backed e-bus maker PMI Electro confidentially files for India IPO

By Reuters News

Sept 24 (Reuters) - KKR-backed KKR.N electric bus maker PMI Electro Mobility Solutions has confidentially filed draft papers for an initial public offering in Mumbai, a newspaper advertisement showed on Friday.

  • Founded in 2017, PMI Electro Mobility is an electric commercial vehicle manufacturer with a fleet of 3,300 e-buses across 34 cities in India.

  • US private equity firm KKR had earlier this year invested around $310 million in PMI Electro Mobility Solutions and its e-bus platform Allfleet India.

  • PMI Electro competes with listed rivals Olectra Greentech OLEC.NS JBM Auto JBMA.NS and Tata Motors TATM.NS in India.

  • Under India's confidential filing process, companies can submit draft IPO documents to the market regulator without making them public, allowing them to shield sensitive financial and business information while seeking regulatory feedback.

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