Bengaluru-based Ather Energy is reportedly setting the stage for an initial public offering (IPO) as early as June, with ambitions to raise up to $400 million (around ₹3,280 crore).
What Happened: As per an NDTV Profit report, Ather Energy is targeting a valuation of approximately $2 billion (₹16,400 crore) for its forthcoming IPO. The company has enlisted the expertise of HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to oversee the IPO process, with JM Financial Ltd. and Axis Bank Ltd. also expected to contribute as book-running lead managers.
See Also: How Sunil Gupta Led A Little-Known Data Services Company To Become NVIDIA’s Biggest AI Bet In India
The EV startup, established by IIT Madras alumni Tarun Mehta and Swapnil Jain in 2013, has emerged as a key player in India’s burgeoning EV market. It currently offers two electric scooter models and has plans to broaden its product range.
Ather Energy has amassed $445 million in funding across 15 rounds, with its valuation hitting $560 million after Hero MotoCorp Ltd.’s investment in December last year. Its investors include Hero MotoCorp, with a nearly 40% stake, as well as notable figures like Flipkart co-founders Sachin Bansal and Binny Bansal, Tiger Global, and Singapore's GIC Pte.
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