EV Startup Ather Energy Files RHP To Raise Rs 2,626 Cr Via Fresh Issue

Electric scooter maker Ather Energy has filed papers with SEBI to launch its IPO. The company plans to raise Rs 2,626 crore by issuing new shares. In addition, some existing investors and founders will sell up to 1.1 crore shares in an Offer for Sale (OFS).

Founders Tarun Mehta and Swapnil Jain will each sell around 9.8 lakh shares. Other sellers include Tiger Global, GIC’s Caladium Investment, NIIF II and early backers like IITM Incubation Cell.

The IPO will open on April 28 and close on April 30. The anchor investor portion will open on April 25. Ather will be the second EV company to go public after Ola Electric listed last year.

Hero MotoCorp, which owns nearly 40% of Ather, is one of its key investors.

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Ather plans to use the proceeds raised from its IPO to support its growth over the next few years. It will spend Rs 927.2 crore to set up a new electric two-wheeler factory in Maharashtra, Rs 40 crore to repay existing loans, Rs 750 crore to boost research and development and Rs 300 crore on marketing activities. These investments will be made between the financial years 2026 and 2028.

Ather’s listed competitors include Ola Electric, Hero MotoCorp, Bajaj Auto, TVS Motors, and Eicher Motors, as per the filing.

About  Ather Energy 

Founded in 2013, Ather makes high-performance electric scooters like the popular 450X. Its IPO is an important step for India’s electric vehicle industry and could boost investor trust in clean mobility startups.

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