Ather Energy Could File For $400-Million IPO As Early As June This Year

Ather Energy Pvt. is planning to file for an initial public offering as early as June this year, according to people familiar with the matter.

The Bengaluru-based electric scooter maker aims to raise as much as $400 million in the IPO, the people quoted above said on the condition of anonymity, as they are not authorised to speak with the media. The company is aiming for a valuation of about $2 billion, NDTV Profit reported on Feb. 14.

It was previously reported that an IPO is likely by the second half of the year.

Ather Energy has picked HSBC Holdings Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. to help arrange its IPO, Bloomberg reported in February, citing people aware of the matter. Local banks, JM Financial Ltd. and Axis Bank Ltd., could also be involved as book-running lead managers.

When contacted, Ather Energy declined to comment on the matter. 

Founded by IIT Madras graduates Tarun Mehta and Swapnil Jain in 2013, Ather Energy currently sells two electric scooters in India. A larger “family scooter” is in the works. 

The EV startup, which has so far raised a total of $445 million across 15 rounds, was valued at $560 million when Hero MotoCorp Ltd. picked up an additional 3% stake in the company by way of a secondary transaction in December last year. That deal pegged Ather Energy’s valuation at $560 million—24% less than its peak in 2022. In September, Hero MotoCorp infused Rs 550 crore into the company by way of a rights issue.

Ather Energy’s investors include Hero MotoCorp, with a nearly 40% stake, Flipkart’s co-founders Sachin Bansal and Binny Bansal, Tiger Global, as well as Singapore’s GIC Pte.