Electric vehicle maker Ather Energy has filed its draft red herring prospectus (RHP) with market regulator SEBI, as it gears up for an IPO to raise around Rs 2,626 crore through a fresh issue of shares.
Ather Energy has taken a more conservative view on its valuation in the run-up to its IPO. According to sources, the company is targeting a pre-money valuation of Rs 9,900–10,000 crore, with the post-money valuation expected to cross Rs 12,000 crore.
This is notably lower than the Rs 14,000 crore valuation the company had previously filed for, signaling a more cautious approach in the current market environment.
Tarun Mehta and Swapnil Jain, along with existing investors like National Investment and Infrastructure Fund Limited (NIIF) and Tiger Global Management's Internet Fund III are set to offload part of their stakes in the IPO. However, Hero MotoCorp, which holds over 37% of Ather, will not participate in the share sale.
Over and above the fresh issue, as per the RHP, the IPO will also have an OFS ( offer for sale) component with a size of 11,051,746 equity shares, with participation from the promoter group and the investors.
Ather Energy will be the second pure-play Indian EV manufacturer to go public in India, following Ola Electric’s IPO last year.
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