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Electric two-wheeler manufacturer Ather Energy has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) aiming to raise ?3,100 crore. The Bengaluru-based company’s IPO will include a fresh issue of shares and an offer for sale (OFS) of up to 2.2 crore equity shares with a face value of ?1 each.
Investors participating in the OFS include Caladium Investments, National Investment and Infrastructure Fund II, Internet Fund III, 3State Ventures, and co-founders Tarun Mehta and Swapnil Jain.
The funds raised will be directed towards establishing a new electric two-wheeler factory in Chhatrapati Sambhajinagar, Maharashtra. The facility is expected to start production in phases by May 2026, with an initial capacity of 0.5 million electric two-wheelers (E2Ws). Additionally, the IPO proceeds will support research and development (R&D), marketing efforts, infrastructure development, and other corporate needs.
Ather Energy recently entered the unicorn club, securing ?600 crore ($71 million) in funding from the National Investment and Infrastructure Fund (NIIF) at a valuation of $1.3 billion.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is currently the fourth-largest player in the Indian electric two-wheeler market, following Ola Electric, TVS Motor, and Bajaj Auto.
According to its DRHP, Ather Energy reported a widened consolidated net loss of ?1,059.7 crore for the financial year 2023-24 (FY24), up from ?864.5 crore the previous year. Revenue from operations for the same period was ?1,753.8 crore. |
