Electric two-wheeler manufacturer Ather Energy has filed for an Initial Public Offering (IPO), including a fresh issue of shares worth Rs 3,100 crore, according to a draft red herring prospectus submitted on September 9. The IPO also includes an offer for sale (OFS) of up to 22 million shares by investors and promoters.
Founders Tarun Sanjay Mehta and Swapnil Babanlal Jain will offload 1 mn shares each in the OFS. Among other key shareholders, Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, and 3State Ventures Pte. Ltd will also offload their shares.
The proceeds from the IPO would form a new manufacturing facility in Maharashtra and contribute towards continuing research and development. Ather’s existing facility is at Hosur, Tamil Nadu, while this new plant will be in Chattrapati Sambhaji Nagar, Maharashtra seriously penetrating the center of electric two-wheelers.
This comes after its key competitor in the electric vehicle market, Ola Electric, successfully listed.Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
