Electric two-wheeler manufacturer Ather Energy Ltd has raised Rs 1,340 crore from anchor investors ahead of its IPO, which opens for public subscription on April 28.
According to a regulatory filing, Ather has allotted 4.17 crore shares to 36 anchor investors at Rs 321 per share, the upper end of the IPO price band of Rs 304–Rs 321. This is the first mainboard IPO of the 2025–26 financial year.
The anchor book saw participation from prominent global and domestic investors including Custody Bank of Japan, Franklin Templeton, Abu Dhabi Investment Authority, Eastspring Investments, Morgan Stanley Investment Management and Societe Generale.
Domestic mutual funds and insurance firms such as PSBI Mutual Fund, Aditya Birla Sun Life MF and Insurance, ICICI Prudential MF, Invesco MF, ITI MF and Union MF also participated in the anchor round.
The Rs 2,981-crore IPO will be open for subscription between April 28 and April 30. It comprises a fresh issue of shares worth Rs 2,626 crore and an offer-for-sale of 1.1 crore equity shares by promoters and existing shareholders.
Ather Energy plans to use the IPO proceeds to establish a new electric two-wheeler manufacturing facility in Maharashtra and reduce existing debt.
At the upper end of the price band, the IPO size is pegged at Rs 2,981 crore, placing the company’s overall valuation at Rs 11,956 crore.
This will be the second electric two-wheeler company looking to go public after Ola Electric Mobility floated its Rs 6,145-crore IPO in August last year. Ola Electric’s IPO had a fresh issue of up to Rs 5,500 crore and an OFS of up to 8.5 crore equity shares.
Apart from its IPO plans, Ather Energy has also been expanding its research and development capabilities. Recently, the company announced the expansion of its R&D and testing capabilities at its product testing & validation centre.
The electric two-wheeler company has set aside 75 per cent of the issue for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Axis Capital, JM Financial, Nomura Financial Advisory and Securities (India), and HSBC Securities & Capital Markets are the IPO’s book-running lead managers. The equity shares of the company are expected to list on May 6 on the stock exchanges.
(With inputs from PTI)