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Ather Energy is ready to go public after receiving approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The Bengaluru-based electric vehicle (EV) maker plans to raise over Rs 3,100 crore through a mix of new shares and an offer for sale (OFS) by existing investors.
The SEBI approval letter, received on December 23, clears the way for the company's IPO and listing.
Ather's IPO will include new shares worth Rs 3,100 crore, along with an offer for sale (OFS) of up to 2.2 crore shares from key investors. Investors like Tiger Global, Caladium Investments, the National Investment and Infrastructure Fund (NIIF), Binny Bansal’s 3 State Ventures, and cofounders Tarun Mehta and Swapnil Jain will sell their stakes. However, Hero MotoCorp, which holds a 37.2% stake in Ather, has chosen not to participate in the OFS.
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The IPO is expected to value the company at around USD 2.5 billion. Ather also plans to raise Rs 620 crore through a pre-IPO placement, which will reduce the size of the new share issuance. The funds will be used to strengthen Ather's research and development, marketing, infrastructure, and production, as well as for general corporate needs.
About Energy
Founded in 2013 by Mehta and Jain, Ather designs and makes electric two-wheelers and battery packs. It also operates its own charging network. Earlier this year, Ather became a unicorn after raising INR 600 crore from its existing investor, NIIF, at a valuation of $1.3 billion.
Ather sold 1.07 lakh electric two-wheelers from January to November 2024.
Financially, Ather’s net loss grew by over 22%, reaching INR 1,059.7 crore in the financial year 2023-24 (FY24), compared to INR 864.5 crore in the previous year. Revenue from operations dropped slightly by 1.5% year-on-year, totaling INR 1,753.8 crore.
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