Ather Energy IPO Bidding Opens Today, Aims To Raise ₹2,981 Crores

Ather Energy’s much anticipated IPO has opened for bidding today with a fixed price band of ₹304 to ₹321 per share. This is the first mainboard public issue of the brand’s ₹2,981 crore IPO and the issue includes a mix of fresh issue worth ₹2,626 crore and Offer For Sale (OFS) of 1.1  crore shares by existing shareholders. 

(Also Read: Ather Energy Partners With CBAK Energy For LFP Batteries)

This allocated issue is divided into 75 per cent reserved for Qualified Institutional Buyers (QIB), 15 per cent for non-institutional investors and 10 per cent for retail investors. The subscription will be open for three days and it will be closed on April 30, post which the shares will be listed on NSE and BSE on May 6. 

The Bengaluru-based EV’s founder and co-founder Tarun Mehta and Swapnil Jain will offer their shares via the OFS, along with investors Tiger Global, Caladium Investments, and NIIF. Crucially though, Hero MotoCorp will not be offering their shares in the IPO and will continue to hold the same amount of stake in the company. 

The amount raised from this IPO will further the brand’s aggressive expansion plans. From opening new manufacturing plants, to launching new products, the brand has several projects in the pipeline. But on top of that, a significant portion of the fund raised will go into research and development that will see the brand delve into newer technologies.