Ather IPO: IIT Madras bags 40X gains on EV-maker’s listing
The EV-maker listed at a 2.2% premium at Rs 328 apiece on Tuesday as investors including Tiger Global and National Investment and Infrastructure Fund rake gains from the IPO.
EV-maker Ather Energy’s listing on the public bourses saw its shareholders who participated in the offer for sale (OFS) walk away with handsome gains. IIT Madras is one of the biggest gainers from Ather's public debut.
Ather is the new entrant on Dalal Street after it listed on public bourses at a 2.2% premium at Rs 328 apiece, braving tumultuous market conditions.
Based on the listing price, IIT Madras, which sold 4,191 equity shares through IITMS Rural Technology and
Business Incubator and IITM Incubation Cell, netted 40X gains. The cost of acquisition per share for IITMS Rural Technology and Business Incubator was Rs 8.31 per share.
Internet Fund III, which is managed by Tiger Global, tendered up to 400,000 equity shares in the OFS. It saw 8.5X gains on its investment in Ather, walking away with Rs 13.1 crore from an acquisition cost of Rs 38.58 apiece.
National Investment and Infrastructure Fund, which came onto the company’s cap table in 2022 by participating in its Series E fundraise, saw a 78.5% increase in returns at Rs 86.4 crore. The cost of acquisition per share was Rs 183.71 per share.
Additionally, Caladium Investment, an affiliate of the Singapore-based sovereign wealth fund GIC, recorded about 60% rise in returns. It walked away with about Rs 196 crore by selling 60,03,460 equity shares in the OFS. The cost of acquisition was Rs 204.24 apiece.
Meanwhile, co-founders and promoters Tarun Mehta and Swapnil Jain claimed 15.4X returns and snagged Rs 32 crore each from the IPO.
Ather becomes the second EV-maker to list on national stock exchanges after Bhavish Aggarwal-led Ola Electric.
The company’s shares were trading down 3.33% at Rs 315.2 per share at 10:51 AM today.
Edited by Swetha Kannan