Ather Energy is gearing up to file for an IPO worth ₹4,000 crore. The company is aiming for a valuation of $2 billion-2.25 billion (around ₹16,800 crore – ₹19,000 crore).

What Happened: Economic Times reported that the Hero Motocorp-backed company is going to file a draft prospectus in the next week for an IPO. The IPO will have a fresh issue and offer for sale and the company intends to use the funds raised for capacity expansion.

See Also: SBI Shares Under Pressure As Goldman Sachs Downgrades PSU Stock

Ather has asked investment banks HSBC, JPMorgan, Axis Capital, JM Financial and Nomura to manage the IPO, the report added.

Ather is the fourth largest electric two-wheeler maker by volume behind Ola Electric, TVS Motor and Bajaj Auto. The company sold 10,830 e-scooters in August, increasing by 51% from the previous year with a market share of 12.2% according to Vahan data.

Ather’s total market share in first 5 months of FY25 to 9% and a total sales of 37,508 units.

Read Next: Swiggy To Reportedly Utilise IPO Proceeds For Instamart Expansion; Prosus, Goldman Sachs May Offload Shares