Ather Energy, the Indian two-wheeler EV startup is all set to make its debut on the National Stock Exchange. Having revised its draft red herring prospectus (DHRP) recently, the initial public offering will be open for subscription from April 28. With this, the Bengaluru-based company will become the second major electric two-wheeler startup in India, after Ola Electric, to go public. Here are seven vital points that you need to know.
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Ather's IPO will be open for subscription on April 28, 2025, and will close on April 30, 2025.
The price band for Ather's IPO is set at Rs 304 to Rs 321 per share.
Ather now plans to offer 1.1 crore equity shares for sale through OFS, with a valuation of 354 crore. The IPO also comprises a fresh issue of 8.18 crore shares worth Rs 2,626 crore. This is, however, far lower than the 2.2 crore shares, it planned to offer through OFS in addition to a fresh issue of Rs 3,100 crore valuation proposed in its initial draft red herring prospectus (DRHP) filed in September 2024.
The company is also targeting a pre-money valuation of Rs 9,000-Rs 10,000 crore, with the valuation expected to hit Rs 12,000 crore afterwards.
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Through the IPO, the founders-Tarun Mehta and Swapnil Jain will sell 9.8 lakh shares each, with other primary investors such as Caladium Investment, Internet Fund III, and NIIF II are also participating in the OFS. However, Hero MotoCorp, Ather’s largest shareholder, will not be partaking in the IPO.
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The proceeds from the IPO will primarily be used to expand its manufacturing facilities and construct a new electric two-wheeler factory in Maharashtra. Additionally, the company also plans to reduce its debt and enhance its retail network in India, with part of the raised capital also used for research and development.
At present, Ather's portfolio comprises two main model lines – the 450 scooter, and the Rizta scooter. Going forward, Ather will expand its scooter portfolio with new products based on the EL platform, as well as enter the electric motorcycle market, for which it is developing products on the ‘Zenith’ architecture.
