NEW DELHI: Electric 2-wheeler manufacturer Ather Energy on Monday, submitted its Draft Red Herring Prospectus (DRHP) to Sebi, to raise funds through an Initial Public Offering (IPO).
The proposed IPO consists of a fresh issue of equity shares amounting to Rs 3,100 crore and an Offer For Sale (OFS) of 2.2 crore equity shares by promoters and investor shareholders, as per the DRHP.
The proceeds from the fresh issue will be utilized for various purposes, including capital expenditure for setting up an electric two-wheeler factory in Maharashtra, investment in research and development, marketing initiatives, repayment of loans, and general corporate purposes.
The entities participating in the OFS include Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, 3State Ventures Pte Ltd, IITM Incubation Cell, and IITMS Rural Technology and Business Incubator, among others.
Ather Energy’s IPO follows Ola Electric Mobility’s Rs 6,145-crore IPO filed in August, marking the second electric two-wheeler company seeking to go public. Ola Electric’s IPO was also the first issue by an automaker in India in over two decades, with a fresh issue of up to Rs 5,500 crore and an OFS of up to 8,49,41,997 equity shares.
Ather Energy’s current portfolio includes two product lines, the Ather 450 and the Ather Rizta, with a total of seven variants.
Ather Energy’s E2Ws are supported by a product ecosystem that includes charging infrastructure, accessories, and the Atherstack. The book-running lead managers for the issue are Axis Capital, HSBC Securities and Capital Markets (India) Pvt Ltd, JM Financial, and Nomura Financial Advisory Securities (India) Pvt Ltd.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/ather-energy-files-ipo-papers-with-sebi/articleshow/113189805.cms