Ather Energy, the Indian electric two-wheeler has announced its plans to go public with an initial public offering (IPO). This is as per media reports.
Ather Energy turned unicorn after raising $71 million in funding from existing investor National Investment and Infrastructure Fund
Ather Energy, the Indian electric two-wheeler has announced its plans to go public with an initial public offering (IPO). This is as per media reports.
According to its draft red herring prospectus, the IPO will reportedly comprise a fresh issue of shares worth Rs 3,100 crore. It will include an offer for sale of up to 22 million shares by investors and promoters.
Axis Capital and JM Financial have been appointed as the book-running lead managers for the IPO. Link Intime India Pvt Ltd is the official registrar of the issue.
Tarun Sanjay Mehta and Swapnil Babanlal Jain will offload 1 million equity shares under OFS.
The corporate selling shareholders reportedly include Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II and 3State Ventures Pte. Ltd.
The funds raised from the IPO will reportedly be used for capital expenditures to establish a new electric two-wheeler manufacturing facility in Maharashtra and will also go in for the support of ongoing research and developments.
Ather Energy's manufacturing facility is located in Hosur, Tamil Nadu. As per Moneycontrol, the company is reportedly looking to open a new electric two-wheeler manufacturing state in Maharashtra in the Chhatrapati Sambhaji Nagar district, which has a high E2W Penetration and a strong automotive supplier base.
There were media reports last week that stated that Ather Energy was filing its DHRP with SEBI to raise Rs 4,500 crore from its Initial Public Offering in a mix of fresh issues and offers for sale (OFS).'
Ather Energy turned unicorn after raising $71 million in funding from existing investor National Investment and Infrastructure Fund. It was the second unicorn from the electric vehicle space after Ola Electric.
Ather Energy has raised over $500 million out of which $125 million came in the last three months.
In FY24, the firm reported a revenue of Rs 1754 crore. It achieved a revenue of Rs 339 crore in the first quarter of FY25 with a net loss of Rs 183 crore in the same period.