Omega Seiki Mobility is planning IPO in the second quarter of fiscal year 23

EV producer Omega Seiki Mobility, which is bullish on the country’s electric mobility development narrative, expects to undertake an initial public offering (IPO) in the second half of FY 2023, according to a top company official.

Meanwhile, Omega Seiki Mobility Founder and Chairman Uday Narang told Reuters that OSM, which is part of the Anglian Omega Group, is in negotiations with worldwide investors to form partnerships to support its development objectives.

“I am very optimistic about the electric mobility market in India because we believe EV is the present and the future. We have already embarked on aggressive expansion plans for which we will need huge investments. We want to build scale to become one of the leading players in the e-mobility space,” he said.

Stating that USD one billion of investments would also be insufficient for its expansion plans, Narang said, “My aim is to become the Tesla of the cargo industry of Asia, ASEAN, Middle East, and Africa. We are planning to launch our IPO in the next fiscal, probably by the end of 2022 or the early fourth quarter of FY 2023. I am also talking to global investors to be a part of our expansion plans.”

He said the company is now working on developing an ecosystem for the EV sector through backward integration as part of its expansion objectives.

“We are forging alliances with global tech partners to provide solutions like creating EV charging infrastructure and battery swapping stations across the country. We want to bring international standards to India. to cater to the domestic and export markets,” Narang said.

“We are seeing a good demand for our 2-wheeler and 3-wheeler vehicles in the commercial segment. Similarly, we are witnessing demand in the 2-wheeler B2C segment. We believe that by the end of this fiscal year, we will deliver 2500 vehicles. We have set a target to deliver 12000 vehicles in FY2023. Besides, we are also investing significantly to roll out e-trucks in various payload capacities to up to 50 tonnes,” he added.

OSM has inked an MoU with Jae Sung Tech, a Korean company, to build an electric powertrain in India.

In terms of demand, Narang stated that they are seeing interest not just from e-commerce logistics firms, but also from non-e-commerce players, particularly in the storage arena.

The firm now has offices in Faridabad, Pune, and Chennai, and is in the midst of establishing an e-truck manufacturing plant in Visakhapatnam, Andhra Pradesh. The corporation also has R&D centers across the world.

“I want to make India our global manufacturing hub and these investments will drive this vision,” Narang added.