Ather Energy Rs 2,981-crore IPO opens on April 28: Company raises Rs 1,340 crore via anchor book

Ather Energy IPO

Bengalore-based Electric vehicle maker Ather Energy has raised Rs 1,340.03 crore from several institutional investors via anchor book on April 25, a day before the IPO opening for public subscription.

The maiden public issue will open on April 28 and close on April 30.

The company in its filing to exchanges said it has finalised allocation of 4.17 crore equity shares to anchor investors at a price of Rs 321 per share.

Marquee investors including SBI Mutual Fund, Aditya Birla Sun Life AMC, Franklin Templeton, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund, Prudential Hong Kong, Eastspring Investments, Invesco India, and Morgan Stanley invested in the pure EV player via anchor book.

Among others, Aditya Birla Sun Life Insurance, Tocu Europe, Helios, ITI Mutual Fund, Tata Investment Corporation, Societe Generale, Subhkam Ventures, and BNP Paribas Financial Markets also became shareholders in the company by investing through anchor book.

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"Out of the total allocation of 4.17 crore equity shares to anchor investors, 2.06 crore shares were allocated to seven domestic mutual funds, which have applied through a total of 14 schemes," Ather Energy said.

The vertically integrated EV manufacturer aims to raise Rs 2,980.76 crore via initial public offering which comprises of fresh issuance of shares worth Rs 2,626 crore, and an offer-for-sale of 1.1 crore shares worth Rs 354.76 crore by the existing shareholders.

The price band for the offer has been fixed at Rs 304-321 per share. It has offered a discount of Rs 30 per share to its employees who can subscribe for up to 1 lakh shares in the IPO.

The fresh issue proceeds will be utilised majorly for establishment of an E2W factory in Maharashtra. And the remainder IPO funds will be used for repayment of debt, investment in research and development, marketing initiatives, and general corporate purposes.

Axis Capital, HSBC Securities and Capital Markets (India), JM Financial, and Nomura Financial Advisory and Securities (India) are acting as the book running lead managers to the issue.