After a pause for a month, Indian primary markets are likely to witness some revival on the mainboard issues as the secondary market stages some recovery after a steep correction. According to select media reports, the initial public offering (IPO) of Ather Energy might be launched by mid-April.
Some reports suggest that the Hero MotoCorp Ltd-backed electric two wheeler player is eyeing to file its revised draft red herring prospectus (DRHP) with the capital markets regulator SEBI. The company may seek a valuation close to Rs 14,000-15,000 crore ($1.6-1.8 billion) on a post IPO basis.
Ather Energy had filed its DRHP with the markets watchdog in September 2024, which received approval in December 2024. The company needs to launch its DRHP before mid-May 2025 based on its latest earnings disclosed in the previous DRHP.
In August 2024, Ather Energy raised Rs 600 crore in a funding round led by National Investment and Infrastructure Fund (NIIF), where the company was valued at $1.3 billion. Besides the above-mentioned names, its key investors include names like Sachin Bansal, Binny Bansal, Tiger Global among others.
According to the DRHP filed, IPO of Bengaluru-based Ather Energy shall include a fresh share sale of Rs 3,100 crore and offer-for-sale (OFS) of up to 2.2 crore equity shares by its promoters and existing shareholders. The pure-play EV player will utilize the net proceeds for capex funding, repayment of borrowings and general corporate purposes.
Axis Capital, HSBC Securities and Capital Markets (India), JM Financial and Nomura Financial Advisory Securities (India) are the book running lead managers to the issue, while Link Intime India has been appointed as the registrar of the issue. Shares of the company shall be listed on both BSE and NSE.