New Delhi: Ather Energy, a leading electric two-wheeler manufacturer, has taken a significant step towards expanding its operations by filing for an initial public offering (IPO). The company has submitted preliminary papers with the Securities and Exchange Board of India (SEBI) to raise a substantial amount of capital through this public offering.
The IPO is expected to consist of a fresh issue of shares worth ₹3,100 crore. Additionally, the company plans to offer up to 2.2 crore shares for sale by existing investors and promoters. This move will provide Ather Energy with the necessary funds to fuel its growth and expansion plans.
Among the notable participants in the offer for sale (OFS) are Tarun Sanjay Mehta and Swapnil Babanlal Jain, who will be offloading 1 million equity shares each. Institutional investors such as Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, and 3State Ventures Pte. Ltd are also expected to sell their shares in the company.
ALSO READ: Prashant Kishor Highlights Crucial Role of Upcoming State Elections in NDA’s Future Stability
The proceeds from the IPO will be utilized to finance various strategic initiatives. Ather Energy plans to invest in the establishment of a new electric two-wheeler manufacturing facility in Maharashtra. This expansion will enhance the company’s production capacity and meet the increasing demand for electric vehicles in the Indian market. Furthermore, the funds will be allocated towards ongoing research and development efforts, allowing Ather Energy to continue innovating and improving its product offerings.
Ather Energy’s IPO filing comes just a month after its competitor, Ola Electric, successfully listed on the stock exchanges on August 9, 2024. This indicates a growing investor interest in the electric vehicle sector in India. As Ather Energy prepares to go public, it is poised to capitalize on the momentum and further solidify its position as a key player in the electric mobility space.
