Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Bengaluru-based electric two-wheeler manufacturer Ather Energy has filed its draft red herring prospectus (DRHP) for a ₹3,700 crore ($450 million) initial public offering (IPO). The move comes just months after the company achieved unicorn status with a valuation of $1.3 billion.
- IPO Size : ₹3,700 crore ($450 million)
- Fresh Issue : ₹1,500 crore
- Offer for Sale (OFS) : ₹2,200 crore
- Anchor Investor Bidding : To open a few days before the IPO launch
- IPO Dates : To be announced soon
Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather Energy has emerged as one of the top four electric scooter manufacturers in India, alongside Ola Electric, TVS, and Bajaj Auto. The company has sold over 1.73 lakh electric scooters to date and is backed by investors like HeroMoto Corp, Tiger Global, and GIC.
In the financial year 2024, Ather Energy reported a consolidated revenue of ₹1,753 crore, a 1.7% decrease year-over-year. The company plans to utilize the IPO proceeds for capital expenditures, capacity expansion, and general corporate purposes.
Ather Energy's IPO is expected to be a significant catalyst in India's electric vehicle revolution. As the country aims to achieve ambitious targets for electric mobility, the success of Ather's public offering could attract more investments and attention to the sector.
The IPO also marks a milestone for Ather, as it looks to tap into the public market by 2025 to fund its growth plans. The company has already picked HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to help arrange the offering.
Ather Energy's IPO filing is a testament to the growing potential of India's electric vehicle market. As the company seeks to raise ₹3,700 crore, it aims to accelerate its expansion plans and solidify its position as a key player in the country's electric two-wheeler segment.
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