Ultraviolette Automotive plans IPO in fiscal year 2027

Ultraviolette Automotive plans to launch an initial public offering (IPO) in the fiscal year 2026-27. The company, which makes electric two-wheelers, aims to raise $500 million, or about ₹4,343 crore. Narayan Subramaniam, the CEO, stated that they are actively preparing for the IPO by expanding their product range and entering new markets. If successful, this IPO could be the second largest for an Indian electric two-wheeler company. Ola Electric recently raised ₹6,145 crore through its IPO in August 2023. Ather Energy, which is backed by Hero MotoCorp, plans to list in April 2025 and hopes to raise $400 million, or ₹3,474 crore. Ultraviolette was founded in 2016 and began operating in the electric scooter market in 2022-23. The company's CTO, Niraj Rajmohan, said they aim to achieve break-even on earnings by 2027 by focusing on cost control and maintaining positive margins.