Electric commercial vehicle maker Mahindra Last Mile prepares for IPO

Mumbai-based Mahindra Last Mile Mobility (MLMML) is preparing for a proposed initial public offering (IPO) that could take place in 12 to 18 months. The firm is evaluating a plan to nearly double its manufacturing capacity through the expansion of existing facilities in Zaheerabad and Haridwar or the development of a new greenfield plant.Founded in 2023, MLMML is a manufacturer of electric commercial vehicles, including three-wheelers and four-wheelers. The company plans to introduce eight new products and variants over the next two years, with a focus on expanding into cargo segments. The company aims to use the upcoming capacity expansion to support this growth in cargo applications.