After Ola Electric, Ather Energy too plans to launch IPO: Report
- Ola Electric had earlier said it will raise ₹5,500 crore in an initial public offering (IPO) that is tipped to be one of the country's biggest share sales this year.
Ather Energy, one of the largest manufacturer of electric scooters in India, is all set to launch an initial public offering (IPO). According to a report on Bloomberg, the EV maker is in talks with investment banks to help arrange its IPO this year. Ather Energy could be the second electric two-wheeler manufacturer in India to launch an IPO after Ola Electric shared its plans last year. Ather Energy, based out of Bengaluru, manufactures electric scooters like 450X and 450 Apex among others.
According to the report on Bloomberg, Ather Energy could launch its IPO with valuation of ₹200 crore. The agency quoted sources who said that the EV maker is in the process of selecting banks to back it up. However, no final decisions have been taken yet on the valuation.
Ather Energy is backed by investors such as Hero MotoCorp, Tiger Global Management, National Investment and Infrastructure Funds Limited, Innoven Capital, Sachin Bansal who is the co-founder of Flipkart among others. Hero MotoCorp recently increased its stake in Ather Energy to 40 per cent with additional ₹140 crore investment last year. Overall, Hero has pumped in around ₹1,040 crore in Ather's venture.
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Ather’s ledger books have been in the green with the company reporting a revenue of ₹1,806 crore in FY2023, rising from ₹413 crore in FY2022. It is currently one of the top three electric two-wheeler players in the market competing against Ola Electric and TVS Motor Company.
Earlier in December last year, Ola Electric announced that it will raise ₹5,500 crore in an IPO that is tipped to be one of the country's biggest share sales expected to launch this year. The offering, which could be the first by an electric two-wheeler manufacturer in the country, will include an issue of fresh stock, with CEO Bhavish Aggarwal and SoftBank selling up to 47.4 million and 23.9 million shares, respectively, according to a draft prospectus filed with the Indian market regulator.
Also watch: Ather Apex electric scooter review
Ather Energy, one of the largest manufacturer of electric scooters in India, is all set to launch an initial public offering (IPO). According to a report on Bloomberg, the EV maker is in talks with investment banks to help arrange its IPO this year. Ather Energy could be the second electric two-wheeler manufacturer in India to launch an IPO after Ola Electric shared its plans last year. Ather Energy, based out of Bengaluru, manufactures electric scooters like 450X and 450 Apex among others.
According to the report on Bloomberg, Ather Energy could launch its IPO with valuation of ₹200 crore. The agency quoted sources who said that the EV maker is in the process of selecting banks to back it up. However, no final decisions have been taken yet on the valuation.
Ather Energy is backed by investors such as Hero MotoCorp, Tiger Global Management, National Investment and Infrastructure Funds Limited, Innoven Capital, Sachin Bansal who is the co-founder of Flipkart among others. Hero MotoCorp recently increased its stake in Ather Energy to 40 per cent with additional ₹140 crore investment last year. Overall, Hero has pumped in around ₹1,040 crore in Ather's venture.
Ather’s ledger books have been in the green with the company reporting a revenue of ₹1,806 crore in FY2023, rising from ₹413 crore in FY2022. It is currently one of the top three electric two-wheeler players in the market competing against Ola Electric and TVS Motor Company.
Earlier in December last year, Ola Electric announced that it will raise ₹5,500 crore in an IPO that is tipped to be one of the country's biggest share sales expected to launch this year. The offering, which could be the first by an electric two-wheeler manufacturer in the country, will include an issue of fresh stock, with CEO Bhavish Aggarwal and SoftBank selling up to 47.4 million and 23.9 million shares, respectively, according to a draft prospectus filed with the Indian market regulator.
Ather Energy was founded by Tarun Mehta and Swapnil Jain, both who are Indian Institute of Technology Madras alumni, back in 2013. It currently sells three electric scooters in India. These include 450S, 450X and 450 Apex. The EV maker is also set to launch a family electric scooter called Ather Rizta.