Ather Energy files RHP, to raise Rs 2,626 Cr in fresh issue
Ather Energy's IPO will open on April 28 and conclude on April 30. The anchor book for the IPO will open on April 25.
Electric vehicle-maker Ather Energy on Tuesday filed its red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise Rs 2,626 crore in a fresh issue.
The company, led by Tarun Sanjay Mehta and Swapnil Jain, filed its draft red herring prospectus in September last year and was initially planning a fresh issue of up to Rs 3,100 crore.
Mehta and Jain, along with National Investment and Infrastructure Fund II, Tiger Global’s Internet Fund III and Caladium Investment, an affiliate of Singapore’s sovereign wealth fund, GIC, will offload their stakes in the company.
Both co-founders will offload up to 980,000 equity shares in the IPO.
The IPO will open on April 28 and conclude on April 30. The anchor book for the IPO will open on April 25.
Ather Energy is the second EV-maker to list on public bourses after Bhavish Aggarwal-led Ola Electric debuted on Dalal Street last year.
The Bengaluru-based company counts Hero MotoCorp as a key investor and holds about 39.7% stake in the firm, according to reports.
Ather will use proceeds from the IPO to set up its electric two-wheeler (E2W) factory in Maharastra, repay borrowings, and invest into research and development, among others.
The company’s revenue from operations declined to Rs 1,753.8 crore in the fiscal year 2023-2024, compared with Rs 1,780.9 crore in FY23.
Additionally, the company losses widened to Rs 1,059.7 crore during the period, compared with Rs 864.5 crore in FY23
The listing also comes amidst choppy market conditions in response to the reciprocal tariffs announced by US President Donald Trump. However, many Indian startups have continued to line up for IPOs.
Edited by Kanishk Singh