Ather Energy raises Rs 1,340 Cr from anchor investors ahead of IPO
The EV-maker has set an IPO price of between Rs 304 to Rs 321 per equity share, valuing the company at Rs 11,956 crore at the higher end.
Tiger Global-backed Ather Energy on Friday raised Rs 1,340 crore from anchor investors ahead of its public subscription, according to a BSE filing.
The company had allotted 41,745,576 equity shares at Rs 321 per equity share.
Key marquee investors who were allocated shares include Morgan Stanley Investment Funds, Custody Bank of Japan, Franklin Templeton, and Abu Dhabi Investment Authority, among others.
Around 49.6% of the total allocation to anchor investors were allocated to seven domestic mutual funds, which applied through a total of 14 schemes, the company disclosed. These include SBI, Aditya Birla Sun Life, ICICI Prudential, and Invesco India, amongst others.
Ather Energy, which competes with Bhavish Aggarwal-led Ola Electric that listed on public bourses last year, has set a price of between Rs 304 to Rs 321 per equity share.
The public offering, which will open on April 28th, will include a fresh issue of Rs 2,626 crore and an offer for sale of up to 1.1 crore shares. At the upper price band of Rs 321, the offer for sale would be worth about Rs 354.76 crore.
The Bengaluru-based company is valued at Rs 11,956 crore at the higher end and Rs 11,322 at the lower end.
Ather Energy trimmed its IPO size to Rs 2,626 crore from its previous aim to raise Rs 3,100 crore amidst broader market conditions.
The company reported a revenue of Rs 1578.9 crore for the nine months ended December 31, 2024 compared to Rs 1230.4 crore in the year-ago period.
It also managed to reel in its losses and reported a narrower loss of Rs 577.9 crore for the period compared to Rs 776.4 crore in 2023.
Edited by Megha Reddy