Ather Energy Selects HSBC, Nomura, And JPMorgan For Upcoming IPO

Ather Energy is gearing up for its debut on the stock market, roping in heavyweight financial firms like HSBC Holdings, Nomura Holdings, and JPMorgan Chase & Co. for the ride, as per a Bloomberg report.

What to know: The Bengaluru-based venture, also teaming up with local banks JM Financial and Axis Bank, is eyeing an initial public offering (IPO) in Mumbai possibly in the latter half of this year, market conditions permitting. This move could potentially push Ather’s valuation to around $2 billion.

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The plan, still under wraps with bank representatives and Ather keeping mum, might see the company raising up to $400 million, though the final figures could shift.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy has made significant strides since its inception at the Indian Institute of Technology Madras, securing approximately $128 million in its latest funding round in 2022. This round saw contributions from the National Investment and Infrastructure Fund and Hero MotoCorp, an existing investor, among others including high-profile names like Flipkart founders Sachin Bansal and Binny Bansal, and Tiger Global Management.

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