operating a fleet of 3,300 e-buses in 34 Indian cities.
In a significant move, US private equity firm KKR invested approximately $310 million in PMI Electro Mobility Solutions and its e-bus platform, Allfleet India, earlier this year. Rival companies in the Indian electric bus market include Olectra Greentech JBM Auto and Tata Motors. Under India's confidential filing process, companies can present draft IPO documents to the market regulator without disclosing sensitive financial and business information, allowing for regulatory feedback while maintaining privacy.
Comments on the draft filing must be in English, written as full sentences, and adhere to community guidelines, avoiding any abusive or personal content.
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