Ultraviolette Auto plans to list in FY27

Mumbai: Ultraviolette Automotive, an electric two-wheeler maker backed by TVS Motor and Qualcomm Ventures, is looking to raise $500 million (₹4,343 crore) through an IPO in 2026-27, its chief executive officer told ET. "We are looking at a tentative listing in 2026-27 and actively working on it by establishing our presence with a diversified product portfolio and diversified geographic markets," Narayan Subramaniam said.

If the plan fructifies, it'll be the second largest IPO by an Indian electric two-wheeler maker.

Ola Electric, which listed on the bourses in August last year, raised ₹6,145 crore through its IPO. Hero MotoCorp-backed Ather Energy, which is scheduled to list next month, aims to raise $400 million (₹3,474 crore) through the shares sale.

Founded in 2016, Bengaluru-headquartered Ultraviolette entered the electric-scooter driven 1.14-million units a year e-two-wheeler market in 2022-23.

"We are looking at an EBITDA break-even by 2027 through vertical integration, allowing cost control and positive gross margins," said CTO Niraj Rajmohan.