Ather Energy said to plan $200 million share sale in India

Ather Energy Ltd. is planning a share sale to institutional investors as early as next week to raise as much as $200 million, according to people familiar with the matter.

The electric two-wheeler maker has appointed HSBC Holdings Plc, Axis Capital Ltd. and Nomura Holdings Inc. to manage the qualified institutional placement, the people said, asking not to be identified because the information is private.

Representatives for Ather and the banks didn’t immediately respond to requests for comment.


Shares of Ather have surged more than 250% from their initial public offering price in May 2025, with the gains accelerating since the Iran war increased demand for electric transport options.

The fundraising would provide additional capital to expand manufacturing capacity, scale the company’s retail network and invest in new products as competition intensifies in India’s electric vehicle market.

Backed by investors including Hero MotoCorp Ltd., Ather has been expanding its product lineup and charging infrastructure as competition in India’s electric scooter market heats up. Rivals include Ola Electric Mobility Ltd., TVS Motor Co. and Bajaj Auto Ltd.