Ola Electric competitor Ather Energy files for IPO to raise Rs 3,100 crore

Ather Energy IPO: Ather Energy, an Indian manufacturer of electric two-wheelers, has submitted a draft red herring prospectus for an IPO, which includes a fresh issue of shares valued at Rs 3,100 crore ($369.4 million), the company announced on Mo...

By Reuters | Updated: Sep 09, 2024, 02.16 PM IST

Indian electric two-wheeler-maker Ather Energy filed for an IPO consisting of a fresh issue of shares worth Rs 3,100 crore ($369.4 million), it said in a draft red herring prospectus on Monday.

Backed by Indian bike-maker Hero MotoCorp, Ather makes electric scooters and competes with recently-listed Ola Electric.

Investors and some top shareholders will sell up to 22 million shares in the IPO.

Proceeds will be used for capital expenditure to establish an electric two-wheeler factory in India's Maharashtra state, and for research and development, Ather said.

The book-running lead managers for the issue include Axis Capital and JM Financial.

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