Classic Legends, the Mahindra Group-backed company behind the revival of Jawa, Yezdi and BSA heritage motorcycle brands, is gearing up for its biggest move yet: a public listing in the next 12-18 months. The company co-founded and led by Managing Director Anupam Thareja has confirmed that while the electric motorcycle is fully developed, market realities are forcing a cautious approach to its launch.
This dual track strategy—Classic Legends IPO readiness and delayed electrification—shows that the company is playing it safe as it positions itself in the global mid-market motorcycle space.
Classic Legends IPO Strategy: Structure Over Urgency
Unlike many firms racing to raise capital in turbulent markets, Classic Legends is entering the IPO pipeline from a position of relative financial strength. The company currently sits on INR 875 crore in reserves, with no pressing liquidity needs. According to Thareja, the listing is less about plugging funding gaps and more about structuring the company for scale and global expansion.
“Listing is a reality. It has nothing to do with unlocking shareholder value,” Thareja said, emphasising that the IPO is part of a long-term plan to build a credible mid-market global brand. The company has also issued stock options to employees, a signal of both confidence and alignment of interests as it heads toward public markets.
For context, Classic Legends clocked INR 671 crore in revenue in FY24 with retail sales of around 31,000 units, marking steady progress in its revival of iconic motorcycle marques.
Electric Motorcycle: Ready but Waiting
On the product front, Classic Legends has already completed development of its debut electric motorcycle at its Coventry-based R&D hub in the UK, which operates with a 50% government grant. The facility has become central to the company’s EV ambitions, blending British engineering expertise with Mahindra’s global manufacturing muscle.
However, despite being launch-ready, the motorcycle will not hit showrooms immediately. Thareja laid out a pragmatic rationale:
- Battery Costs: Long-range motorcycles require large packs, which remain prohibitively expensive.
- Infrastructure Gaps: Charging networks are still inadequate, especially in India.
- Financing Hurdles: Retail financing for electric two-wheelers has yet to mature.
As a result, Classic Legends believes the adoption curve for EVs in two-wheelers will start with scooters, followed by commuter motorcycles, and only then will the premium classic segment—where its products sit—make the transition.
UK First, India Later
In line with its earlier strategy of launching BSA in the UK before India, Classic Legends is expected to debut its electric motorcycle in the UK first, with India following once conditions mature. This sequencing highlights the company’s determination to build global credibility before scaling domestic volumes.
Thareja’s stance is clear: rushing into a crowded EV market could dilute Classic Legends’ positioning. Instead, the company is intent on ensuring that when it enters electrification, it does so “on the right terms and at the right time.”
The Road Ahead
Classic Legends IPO and EV roadmap is a company playing the long game. By combining financial discipline, brand nostalgia and measured innovation, the Mahindra backed venture is a serious player in the mid-market motorcycle space globally.
For investors, the story is interesting: a company with deep pockets, established brand equity and a deliberate approach to electrification. While there are risks—execution, consumer adoption of EVs, competitive pressure—the balance of heritage and forward looking strategy makes Classic Legends a listing to watch out for in 2026-27.
📌 Classic Legends IPO: Key Takeaways for Investors
- Classic Legends IPO likely within 12–18 months; more about global structure than immediate cash needs.
- INR 875 crore capital reserves and stock options issued signal confidence and readiness.
- An electric motorcycle has already been developed, but its launch has been delayed due to cost, infrastructure, and financing challenges.
- UK will be the first EV launch market, with India to follow later.
- FY24 revenue of INR 671 crore with 31,000 unit sales, underlining steady momentum.
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