Ather Energy raises Rs 1,300 Cr through QIP
Electric two-wheeler maker Ather Energy has raised Rs 1,300 crore through an oversubscribed QIP, with the proceeds earmarked for manufacturing expansion and product development.
Electric vehicle maker Ather Energy on Tuesday said it has raised Rs 1,300 crore through a qualified institutional placement (QIP) launched on July 15 as part of its Rs 2,500-crore capital infusion plan.
The issue received a healthy response from foreign and domestic institutional investors, with participation from leading FIIs such as ADIA, White Oak and William Blair, alongside DIIs including HDFC Mutual Fund, Axis Mutual Fund and Edelweiss Mutual Fund, the company said.
Ather Energy has successfully closed its Rs 1,300 crore QIP, issuing 1.08 crore equity shares at Rs 1,202 per share, reflecting strong investor confidence, it added.
The capital raised will support Ather's growth initiatives, including manufacturing expansion and product development, while reinforcing strong institutional confidence in the company's long-term growth story, it said.
The QIP, closed on Monday, was oversubscribed eight times, and the transaction was executed at a premium to the floor price, showing the immense faith of shareholders and investors in the company, Ather Energy co-founder and CEO Tarun Mehta said in a post on X on Tuesday.
Mehta said that he, along with many of the company's existing backers, including co-founder Swapnil, will also invest in the larger raise at this inflection point for Ather.
"When @swapniljain89 and I started @atherenergy, building a hardware and software EV company out of India felt like an uphill task. Looking at where we are now, this milestone in the journey feels almost surreal. I feel humbled by this vote of confidence and equally excited for the growth ahead," Mehta said.