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Ather Energy On Track For IPO, Converts To Public Limited

Published on 26 Jun, 2024, 1:40 PM IST
Updated on 26 Jun, 2024, 1:44 PM IST
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Sutanu Guha
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Ather’s board greenlit the change to ‘Ather Energy Limited’ from ‘Ather Energy Private Limited’ last week.

Bengaluru-based EV manufacturer Ather Energy passed a resolution last week at its annual general meeting to transform into a public company, signalling its intent to launch an initial public offering (IPO). The board greenlit the decision to change its name from ‘Ather Energy Private Limited’ to ‘Ather Energy Limited’. While an official statement from the company is still awaited, when we got in touch with Ather officials, they asked us to wait for an official confirmation. This move comes on the heels of Ola Electric securing approval from the Securities and Exchange Board of India (SEBI) for its $660 million IPO.

Additionally, Ather Energy Limited also recently bolstered its finances with a Rs 286 crore ($34 million) funding round. Hero MotoCorp, holding a 38% stake, remains a key player in Ather's growth story. Despite a slight dip in revenue to Rs 1,754 crore in FY24, Ather maintains its position as India's fourth-largest EV two-wheeler manufacturer. Moreover, the company's May sales figures show a robust 9.45% market share, with 6,024 units sold.

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(Also Read: Ola Electric Gets Approval From SEBI For ₹5,500 crore IPO)

On the other hand, Ather Energy has also finalised the plans for its third manufacturing plant in Maharashtra. This upcoming plant will be located in Aurangabad Industrial City (AIC) and will be built with investments of around ₹2000 crore, and is expected to generate employment for over 4000 people in the state. 

This aggressive investment and expansion plans come after Ather launched its first family-electric scooter, the Rizta. This brand is banking heavily on this new scooter and expects it to further expand its footprint across the country with more sales. 

Meanwhile, Ola Electric's SEBI approval marks a milestone in its journey towards public listing. The company's exponential growth is evident in its seven-fold revenue increase to Rs 2,631 crore in FY23. As both Ather and Ola prepare for their market debuts, they face competition from established players like TVS and Bajaj, as well as emerging brands such as River and Okinawa.

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