Ather Energy has converted to a public entity as the electric scooter maker heads for an initial public offering.
The company passed a resolution to delete 'private' from the company's official name and convert from a private limited company to a public company on June 21, paving the way for an IPO, according to filings with the Registrars of Companies and sourced via TheKredible.
The conversion comes as Ather Energy plans to file for an IPO as early as this month to raise about $400 million at a valuation of $2 billion.
HSBC Holdings Plc., Nomura Holdings Inc. and JPMorgan Chase & Co. are arrangers for the Ather Energy IPO, according to Bloomberg. Local banks, including JM Financial Ltd. and Axis Bank Ltd., could also be involved as book-running lead managers.
Founded by IIT Madras graduates Tarun Mehta and Swapnil Jain in 2013, Ather Energy is involved in the business of electric two-wheelers as well as charging infrastructure.
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