Ather Energy is a two-wheeler electric vehicle manufacturing company that filed its draft papers for an Initial Public Offering. The company plans to raise Rs 3,100 crore from an IPO round through its existing investors.
The company filed its draft red herring prospectus with the Security Exchange Board of India on Monday. Entrackr mentioned. Ather will be second and join Ola Electric to make its debut on the stock exchange. The company is expected to launch an IPO round this year.
The EV firm plans to use this fresh capital to expand its capacity, advance its technologies, expand its services, and improve its production capability. The company received strong interest from institutional investors over the last few months. The startup raised around 71 million USD round from its existing investor, the National Investment and Infrastructure Fund, at a unicorn valuation.
The company has proposed a deal to raise funds through a fresh issue of equity shares worth Rs 3,100 crore and on Offer for sale of Rs 2.2 crore. The company planned to use the IPO proceeds to enhance its manufacturing capability while expanding its services across India.
Caladium Investment, the subsidiary of GIC ventures, is expected to divest 47.8 percent of the total offer for sale, followed by Tiger Global with 18.1 percent, and 3 state ventures will offload 2.18 percent of the offer for sale.
The co-founder of Ather Energy will offer Rs 10 lakh share each. The OFS and fresh issues will be allotted at a face value of Rs 1 per share. After this round, Hero Motocorp remains the largest external shareholder with 37.2 percent, followed by Cladium Investment with 15.04 percent, and NIIF holds 10.29 percent shares.
The development came after Ola Electric announced the completion of its IPO round with 754 million USD at a valuation of 4 billion USD. In the first quarter of this financial year, Ola Electric has been ahead of Ather Energy.
Ather posted a Rs 339 crore in its operational revenue for the first quarter of FY25. However, the net loss increased to Rs 183 crore in the same duration. Ather Energy had a 34 percent increase in its customer base to 1,14,000 registered users in FY24. The company has around 9 percent market share for the first half of FY25.
Conclusion:
Ather Energy is an Electric Vehicle manufacturer that offers innovative two-wheeler EV solutions. The firm reportedly filed DRHP papers for its initial public offerings on Monday. The company plans to raise Rs 3,100 crore through a fresh issue of equity shares. The startup intends to use this amount to scale up its operation, expand its network, and advance its technology.
After this round, the EV startup plans to file approval for its Initial public offering from the Security Exchange Board of India. The company has secured over 500 million USD across all its funding rounds since its inception. GIC ventures are expected to divest 47.8 percent shares, followed by Tiger Global and 3 state Ventures, offloading 18.1 percent and 2.18 percent shares, respectively.
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