Ather Energy converts to public limited company ahead of IPO
Ather is part of a growing list of Indian startups such as Ola, Ola Electric and Swiggy eyeing stock market debuts.
Ahead of its much-awaited initial public offering (IPO), e-scooter maker Ather Energy has converted into a public limited company from a private company.
The company's name has changed to Ather Energy Ltd from Ather Energy Pvt Ltd, Inc42 said, citing regulatory filings.
YourStory was not immediately able to access these filings and independently verify the publication's report. Ather did not immediately respond to YourStory's request for comment.
Following the conversion, the company has also increased its authorised share capital to Rs 50 crore, from Rs 93.6 lakh. It will also apparently issue 2.96 bonus shares for every share held by its shareholders, the report said.
has done a bunch of fundraises this year, including one from its largest shareholder, Hero Motocorp, which in June bought an additional 2.2% stake worth Rs 124 crore.
The IPO-bound EV company had also raised Rs 286 crore via debt and equity from venture debt firm Stride Ventures and the company's founders.
Stride invested Rs 200 crore through non-convertible debentures, while co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each through Series F compulsory convertible preference shares.
YourStory had exclusively reported in April that Ather has been looking to raise $95 million before its IPO primarily from existing investors keen on increasing their bets in the company.
Last week, Ather's biggest competitor in India, officially received the green signal from the markets regulator Securities and Exchange Board of India (SEBI) to proceed with its IPO.
The Bhavish Aggarwal-led electric vehicle (EV) company plans to raise Rs 5,500 crore through the IPO in a combination of a fresh issue of shares and an offer for sale, sources aware of the development told YourStory.
Edited by Kanishk Singh