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Ather Energy, a prominent electric two-wheeler manufacturer in India, is set to enter the public markets with an initial public offering (IPO) valued at Rs 4,500 crore. This news follows the successful Rs 6,145 crore share sale by its rival, Ola Electric, last month. The IPO will consist of two components: a fresh issue of Rs 3,100 crore and an offer for sale (OFS) of Rs 1,400 crore. The OFS will be undertaken by the company's founders, Tarun Sanjay Mehta and Swapnil Babanlal Jain, along with external investors such as Tiger Global and Binny Bansal's 3 State Ventures.
While the Securities and Exchange Board of India (SEBI) filing on Monday only mentioned the Rs 3,100 crore fresh issue and did not specify the OFS amount, sources have revealed that the secondary sale will be worth approximately Rs 1,400 crore. In a noteworthy development, Hero Motocorp, the main promoter of Ather Energy and holding a 37.2% stake, has decided against selling any shares in the offering. Meanwhile, the founders and some of the company's investors are seeking to divest their shares, according to the SEBI filing. The founders, Mehta and Jain, plan to offload around 1 million equity shares in the OFS.
The exact amount of money that the selling shareholders will raise is currently unknown. However, the filing states that they will collectively divest up to 2.2 crore shares. The IPO's fresh issue component will be worth Rs 3,100 crore. This public offering signifies Ather Energy's ambition to expand its operations and further strengthen its position in the rapidly growing electric two-wheeler market in India. The company's success in attracting investors, coupled with its commitment to innovation and sustainability, suggests a promising future for Ather Energy in the public markets.
Source: Electric two-wheeler maker Ather Energy to go public in Rs 4,500 crore IPO