The draft red herring prospectus, filed on Monday, reveals that the company plans to issue new shares worth Rs 3,100 crore.
This move comes just a month after Ola Electric, a larger competitor, completed its listing on the stock exchanges.
The IPO will feature a fresh issue of shares alongside an offer for sale. Investors and promoters will offer up to 2.2 crore shares, with notable stakeholders such as Tarun Sanjay Mehta and Swapnil Babanlal Jain each selling 1 million equity shares.
Additionally, corporate shareholders including Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, and 3State Ventures Pte. Ltd will also participate in the sale.
Funding Allocation
The funds from the IPO are earmarked for substantial capital expenditures.
A significant portion will be used to establish a new electric two-wheeler manufacturing facility in Maharashtra.
The remaining funds will support ongoing research and development efforts. The new facility aims to bolster Ather Energy’s production capabilities and enhance its market position.
Axis Capital and JM Financial have been appointed as the book-running lead managers for this IPO. Link Intime India Pvt Ltd will serve as the official registrar of the issue.
These firms will oversee the underwriting and registration processes, ensuring a smooth offering for potential investors.
Currently, Ather Energy‘s manufacturing facility is located in Hosur, Tamil Nadu.
The company is also planning a new plant in Chattrapati Sambhaji Nagar, Maharashtra. This expansion is strategic, given Maharashtra’s high electric two-wheeler penetration and robust automotive supplier network.
The new facility is expected to play a crucial role in meeting growing demand and advancing Ather Energy’s technological innovations.
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