Ather Energy Files for IPO with Rs 3,100 Crore Fresh Issue

Indian electric two-wheeler manufacturer Ather Energy has announced its plans to go public with an Initial Public Offering (IPO) that includes a fresh issue of shares worth Rs 3,100 crore. This comes following the filing of a draft red herring prospectus (DRHP) on Monday, just a month after Ola Electric's successful listing.

Details of the IPO:

The IPO comprises a combination of a fresh issue and an offer for sale (OFS) of up to 2.2 crore shares by existing investors and promoters. Under the OFS, Ather's co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain will each sell 1 million equity shares. Other selling shareholders include Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, and 3State Ventures Pte. Ltd.

Use of Funds:

The funds raised from the IPO will be used for capital expenditures to establish a new electric two-wheeler manufacturing facility in Maharashtra, India, and to support ongoing research and development initiatives.

Lead Managers:

Axis Capital and JM Financial have been appointed as the book-running lead managers for the offering, while Link Intime India Pvt Ltd is the official registrar.

Ather Energy’s Position:

Ather Energy, supported by Hero MotoCorp, is recognized for its electric scooters and competes with other players in the market, including Ola Electric. The company's decision to go public is seen as a strategic move to capitalize on the growing demand for electric two-wheelers in India.

Background:

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Reports indicate that Ather Energy is planning to raise Rs 4,500 crore through a combination of a fresh issue and an offer for sale. The move aims to support the expansion of its manufacturing capabilities and further research and development activities.

Disclaimer: The information presented here is based on the latest filings and reports. For more accurate and updated details, please refer to the official announcements from Ather Energy or consult with financial advisors.