According to media reports, Indian electric two-wheeler manufacturer Ather Energy has filed for a Rs 4,500 crore (USD 536.2 million) initial public offering (IPO) at a valuation of USD 2.5 billion. This move comes as the company seeks to capitalize on the booming stock market, following rival Ola Electric’s recent public offering.
As per media reports, Ather is offering new shares worth Rs 3,100 crore in its IPO. Existing investors and key shareholders, including co-founder and CEO Tarun Sanjay Mehta, will be selling shares valued at Rs 1,400 crore. The information was disclosed by a source with direct knowledge of the matter, who requested anonymity due to the confidential nature of the details.
Ather Energy, which specialises in electric scooters, is aiming to use the proceeds from the IPO to establish a new electric two-wheeler factory in Maharashtra and to fund its research and development efforts, as per media reports. The company is in competition with Ola Electric, which recently went public.
