Electric two-wheeler manufacturer Ather Energy has filed initial papers with the Securities and Exchange Board of India (SEBI) to raise ₹3,100 crore through an Initial Public Offering (IPO). The IPO will consist of a fresh issue of equity shares and an Offer For Sale (OFS) involving 2.2 crore shares, according to the Draft Red Herring Prospectus (DRHP) submitted by the company.
Prominent shareholders participating in the OFS include Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, 3State Ventures Pte Ltd, IITM Incubation Cell, and IITMS Rural Technology and Business Incubator, among others.
Funds raised from the fresh issue will primarily be directed towards setting up a new electric two-wheeler manufacturing facility in Maharashtra. Additionally, the proceeds will be allocated to research and development, marketing, loan repayment, and general corporate expenses.
The company’s IPO follows closely behind Ola Electric’s ₹6,145 crore offering in August, marking a significant moment for the electric vehicle (EV) sector. Ola’s IPO was the first automaker issue in India in over two decades.
Founded in 2013, the company is a homegrown EV company focused on developing electric two-wheelers (E2Ws) and the surrounding infrastructure. The company currently offers two product lines—the Ather 450 and AtherRizta—across seven variants.
Ather has also built an ecosystem around its products, including charging stations and other accessories, supported by its proprietary software platform, Atherstack. Axis Capital, HSBC Securities, JM Financial, and Nomura Financial Advisory are the lead managers for Ather Energy’s upcoming IPO.
