Tata Motors' electric vehicle unit eyes a $1-2 billion IPO

TPEML secured $1 billion in funding from US-based private equity company TPG last year.

According to media reports, Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors, is gearing up to launch an initial public offering (IPO) in the next 12-18 months. 

Reports state Tata’s electric vehicle arm aims to raise $1-2 billion as part of a strategic push. It is said that the listing is to ensure that the Tata Group can monetise its investments in the electric vehicle business rather than to garner funds from the market.

In January 2023, TPEML secured $1 billion in funding from US-based private equity company TPG, as part of its plans to infuse $2 billion by 2026.

Tata Motors is the leading electric carmaker in India, with a market share of more than 80%. The company has sold over 53,000 EVs so far in FY2024 and expects to sell 1,00,000 EVs in the next fiscal. 

Source: The Hindu Businessline