Ather will be the second Indian EV manufacturer after Ola to go public.
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Ather will be the second Indian EV manufacturer after Ola to go public.
Electric scooter manufacturer Ather Energy has secured SEBI's approval for its initial public offering, marking a significant step toward becoming India's second publicly listed EV manufacturer in India. The company received the regulator's observation letter on December 23, 2024.
The IPO structure includes a fresh equity issue worth ₹3,100 crore and an offer-for-sale (OFS) of 2.2 crore shares by existing investors. Surprisingly Hero MotoCorp, which holds a 37.2 per cent stake as the largest shareholder of the company, will not participate in the share sale. However, investors including Tiger Global, Caladium Investments, NIIF, and co-founders Tarun Mehta and Swapnil Jain will offer their shares through the OFS. Additionally, Ather also has plans for a pre-IPO placement of ₹620 crore, which would reduce the fresh issue size accordingly.
The Bengaluru-based company follows rival Ola Electric in seeking a public listing, after the latter's market debut in August 2024. And just like Ola, Ather will also be using the amount raised from this IPO to further its expansion plans. In fact, the brand is already gearing up to launch the 2025 iteration of its 450 series scooters on January 4.
In addition to that, the Ather Energy will also establish a new manufacturing plant in Maharashtra, which will reserve the capacity to produce one million vehicles annually. And lastly, a significant portion will also go towards research and developmental activities which will further help the brand to expand its technological prowess and maintain its competitive edge in the market.
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