Electric scooter maker Ather Energy receives Sebi nod for IPO
Ather Energy has received approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO).
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The Bengaluru-based company will become the second EV manufacturer in India to go public, following Bhavish Aggarwal-led Ola Electric.
The proposed IPO includes a fresh issue of equity shares worth up to Rs 3,100 crore and an offer for sale (OFS) of up to 2.2 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed with the regulator in September.
The selling shareholders include founders Tarun Sanjay Mehta and Swapnil Babanlal Jain, each offering up to 10 lakh equity shares. Corporate shareholders offloading their stakes are Singapore’s sovereign wealth fund GIC, National Investment and Infrastructure Fund II (NIIF-II), Internet Fund III, 3State Ventures, IITM Incubation Cell, and IITMS Rural Technology and Business Incubator.
Individual shareholders Amit Bhatia and Karandeep Singh are also participating in the OFS. Hero MotoCorp, which holds around a 37.2% stake in Ather, will not sell any shares in the IPO.
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