Ather Energy Preparing to Launch More than USD 53 Crore IPO After Stock Market Debut of Ola Electric

The market for electric two-wheelers has grown rapidly in the country in the last few years. Ola Electric, which has the largest share in this market, recently launched an Initial Public Offer (IPO). Ather Energy, one of the big companies in this segment, has also filed documents for an IPO of more than $530 million (about Rs 45 billion). For this, the valuation of the company has been estimated at more than $2.5 billion.

Reuters quoted market regulator SEBI Citing documents filed with the Securities and Exchange Board of India, it has been reported that Ather Energy will sell new shares worth about Rs 31 billion in this IPO. Shares will also be sold by the company’s existing investors and large shareholders. Hero MotoCorp, one of the largest two-wheeler companies, has a 37.2 percent stake in Ather Energy. However, Hero MotoCorp will not sell its shares in this IPO.

Ather Energy did not respond to a request for comment from Reuters on this matter. Last month, Ola Electric raised more than $730 million through an IPO. The company’s shares were listed at more than double the IPO price. Ather Energy said that it will use the funds raised from the IPO to set up a factory for electric two-wheelers in Maharashtra and for research and development. Recently, the company started its business in Sri Lanka. The company has tied up with Evolution Auto for business in Sri Lanka. Its first experience center will be opened in the next quarter.

Ather Energy also plans to start a fast charging network. After opening its first international outlet in Nepal last year, the company has started three experience centers and seven fast charging grids there. The company has more than 200 experience centers in the country. At the end of last year, Ather Energy achieved the manufacturing figure of two lakh electric scooters. The company’s factory is in Hosur, Tamil Nadu. Ather Energy has four electric scooters 450S, 450X, 450 Apex and Rizta. Recently, the company launched the family scooter Rizta. It has a longer and wider seat than other electric scooters.