Ather Energy sets price band of Rs 304-321 per share for IPO
The offering will include a fresh issue of Rs 2,626 crore and an offer for sale of up to 1.1 crore shares.
Hero MotoCorp-backed Ather Energy will offer shares in the price band of Rs 304 to Rs 321 per equity share, in its initial public offering (IPO), according to a newspaper ad the company placed on Wednesday.
The offering, which will open on April 28, 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 EV-maker is valued at Rs 11,956 crore at the higher end and Rs 11,322 at the lower end.
Bids can be made for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter. The floor price and the cap price are 304 times and 321 rimes the face value of the equity shares, respectively.
Ather’s Co-founders and promoter-selling shareholders, Tarun Mehta and Swapnil Jain, will be selling 980,000 equity shares each.
Ather Energy’s IPO will open for subscription on April 28, while the anchor investor bidding will start earlier on April 25.
The company trimmed its IPO size to Rs 2,626 crore from its previous aim to raise Rs 3,100 crore amidst broader tumultuous market conditions.
Ather is the second EV startup to list on public bourses after Bhavish Aggarwal’s Ola Electric last year.
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