Ather Energy made plans to raise ₹620 crore through pre-IPO placement, if it occurs then the fresh issue size will be reduced.
Axis Capital Limited, HSBC Securities and Capital Markets, JM Financial Limited, and Nomura Financial Advisory and Securities Private Limited are the lead managers of this IPO.
Furthermore, Tiger Global, Caladium Investments, NIIF, Binny Bansal’s 3 State Ventures, and cofounders Tarun Mehta and Swapnil Jain will sell their stakes through the OFS. However, Hero MotoCorp is Ather’s largest shareholder, with 37.2% will not participate in the offer for sale.
The IPO proceeds from the fresh issues will be utilized for capital expenditure to establish an electric two-wheeler factory in Maharashtra. Moreover, it will also used for research and development.
This IPO is going to be listed on the NSE (National and Securities Exchanges Board of India) and BSE (Bombay Stock Exchanges).
This will be the second electric two-wheeler company aiming to go public, after Ola Electric Mobility, which launched its ₹6,145 crore IPO in August 2024. It was also the first IPO by an automaker in India in over 20 years.
Ather Energy was founded in 2013 and is involved in designing its all products in India. They have the main aim of creating products and technology in India in order to build an electric two-wheeler market. Financially, its revenue was down 1.5%in 2024 from 2023, however, a 329% increase from 2022. In 2018, Ather Energy was the first company to set up a charging network, Ather Grid.
The Ivalue Infosolutions, Oswal Pumps, Fabtech Technologies, Quality Power Electrical Equipments, and Schloss Bangalore are the companies that got approval for IPO along with Ather Energy and Oswal Pump received a letter on December 24, 2024.
