- Ather Energy has filed for a ₹45 billion ($536.2 million) IPO, aiming for a $2.5 billion valuation.
- The company plans to sell new shares worth ₹31 billion and existing shares worth ₹14 billion.
- The IPO proceeds will be used to fund capital expenses for building a new electric two-wheeler factory in Maharashtra and to invest in research and development.
- Ather Energy's IPO follows that of rival Ola Electric, joining over 200 companies that have raised more than $7 billion in IPOs this year in India.
Indian electric scooter maker Ather Energy, backed by Hero MotoCorp, has filed for a ₹45 billion ($536.2 million) IPO at a $2.5 billion valuation, a source said. Ather, the fourth-largest e-scooter maker in India, aims to go public following EV rival Ola Electric, as over 200 companies have raised more than $7 billion in IPOs this year, according to LSEG data.
According to draft papers filed with the market regulator, Ather Energy plans to sell new shares worth ₹31 billion in its IPO. Existing investors, along with co-founder and CEO Tarun Sanjay Mehta, will sell shares worth ₹14 billion, a source with direct knowledge said, though they remain anonymous as details are confidential. Top investor Hero MotoCorp will not sell its shares in the IPO.
The company intends to utilize the funds for capital expenses to build an electric two-wheeler factory in Maharashtra and to invest in research and development.
Ather Energy currently operates a manufacturing facility in Hosur, Tamil Nadu. They are also planning to establish a new plant in Maharashtra’s Chhatrapati Sambhaji Nagar district, which boasts high electric two-wheeler adoption and a well-established automotive supplier network.
Axis Capital and JM Financial have been named as the lead managers for the offering, with Link Intime India Pvt Ltd serving as the official registrar.
Edited by Harshajit Sarmah
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Harshajit Sarmah
