Ather Energy, an electric two-wheeler makers, has submitted the draft red herring prospectus (DRHP) with SEBI to launch IPO worth Rs 4,500 crore. As per some sources, the IPO consists of fresh issue of 23. 5 crore equity shares of Rs 10 each which will give the company Rs 3,100 crore while the existing investors and top shareholders such as co-founder and CEO Tarun Mehta will offer Rs 1,400 crore. IPO will help to launch a new plant manufacturing electric two-wheelers in Maharashtra and investment in research & development. Ather already has a manufacturing plant present in Hosur, Tamil Nadu and the firm is looking at setting up its second manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra. Net loss of the company for the current year fiscal year 2024 was Rs 1,060 crore as compared to Rs 864 crore in the prior year. The flotation will be lead by Axis Capital, JM Financial, Nomura and HSBC. Ather was launched in 2013 by two IIT Madras graduates Tarun Mehta and Swapnil Jain with an opponent to Ola Electric. Its largest investor is Hero MotoCorp, owner of 37 % of the shares in the company. The source which owns 2% stake, namely, will not offer its shares in this offering. Ola Electric whose listing was on August 9, is up by over 50% of its IPO issue price.
Disclaimer: This article includes inputs from Reuters.
