L-R: Mr. Ashish Nigam (Managing Director, Investment Banking, Axis Capital Limited); Ms. Neha Agarwal (MD & Head – Equity Capital Markets, JM Financial Limited) ; Mr. Sohil Parekh (Chief Financial Officer, Ather Energy Limited); Mr. Tarun Mehta (Executive Director and Chief Executive Officer, Ather Energy Limited); Mr. Swapnil Jain (Executive Director and Chief Technical Officer, Ather Energy Limited); Mr. Ravneet Singh Phokela (Chief Business Officer, Ather Energy Limited); Mr. Ranvir Davda (MD and Co-Head of Investment Banking, HSBC Securities and Capital Markets (India) Private Limited); and Mr. Shreyas Goel (Vice President, Nomura Financial Advisory and Securities (India) Private Limited)
L-R: Mr. Sohil Parekh (Chief Financial Officer, Ather Energy Limited); Mr. Tarun Mehta (Executive Director and Chief Executive Officer, Ather Energy Limited); Mr. Swapnil Jain (Executive Director and Chief Technical Officer, Ather Energy Limited); and Mr. Ravneet Singh Phokela (Chief Business Officer, Ather Energy Limited)
· Price Band fixed at Rs. 304 per equity share to Rs. 321 per equity share of the face value of Rs. 1 each (“Equity Shares”) of Ather Energy Limited (the “Company”)
· Anchor Investor Bidding Date – Friday, April 25, 2025
· Bid /Offer Opening Date – Monday, April 28, 2025, and Bid/ Offer Closing Date – Wednesday, April 30, 2025
· Bids can be made for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter
· Employee Discount of Rs. 30 per Equity Share; Employee Reservation Portion up to 1,00,000 Equity Shares
· Red Herring Prospectus dated April 22, 2025 (“RHP”) link: https://www.axiscapital.co.in/
MUMBAI, NATIONAL, 24 APRIL, 2025 (GPN): Bengaluru-based Ather Energy IPO price band has been set between Rs. 304 to Rs. 321 per equity share, with a face value of Rs. 1. The allocation of shares for anchor investors in the Ather Energy IPO is expected to take place on Friday, April 25.
The company aims to provide significant returns for investors like Tiger Global and NIIF within the electric two-wheeler (E2W) market, which emphasizes the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and related software systems. This company operates as a fully integrated electric vehicle manufacturer, with a strong emphasis on product and technology innovation.
HeroMoto Corp, the majority shareholder with approximately 40% ownership, will not be divesting any shares in the IPO.Ather Energy plans to restart its activities in the primary market this month with this highly awaited IPO following a pause of two and a half months. On April 22, the electric scooter manufacturer submitted a draft red herring prospectus for its IPO to the Securities and Exchange Board of India (Sebi).
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ather Energy share price was indicated at Rs. 328 a piece, which is 2.18% higher than the IPO price of Rs. 321.
The initial public offering comprises a Fresh Issue of Equity Shares aggregating up to Rs. 26,260 million (the “Fresh Issue”) and an Offer for Sale of up to 11,051,746 Equity Shares by the Selling Shareholders comprising up to 980,000 equity shares by Tarun Sanjay Mehta, up to 980,000 equity shares by Swapnil Babanlal Jain (together the “Promoter Selling Shareholders”), up to 6,003,460 equity shares by Caladium Investment Pte Ltd, up to 2,634,514 equity shares by National Investment and Infrastructure Fund II, up to 400,000 equity shares by Internet Fund III Pte. Ltd., up to 31,050 equity shares by IITM Incubation Cell, up to 4,191 equity shares by IITMS Rural Technology and Business Incubator (together the “Corporate Selling Shareholders”) and up to 18,531 equity shares by Amit Bhatia ( “Individual Selling Shareholder”)
The Offer includes a reservation of up to 100,000 Equity Shares of face value of Rs. 1 each, for subscription by Eligible Employees (the “Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”. A discount of Rs. 30 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”)
The net proceeds from the issue will be used for the following objects:
- Capital expenditure to establish an electric two-wheeler factory in Maharashtra
- Repay certain borrowings
- Invest in research and development
- Marketing initiatives
- Corporate general purposes
Investors can place bids for a minimum of one lot or 46 shares worth Rs. 13,984.
The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE“) and the National Stock Exchange of India Limited (“NSE”) (the “Stock Exchanges”). Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.
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