Electric two-wheeler Ather Energy files IPO papers with Sebi; eyes ₹3,100 cr. via fresh issue

Electrical two-wheeler maker Ather Power on Monday filed preliminary papers with capital markets regulator Sebi to lift funds by an Preliminary Public Providing (IPO).

The proposed IPO is a mixture of a contemporary concern of fairness shares price ₹3,100 crore and an Provide For Sale (OFS) of two.2 crore fairness shares by promoters and buyers shareholders, in accordance with the Draft Purple Herring Prospectus (DRHP).

These promoting shares within the OFS are – Caladium Funding Pte Ltd., Nationwide Funding and Infrastructure Fund II, 3State Ventures Pte Ltd., IITM Incubation Cell and IITMS Rural Expertise and Enterprise Incubator amongst others.

Manufacturing unit in Maharashtra

Proceeds from the contemporary concern shall be used for capital expenditure to ascertain an electrical two-wheeler manufacturing facility in Maharashtra, funding in analysis and growth, advertising and marketing initiatives, reimbursement of mortgage and for basic company functions.

This would be the second electrical two-wheeler firm seeking to go public after Ola Electrical Mobility floated its ₹6,145-crore IPO in August. This was additionally the primary concern by an automaker within the nation in additional than 20 years.

Ola Electrical’s IPO had a contemporary concern of as much as ₹5,500 crore and an OFS of as much as 8,49,41,997 fairness shares.

Ather Power is a pure-play EV firm that designs all its merchandise floor up in India. Since its inception in 2013, the corporate has targeted on product and know-how growth in India with a view to construct an E2W ecosystem.

At current, the electrical two-wheeler maker’s portfolio consists of two product traces – the Ather 450 and the Ather Rizta – comprising a complete of seven variants. Its E2Ws are complemented by a product ecosystem, which entails charging infrastructure, equipment and the Atherstack.

Axis Capital, HSBC Securities and Capital Markets (India) Pvt Ltd., JM Monetary, and Nomura Monetary Advisory Securities (India) Pvt Ltd. are the book-running lead managers to the difficulty.