PMI Electro Mobility Files IPO Papers With Sebi via Confidential Route

New Delhi: Electric bus maker PMI Electro Mobility Solutions Ltd has filed preliminary papers with capital markets regulator Sebi for an Initial Public Offering (IPO) through the confidential route.

Under the confidential pre-filing mechanism, companies can submit draft offer documents to Sebi and stock exchanges without immediately making them available in the public domain.

The documents are disclosed at a later stage after regulatory review.

Consequently, details of the proposed IPO, including the offer size, structure, financial performance, valuation and timeline for the share sale, are not available at this stage.

In a public notice on Friday, the company said it has filed “the pre-filed draft red herring prospectus with Sebi and the stock exchanges” in connection with its proposed IPO of equity shares on the main board of the stock exchanges.

PMI Electro Mobility, a bus original equipment manufacturer, is focused on promoting sustainable mobility through electric buses and reducing emissions from the transportation sector.

It currently operates more than 3,300 electric buses across over 34 cities in India, according to the company’s website.

The company said mobility accounts for around 20-30 per cent of global energy consumption and that it is working towards an emission-free future through the adoption of electric buses.

Earlier this month, Carlyle-backed Knack Global Ltd, which operates under the brand name Knack RCM, filed preliminary papers with Sebi for an IPO using the confidential route.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)