Ather Energy, a leading manufacturer of electric two-wheelers, has officially filed for an initial public offering (IPO) to raise Rs 3,100 crore, according to the draft red herring prospectus submitted on Monday. This move comes shortly after the successful listing of its larger competitor, Ola Electric.
The IPO will consist of a fresh issue of shares along with an offer for sale (OFS) of up to 2.2 crore shares by existing investors and promoters. As part of the OFS, founders Tarun Sanjay Mehta and Swapnil Babanlal Jain will each sell 1 million equity shares. Major corporate investors such as Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, and 3State Ventures Pte. Ltd are also among those participating in the sale.
Ather Energy, which is backed by Hero MotoCorp, competes directly with Ola Electric in the electric scooter segment. The proceeds from the IPO will be used primarily for capital expenditures aimed at building a new manufacturing plant in Maharashtra, India, and to support ongoing research and development initiatives.
Axis Capital and JM Financial are serving as the lead managers for the offering, with Link Intime India Pvt Ltd appointed as the registrar.
Ather’s current production facility is located in Hosur, Tamil Nadu, and the company plans to establish another plant in Maharashtra’s Chhatrapati Sambhaji Nagar district, known for its significant electric two-wheeler market and well-established automotive supplier ecosystem.
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