PMI Electro, KKR-backed electric bus maker, confidentially files for IPO
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((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) (Date correction: September 25) PMI Electro Mobility Solutions, an electric bus manufacturer backed by KKR KKR.N, has confidentially filed a draft prospectus for an initial public offering in Mumbai, a newspaper announcement revealed on Friday. * Founded in 2017, PMI Electro Mobility is an electric commercial vehicle manufacturer with a fleet of 3,300 electric buses across 34 Indian cities. * U.S. private equity firm KKR had earlier this year invested approximately 310 million dollars in PMI Electro Mobility Solutions and its electric bus platform Allfleet India. * In India, PMI Electro competes with listed rivals such as Olectra Greentech OLEC.NS, JBM Auto JBMA.NS, and Tata Motors TATM.NS. * Under India's confidential filing procedure, companies can submit draft IPO documents to the market regulator without making them public, allowing them to protect sensitive financial and business information while seeking regulatory feedback.
