Ather Energy plans to file for Rs 4,000-crore IPO at $2 bn valuation
Ather Energy has set an ambitious valuation target of $2-2.25 billion (about ₹16,800-19,000 crore), as the electric scooter maker prepares to file its draft prospectus next week for an initial public offering (IPO), said people familiar with the matter.
The Bengaluru-headquartered startup is looking to raise ₹3,500-4,000 crore through the IPO which will comprise a fresh issue and an offer for sale by existing shareholders. Funds raised through the fresh issue would be used partly for capacity expansion, the people said.
The maker of 450X and Rizta electric scooters has engaged investment banks HSBC, JPMorgan, Axis Capital, JM Financial, and Nomura to manage the IPO, one of the persons said.
A spokesperson for Ather Energy didn't respond to ET's email queries.
Ather Energy's IPO plans closely track the successful listing of Ola Electric Mobility, which raised ₹6,146 crore at a valuation of $4 billion. Ola's stock has appreciated since its August 9 listing, lifting its valuation to $6 billion.
Ather Energy is India's fourth-largest electric two-wheeler maker by volume, following Ola Electric, TVS Motor, and Bajaj Auto. Last month, the company sold 10,830 e-scooters, a 51% rise from a year earlier, capturing a market share of 12.2%, according to Vahan, a government vehicle registration database.
This brings the company's market share for the first five months of FY25 to 9% with total sales of 37,508 units. Ola Electric leads the market with a 42.4% share, according to Vahan.
(You can now subscribe to our Read more on economictimes.indiatimes.com
