Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

• Ather Energy has filed draft papers for a ₹3,100 crore IPO with SEBI.
• Ola Electric had raised ₹5,500 crore in its IPO in August.
• Ather Energy plans to set up a new manufacturing facility in Maharashtra.

Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI).

The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors.

Tarun Mehta and Swapnil Jain will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares.


Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its IPO last month. This will make Ather Energy the second electric two-wheeler maker in India to go public.

Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy.

The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu.

Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched Rizta, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories.

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