Ather Energy Said To Be In Talks With Banks For $400-Million India IPO

Hero MotoCorp Ltd.-backed Ather Energy Pvt. has held discussions with banks on a potential initial public offering in India, according to people with knowledge of the matter.

The maker of the Ather 450X electric scooter met with bankers last week to discuss IPO plans, the people said on the condition of anonymity due to the confidential nature of the talks. The company is seeking to raise as much as $400 million at a valuation of $2 billion, they said.

When contacted, Ather Energy refused to comment on the matter. A WhatsApp message to co-founder Tarun Mehta went unanswered.

Separately, Bloomberg reported that while discussions are on for an IPO as early as this year, no final decisions have been made. Ather Energy could still decide to delay the listing, Bloomberg reported, citing people aware of the matter. Details such as valuation and IPO size could change, they said.